Factors Influencing Ponzi Scheme Participation In Nigeria
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Date
2018-05-25
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Advances in Social Sciences Research Journal
Abstract
This study examined the factors influencing Ponzi scheme participation in Nigeria. A
multi-stage sampling procedure was used to select 384 participants for the study.
Descriptive statistic and One-Way ANOVA was employed to analyze the data. The result
of the analysis revealed that friends’ recommendation, expected benefits, current
economic situations, ease of obtaining funds and the get rich quick syndrome were the
most influencing factors on Ponzi scheme participation and these factors were
significant with the gender, age, marital status, employment status and educational
level at 5% level of significance. The study concluded that ponzi scheme participation
was mostly influenced by friend’s recommendation, expected benefit, current economic situations, ease of obtaining funds and the Get rich quick syndrome. Therefore, the
study recommended that the Nigerian government should integrate Ponzi schemes into
the Nigerian financial system and subject them to the country’s regulatory environment
to minimize the consequences of future failure of the schemes.