Central Bank of Nigerian has cautioned members of the public to beware of fraudulent financial banks (wonder banks) that promise fictitious returns on investments.
While speaking at a CBN fair in Kaduna themed “Promoting Financial Stability and Economic Development,” CBN director of Corporate Communication, Mallam Ibrahim Mu’azu, said “Let me use this medium to caution members of the public to be very careful and mindful of the activities of illicit financial houses (wonder banks) so as not to lose your hard-earned money in the pursuit of ‘mouthwatering’ fictitious returns on investment.
“You can always visit the CBN website or any branch of the CBN nearest to you for such.”
He explained that “The objective of this sensitisation therefore is to create awareness about the economic development initiatives and programmes of the bank with a view to explaining the opportunities available and how best to leverage on them.
“The various initiatives are on monetary policy, modernisation of the payment system, development financing programmes and financial literacy have been designed to revamp, reposition and re-enginer vital sectors of the economy.”
Initiatives of the apex bank include Agricultural Credit Guarantee Scheme Fund (ACGSF), Micro Small and Medium Scale Enterprises (MSME), Micro Finance Policy, Commercial Agricultural Credit Scheme (CACS), cash-less policy, electronic payment system (alternative payment channels).