CBN warns Nigerians to be careful with wonder banks

The Central Bank of Nigeria (CBN), has warned Nigerians to be careful in transacting business with financial houses that promise them outrageous interest rates.

Speaking at the opening of the two-day sensitization Fair in Kaduna, Mallam Ibrahim Mu’azu, Director, Corporate Communication of CBN Said some of the promises were not visible and achievable.

Mu’azu said the warning had become imperative so that Nigerians would not lose their hard earned money in the pursuit of ‘mouthwatering’ fictitious returns on investment.

Speaking on the theme of the sensitization fair, “Promoting Financial Stability and Economic Development,” he added that people should endeavour to verify such offers by prospective finance houses before parting with your money.

“You can always visit the CBN website ‎or any branch of the CBN nearest to you for such enquiries,” he explained.

He noted that the objective of the sensitization was 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 access them.

He said, “The various initiatives are on monetary policy, modernization of the payment system, development. Financing programmes and financial literacy have been designed to revamp, reposition and reengineering of vital sectors of the economy.

“Some of these initiatives 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), financial inclusion and pursuant of sound and stable financial system.

“These lofty initiatives are quite capable of repositioning the economy if well understood and the opportunities are adequately tapped into.

“The CBN is to mobilize the people with low income but economically active, women entrepreneurs farmers and financial service providers to come together, interact and create synergy towards enhancing access to finance, increase productivity, generate employment, create wealth and engender sustainable growth,” M‎u’azu said.

#CBN #nigerians