The Central Bank of Nigeria has again warned Nigerians against patronising MMM Federal Republic of Nigeria, which it described as a ‘wonder bank’.
The apex bank restated this on Monday, October 31, through Hajiya Kadija Kassim, the Head, Consumer Protection Department of CBN, during a mentoring programme for students of the Government Secondary School, Suleja, Niger State, stressing that the activities of the scheme is not regulated by any institution hence, provides no security.
The mentoring programme was held simultaneously in more than 200 schools as part of activities to mark the World Savings Day. While reacting to a question asked by one of the participating students, Kassim maintained that the MMM scheme was fraudulent since it does not have the backing of any business model.
“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 theme of 2016 World Savings Day ‘Don’t Save What is Left After Spending, But Spend What is Left After Saving’, Hajiya Kadija Kassim said employing such approach to money handling will help to create the much-needed awareness on the importance of saving.
“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 sensitize them to the importance of saving, earning a livelihood, inculcating a savings habit, and generating employment and entrepreneurship for personal and national development.”
Millions of Nigerians have taken interest in MMM, an online investment scheme tagged: ‘MMM Federal Republic of Nigeria (nigeria.mmm.net)’, as a result of the prevailing tight economic condition in the country in addition to the huge unemployment situation.
The scheme allows the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.
CBN’s warning has, however, been trailed with many reactions from Nigerians who are insistent on continuing with the MMM scheme, describing it as the saviour of many poor Nigerians today.