CBN warns against wonder banks, MMM

The Central Bank of Nigeria is cautioning Nigerians against patronising wonder banks.

The head, Consumer Protection Department of the CBN, Mrs Kadija Kassim gave the warning at a forum in Niger state to mark the World Savings Day.

According to her, the activities of these wonder banks are not regulated by the CBN.

The regulator’s warning follows the campaign of an online investment scheme asking the investing public to participate in what it calls mutual aid financial network, with a monthly investment return of 30%.

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.”