NDIC warns against patronising wonder banks

The Nigeria Deposit Insurance Corporation (NDIC), has warned the public against patronising wonder banks, which it described as ‘room and parlour banks.’

Managing Director and Chief Executive Officer (CEO) of the outfit, Umaru Ibrahim, made the call during a maiden NDIC Stakeholders Town Hall Meeting in Kano, where he assured that the corporation would do everything possible to continue protecting customers’ rights and interest jealously.

“Wonder banks are posing serious threats to our businesses. We should, therefore, be very vigilant not to take our money to room and parlour banks. It is absolute bad for both our businesses and our overall economy,” he warned.

According to him, one of the ways to avoid being lured into the snare of operators of these wonder banks is for the public to be financially literate.

“We need to sensitise people on financial literacy. While at the same time, marketers’ associations should also stand up and aggressively sensitise their members on financial inclusion,” he advised.

Ibrahim called on customers to always deposit in commercial market banks, and micro finance banks to substantially avoid being duped, adding that, the cashless policy has done great service along that line.