A uniform logo that will enable Nigerians to easily identify registered microfinance banks, MfBs, will soon be introduced, an official of the bank’s association, has said.

Mr. Eniola Agbesoyin, Treasurer of Lagos State Chapter of National Association of Microfinance Banks, said that the objective was to assist members of the public to easily detect unregistered microfinance banks.

He said that activities of quacks were affecting operators in the sub-sector. Agbesoyin, who is also the Chief Executive of Olive Microfinance Bank, said that there were some institutions which claimed to be registered, but were rendering services outside the rules.

According to him, some of them are giving loans at low interest rates to lure customers into their banks. “I want the public to beware that all that glitters is not gold. There are institutions that claim to be microfinance banks offering outrageous interest rates and packages that are not normal.

“Somebody asking you for N100,000 deposit and you going away with one million naira; bringing N200,000 to get five million naira in two weeks. I think the pubic should know that these are quacks. The Central Bank of Nigeria has often advised us to report those that are not registered so that it can deal with them. In view of this, the association has decided to produce a uniform logo for its registered members. When you visit any microfinance bank and you do not see any evidence, you don’t need to do business there,” he said.

Agbesoyin commended the CBN for publishing the list of the registered microfinance banks in the country on the internet. He also applauded the National Deposit Insurance Corporation for providing stickers to all registered institutions. According to him, the sticker is enough to identify a registered microfinance bank.