The Central Bank of Nigeria on Monday
warned Nigerians against patronising what it called ‘wonder banks’,
stating that their activities were not regulated by it.
The Head, Consumer Protection
Department, CBN, Hajiya Kadija Kassim, stated this during a mentoring
programme for students of the Government Secondary School, Suleja, Niger
State.
The mentoring programme, which was held
simultaneously in over 200 schools, was part of activities to mark the
World Savings Day.
The apex bank’s warning is coming at a
time when the huge unemployment situation in the country is making a lot
of people to take interest in an online investment scheme tagged: ‘MMM
Federal Republic of Nigeria (nigeria.mmm.net)’.
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.
Kassim, while responding to a question
asked by one of the students, described the scheme as fraudulent since
it was not supported by any business model.
She said, “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.”
She said 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.
She added, “The World Savings Day is a
tradition created with the objective of stressing the importance of
savings for modern economies and individuals alike.
“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.”
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