Central Bank of Nigeria Headquarters, Abuja, FCT

CBN warns consumers against fraudulent loan offers, investment schemes

*There are clearly spelt-out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFls), says Osita Nwanisobi, Ag. Director of Corporate Communications

Isola Moses | ConsumerConnect

While warning both members of the public, especially the youth and owners of small-scale enterprises (SMEs) that the Bank ‘does not’ facilitate investment schemes, the Central Bank of Nigeria (CBN) has warned consumers against fraudulent messages and videos targeted at unsuspecting loan seekers and SMEs in the country.

Osita Nwanisobi, Acting Director, Corporate Communications Department of CBN, in a statement, Thursday, October 8, said though the CBN has several development finance intervention programmes from which different categories of businesses had benefitted (and still benefitting), yet “it does not do so through direct interaction with prospective applicants.”

The statement noted that there are clearly spelt-out procedures for accessing CBN intervention funds, which are disbursed through Participating Financial Institutions (PFls).

Such PFIs include the Deposit Money Banks (DMBs), Development Finance Institutions (DFls) and Microfinance Banks (MFBs), it stated.

According to CBN, “the Bank also does not facilitate investment schemes.

“Members of the public, particularly youth and owners of small-scale businesses, are therefore advised to disregard any video or text message proposing investment schemes or charging them fees on the pretext that their organisations are endorsed by the CBN and therefore would guarantee easy access to CBN loans.

“These videos and massages are fraudulent and anyone who enters into correspondence with them does so at his or her own risk.

“The CBN has neither appointed nor accredited any organisation to serve as agent on its behalf for the purpose of investment or applying for intervention loans.

It further warmed that “prospective applicants are, therefore, advised to approach their respective banks, NIRSAL Micro-Finance Bank or the Central Bank of Nigeria branch nearest to them for clarification on the procedure for accessing any of the CBN-related facility.”

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