Microfinance bank body warns traders of fraudsters


The Oyo State Chairman, National Association of Micro Finance Bank, Elder Femi Jegede has sounded a note of warning to prospective traders, trader groups and people seeking financial support to be weary of activities of fraudsters who parade themselves as operators of microfinance banks in the state.

He said many dupers and fraudsters are now moving around in uniform seeking people to defraud unsuspecting and innocent customers all in the name of trying to help them access funding for the businesses.

Jegede sounded the note of warning in a remark at the official opening ceremony of Grooming Microfinance Bank Limited, Ojoo Ibadan, noting that many of those portraying themselves as microfinance bank are not licensed operators.

The event which held at the office complex of the new bank was well attended by stakeholders and operators in the banking sector, top government functionaries, the bank customers, members of the community, top management, officials of the bank, officials of the apex financial regulatory body, the Central Bank of Nigeria, community leaders, partner bankers, traditional rulers among others.

Speaking on the heels of a publication issued recently by the apex bank warning customers of the fraudsters who parade themselves as MFB operators, Jegede noted that the state chapter of the association opted for the option of embarking on series of campaign effort to sensitise the people since it lacks the power to arrest illegal operators.

While commending the management of Grooming MFB for opening its doors of operations in the pacesetter state, the state chairman expressed optimism that the new bank will make accessing finance and funding for petty traders, small, medium and small scale entrepreneurs and others readily available with best practices.

Addressing the customers at the event, Chief Executive Officer, Grooming Centre, the mother arm of Grooming Microfinance Bank, Dr. Godwin Nwabunka, said the new bank is delighted to open in the city to support traders, especially women and youth in the business drive by providing them with funding and supporting their businesses to stand.

He said the bank is working with a World Bank Group to do a universal financial access and it is one of the 16 institutions worldwide selected for the purpose. He noted that the intention of the bank is to replicate in the country what obtains in Eastern Africa, Latin America through globally known best practices with a complete team of Nigerian experts.

Noting that the bank is concerned with the health status and awareness requirements of its clients, by engaging in sensitisation on health issues such as ebola fever, lassa fever, breast cancer, healthy eating, hygiene, sanitisation and all other things, Nwabunka assured that the target of the bank is to create a holistic point of view of one way window to meet all the financial needs as well as other needs of the clients.

The Baale of Ojoo, Chief Amusa Olagboyega who was represented by Chief Yekini Adigun, the Otun Balogun of Ojoo lauded the bank for the deeming it fit to choose the axis to establish the bank noting that many women and traders in the locality are already testifying to the help and financial support provided to their businesses by the bank.

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