Lagos — When micro finance banks were introduced to help small scale entrepreneurs enlarge their businesses, people were happy over the idea. However little did the citizens know especially market men and women about their longevity in the banking industry?

Some micro finance banks go to market places and encourage the market women to save money on a daily basis with the promise that when the deposits reach certain amount, depositor could get loan to do business.

However, some of these banks now have problems and could no longer pay depositors their money hence hiding the truth from their customers who ignorantly continued to patronize them by depositing their money with them.

For instance one of the banks located at Onipetesi in Agege area, Bristol Microfinance Bank Limited is already bankrupt and the customers are now groaning in pain over their deposits with the bank.

Residents banking with Bristol explained that the bank staff used to come every day and people deposit money but for sometimes now, the man has not been coming and when they approach their office, they were told that the bank is now in problem and that depositors should go to their headquarters in Mushin because the branch office does not have any money to pay.

"I've gone to the bank several times to collect my money but each time I would be told to come back until last week when one of the banks told me that there is no money that I should go to their headquarters in Mushin," said one of the affected victims.

"When I went there to collect the little amount I have with them, I saw other customers who were waiting to be paid but alas we were told there is no money. The man that used to collect N200 deposit every day has stopped coming and we were all directed to go to the headquarters because the whereabouts of their boss is now unknown," lamented a customer.