3 Banks you should never trust with your money.The economic crises are becoming too much for some banks grabbing advantage of its clients. When looking for banking institutions to invest(deposit, save or transact daily) there are aspects you should contemplate before giving your money to them.
The Central Bank has a duty as stated in the Nigerian Constitution about how Banks are required to operate under its regulations. So here are the banks you should never invest in that presents the rules and regulations of the Central Bank;
1. Unlicensed banking institutions.
No person shall in Nigeria transact any banking business or financial business or the business of a mortgage finance company unless it is an institution or a duly approved agency conducting banking business on behalf of an organization which holds a useful license.
2. Banking institutions that do not commit with the representative sent by the Central Bank to conduct inspections or audits as per the constitution;
The Central Bank may, at any time and from time to time and shall, if so authorized by the Minister, cause an inspection to be made by any person authorized by it, in writing, of any institution and its agencies and of their books, accounts and records.
3. Bank in institutions that improve its charges or rate of banking without the approval of the Minister.
The constitution states that: No institution shall boost its rate of banking or other charges except with the prior approval of the Minister.