The Central Bank of Nigeria (CBN) on Monday warned Nigerians against patronising MMM, a scheme that is currently making the rounds in the country – stating that their activities were not regulated by it.
The caution was made known by the head of the consumer protection department of the CBN, Kadija Kassim, yesterday, during a mentoring programme for students of the Government Secondary School, Suleja, Niger State.
She made it known that activities associated with the scheme are not regulated by any institution.
Kassim, while responding to a question asked by one of the students, described the scheme as fraudulent since it was not supported by any business model.
She 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.
“Desist from their activities because they are fraudulent.”
The warning comes barely after the Minister of Solid Minerals and Steel Development, Dr. Kayode Fayemi, dissociated himself from the MMM, saying he has nothing to do with it or any other online financial aid community, projects or contracts.
Since its inception, the platform has embarked on an aggressive online media campaign to lure the investing public to participate in what it called “mutual aid financial network,” with a monthly investment return of 30 per cent.