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.”
Source:The
Punch
Tags
Society