CBN Warns Against MMM, Others, Says They Are Fraudulent

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The Central Bank of Nigeria, on Monday, again warned Nigerians against patronising what it described as wonder banks.

The CBN said they are fraudulent because their activities are not regulated,

This warning was given by the Head, Consumer Protection Department, CBN, Hajiya Kadija Kassim, at a mentoring programme for students of the Government Secondary School, Suleja, Niger State, organized to mark the World Savings Day.

It would be recalled that there had been growing concerns over the increasing dependence of Nigerians to weather the current economic Challenges in the country by taking to online investment schemes that promises as high as 30% monthly interest returns.

One of such schemes, the, MMM, has embark on vigorous online campaigns to get Nigerians to patronize it.

Kassim 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.”

Speaking on the World Savings Day, the CBN official said: “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”, she stated.



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