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CBN warns against MMM, others, says they are fraudulent

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CBN warns against MMM, others, says they are fraudulent

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.

Read also: How airline operators are putting banking sector at risk —CBN

“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.
By Timothy Enietan-Matthews…

 

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0 Comments

  1. david craig

    November 1, 2016 at 11:07 am

    People won’t listen, until it crashes and their money drowns with it. MMM kor ZZZ nii.

    • yanju omotodun

      November 1, 2016 at 2:12 pm

      You be mumu. You better let me register you now so you can have money for Christmas.

  2. JOHNSON PETER

    November 1, 2016 at 2:19 pm

    The mmm of a thing is a fraud but people are making it big time. I know of people who bought car from mmm. Or efcc wants to start pursuing people doing mmm?
    Am sure that woman who advised Nigerians not to do mmm might be in it. Because mmm is better than embezzling government money.

  3. frank

    November 1, 2016 at 2:41 pm

    that woman cannot swear that she has not done mmm that is what they do they deceive and continue deceiving us let it be at risk to us we like taking risk all una position who e help abeg oo make any one no provoke me ooo with mmm na fraud you yourself are not fraud 95% of nigeria public office holder are not fraud why e dey pain una na una money make una dey cry we no go put our money for bank again for pee nut wen una they give long live mmm

  4. Amarachi Okoye

    November 3, 2016 at 2:13 am

    What a fraud investment Nigeria follow follow do make i do na him dey kill nigeria

  5. Amaka Okoro

    November 3, 2016 at 2:20 am

    Have heard about this hmmm and i find it interested but this one the woman of CBN is sounding like this is like i will remove my mind on it ooo before them go fraud me

  6. Nonso Ezeugo

    November 3, 2016 at 2:32 am

    The CBN would have told us that they are not happy because people are switching to hmmm for fast interest because there own is a lower one But as for me will go into it because is profitable than the one in the bank

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