I hope this is not a modernize WONDER BANK?

Somewhere in Ibadan. I heard that there is a company that specialises in giving out loans to people who are not that financially buoyant to run their businesses. So I went there to make enquiries and I asked for the criteria for such loans and what are the procedures. The company spokesman told me that I need to first register with N200 after which I will be called for interview to know if am qualify or not. I did registered, but to my surprise, ever since I registered, I have not been called.

I learnt from reliable source that the CEO of this company recruit some unemployed youths (Marketers) to be going round and register people, the more people they were able to register, the more money he promised to pay such marketer, so their commission will be N40 per applicant. Ever since May 2008, when the CEO started this shady deal, they have not given anybody loan and their marketers do register at least 800 applicants per day out of which the marketers will not even be paid.

The CEO went further to print a daily contribution card and he gave same to the marketers and he instructed them to start giving the cards to those who have once applied and inform them about the new development, that they should start contributing money on daily basis for a period of three month, so whatever you contribute at the end of the three months will be doubled and same will be given back to you to start your business. For example if you are able to save N50,000 for that period of three month, then you will be given N100,000 by the company.

I want all nairalanders to please tell me their opinion, hope this is not another wonder bank?

there is a directory of all micro finance bank that cbn give aproval to.check there list on cbn website.

Firstly y s it that when the tell nigerian to save money their mind goes straight to loan.almost all the trades in alaba and computer village are being asked to save money by some so called microfinance companies so that they can get a loan.when u hear loan they all get ready to drop money to eat their cake and have it.i really pity most of them,cos to collect those loans might never come to pass and even when its collected do u think those companies will treat u wit kids gloves when collecting it back.I THINK i've spoken too much,when the time comes most have done it will tell their bitter tale.

These alaba traders you mentioned really do not know what other sources of finance is best for them. @poster How do you know those MARKETERS aren't paid?

I luv Nigerians, they are blessed with brains, The CEo of dat establishment should be given Doctorate Degree, OON, MON etc.
This is modernisation of Wonder Bank. That guy is a genius.
@Poster, I pray God gives u a discerning Brain,

wonder bank in making. just located in d same place where u find wonderbanks.