Thanks for reading our Cool Naira Review! Lets take a closer look to see if this program is a Pyramid Scheme targeting the Nigerian recession.
The Cool Naira website categorizes Paul Samson as the creator of the company.
Samson allegedly founded Cool Naira through the company G-Cyber Technologies in March of 2016.
Samson claims G-Cyber Technologies is incorporated in Nigeria, but I was incapable of independently verifying this as the Corporate Affairs Commission search website was down at the time of this publication.
G-Cyber Technologies’ own Facebook page suggests that the company is a web hosting reseller.
Cool Naira seems to be Samson’s first MLM venture.
Read on for my complete review.
Cool Naira Product Line
Cool Naira has absolutely no retailable products or services, with members only capable of marketing Cool Naira affiliate membership itself.
The website states:
“On coolnaira, you don’t buy or sell anything… You only need to tell people about coolnaira using your referral link and make sure they join the network through your referral link.”
The Compensation Plan
The Cool Naira compensation plan has members pay a ₦1000 to ₦10,000 NGN fee ($3.15 to $31.59 USD).
Commissions are paid when they recruit new Cool Naira members who do the same.
Direct Recruitment Commissions
When a Cool Naira member recruits a new member, they earn 50% of the fees paid by the new member.
Note: This is capped based on how much the recruiting member themselves paid to get involved in Cool Naira.
₦1000 NGN members can only earn ₦500 NGN, irrespective of whether they recruit a ₦6000 or ₦10,000 NGN member.
Residual Recruitment Commissions
Residual recruitment commissions in Cool Naira are paid through a uni-level compensation arrangement.
A uni-level compensation arrangement puts a member at the top of a uni-level team, with each personally recruited member put directly underneath them (level 1).
If a level 1 member recruits new members, they are put on level 2 of the original member’s uni-level team.
If a level 2 member recruits new members, they are put on level 3 and so on and so forth down a hypothetical countless number of levels.
Cool Naira caps payable uni-level levels at 10, with members paid a percentage of fees paid by members recruited into their uni-level team.
- level 1 – 50% (see “direct recruitment commissions” above)
- levels 2 to 10 – 5%
Joining Cool Naira
Cool Naira affiliate membership costs ₦1000, ₦6000 or ₦10,000 NGN ($3.15, $18.96 or $31.60 USD).
The more a Cool Naira member spends on membership the higher their income potential over the Cool Naira compensation plan.
Bottom Line?
The website also states:
“Coolnaira is a People-Helping-People Online Referral Network. The idea on coolnaira is very simple. Every member earns from each members payment, it’s cut and divide.”
Enfolded in MMM Global style “get help, provide help” marketing rhetoric, Cool Naira is a modest enough pyramid scheme.
Nothing at all is marketed or sold to retail customers, with all commissions paid tied to member recruitment.
The more a member pays, the more they can potentially earn, based directly on how much those recruited pay in Cool Naira.
The website reads:
“This Is The Best Way To Make Cool Cash As Nigeria Economy Faces Imminent Recession!”
Our Cool Niara Conclusion
As with all pyramid schemes, once member recruitment dies out Cool Naira will undoubtedly collapse.
Alexa traffic estimates to the Cool Naira website propose that recruitment has slowed down, which means the predictable collapse is close.
In fact, below is a Facebook post from Paul Samson dated November 11th:
“For the fact it’s not working for you now, doesn’t mean its not working at all. In any business, there is always a challenge at the starting point. Perhaps, nobody believe all your noise about coolnaira yet or nobody has registered under you to start building your downline. Relax, its not yet over. Every members in this group experience the same issue.”
Once Cool Naira goes down, members who have yet to recover their initial fee will lose out.
Paul Samson will be okay though. In addition to owning one or more spots at the top of the company-wide uni-level team, he’s also skimming 5% of every member fee paid.
Aaron and Shara What Do You Suggest?
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