Beware Of Fraudulent Loan Offers, CBN Warns Nigerians

Channels Television  
Updated August 26, 2019

CBN Reviews Capitalisation Of Tier 2 Microfinance Banks


The Central Bank of Nigeria (CBN) has warned Nigerians against fraudulent loan offers being circulated across social media platforms.

In a statement issued on Monday, the Director, Corporate Communications, Isaac Okorafor, said while the CBN has several development finance intervention programmes from which different categories of businesses have benefitted, the bank does not do so through direct interaction with prospective applicants.

The bank further stated that there are clearly spelt out procedures for accessing its intervention funds, which are disbursed through Participating Financial Institutions (PFI’s) such as Deposit Money Banks, Development Finance Institutions and Microfinance Banks.

It, therefore, warned members of the public, particularly the youth and owners of small-scale businesses to disregard any message requesting them to send their personal details.

“These messages are fake and anyone who enters into corresponds with them, does so at his or her own risk,” the statement read.