CBN warns against patronage of ‘Wonder banks’

Ebun Francis

For many Nigerians who are being lured by the prospect of quick and easy money,the Central Bank of Nigeria on Monday warned them against patronising what it called ‘wonder banks’, stating that their activities were not regulated by it. Hajiya Kadija Kassim, the head of the bank’s consumer protection unit, disclosed this during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.

The  bank’s warning is coming at a time when the harsh economic situation in the country has lured a lot of people to take interest in an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (’.

The platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.

See also  FCCPC summons Erisco Foods over arrest of consumer for alleged negative review of company’s product

The apex bank officer, in response to a question by one of the students, described the scheme as fraudulent since it was not supported by any business model.

According to her, “We have heard about the activities of MMM, but I want to warn you against it because they are wonder banks that are not regulated.

“Desist from their activities because they are fraudulent.”

Hajiya Kassim noted that the theme of this year’s World Savings Day, ‘Don’t save what is left after spending, but spend what is left after saving’, would assist in creating the needed awareness on the need to save. “The World Savings Day is a tradition created with the objective of stressing the importance of savings for modern economies and individuals alike, she said.

See also  How CBN plans to stabilise naira, slow inflation - Cardoso

“The primary objective is to increase awareness on financial literacy among various segments of the general public to sensitise them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”