GAME OF SCAMS; AN ANALYSIS OF PONZI PLATFORMS LIKE NOWAPP, ZAPPOS & OYEE

There are a series of trending, get-rich-quick initiatives that has plagued the Nigerian digital space in recent times. Top on the list is a fluid, out-of-the-blues, bogus scheme that is making the rounds called NowApp. 

With an ambitiously-tagged brand name, the NowApp scheme kicked off in early February 2021, fronted by a suspiciously-named personality known simply as Andrew Amos. The operation style of the scheme requires each registered user to do ‘20 tasks’ on the platform and get paid for each.

 The aforementioned tasks looked suspiciously like Ecommerce shopping lists and registered users were expected to ‘grab’ these shopping lists to ‘earn’ money. The catch was that the more people you have under you as downlines, the more money your ‘grabs’ produced. 

There was also an option to recharge your account with as little as N5,000 and as much as N200,000 for a chance to ‘boost’ your ‘grabs.’

A closer look at the NowApp revealed that it’s a cleverly-structured Ponzi scheme with a misdirection factor. The misdirection is the 20 daily grabs that assures each user a steady stream of commission, giving the false impression that there wasn’t the regular Ponzi elements of downlines and referrals.

But like every get-rich-quick scheme, the NowApp without warning started to experience technical failure (the withdraw button failed first) then as expected it stopped working altogether.

Before that incidence, reports from the various whatsapp groups of the scheme showed that the NowApp platform had peaked at over 5,000 subscribers.

People lost millions of naira when the platform went down and had nobody to turn to. The character simply known as Andrew Amos had disappeared into the sunset, millions of naira in the bank.

The NowApp is not the only suspicious digital Ponzi scheme making the rounds, there is another one called Zappos and a new entrant in the market called Oyee, suspected to be a rework of the NowApp, making a second appearance.

 The moral of the story is to be wary of these money-draining schemes because like many people have noted, they might be doing a thousand things to your banking information on their site or they might simply be waiting for the right time to pull the plug.

Admin

Thursday 17th of June 2021

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