(http://peoplesdailyng.com/wp-content/uploads/2013/02/CBN-Cashless.jpg) (http://peoplesdailyng.com/wp-content/uploads/2013/02/CBN-Cashless.jpg)By Abdulwahab Isa
The Central Bank of Nigeria (CBN) has warned the banking public to be circumspect of financial institutions that offer fantastic returns on investment (ROI), saying such organs belong to booby – trap banks that defraud unsuspecting customers of their deposits.
Director, Corporate Communications of CBN Mr. Ugochukwu Okoroafor gave the warning yesterday in Abuja at a briefing by Bankers' Committee that deliberated on crucial issues of importance to finance sector and economy.
The Bankers' Committee is a platform for Bank's CEOs where they congregate bi-monthly to discuss issues affecting the banking sector in particular and economy at large. It is superintends by CBN Governor.
The apex also clarified that its regulatory functions of over-sighting conventional banks do not cover 'wonder banks ', warning that any gullible customer that falls prey to their tricks of will bear the brunt.
"Wonder banks are not regulated by CBN and therefore, anybody that tangles with them do so on his/her own. Any institution that claims to be a deposit-taker and offers fantastic return on investment should be reported to Police or to the Consumer Protection unit of the Corporate Affairs department of CBN. The wonder banks are not regulated by the CBN", Okoroafor warned.
CBN warning came against the backdrop of imminent launch of the second phase of cash-less policy, tagged: 'Cashless Nigeria', which is expected to kick-off on the 1st of July in other states of the federation as well as Abuja, the Federal Capital Territory (FCT), after Lagos state was used by the CBN to pilot the scheme from the beginning of the year.
Giving an update on the envisaged cash-less policy to be introduced in five major cities of Abuja, Kano, Abia, Anambra and Port-Harcourt next month, CBN's Acting Director (Banking Supervision) Mr. Fakunle Benjamin said the apex bank was impressed by the success recorded in Lagos state's cashless policy, stating that it is poised to launch the next phase of cash-less policy in the afore-mentioned five states, reputed for high volume of cash transactions.
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