Emefiele, CBN Governor
The Central Bank of Nigeria, CBN has warned the general public to be
mindful of illicit financial houses or 'Wonder Banks' as they are also know.

Mallam Ibrahim Mu'azu, Director, Corporate Communication Department
of CBN gave the warning in his opening remarks at a two-day
sensitization Fair in Kaduna.

According to him, "let me use this medium to caution members of the
public to be very careful and mindful of the activities of illicit
financial houses (wonder banks) so as not to loose your hard earned
money in the pursuit of 'mouthwatering' fictitious returns on
investment.

"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," said the objective of the
sensitization is 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 leverage on them.
"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 re-engineer
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 re-positioning the economy if well
understood and the opportunities are adequately tapped into." 

"The CBN is also set 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 explained. 
The theme of the sensitization fair is Promoting Financial Stability and Economic
Development.