Having set out the range of institutions supervised by the Central Bank; I want to echo the benefits that the public accrues from dealing with only regulated financial institutions.
Regulated institutions are best placed to ensure safety of people’s savings because they are demanded to act diligently in accordance with the set laws and regulations; offer a recourse to the regulator for consumer protection in case of complaints or irregular activity, and in the event of having to be closed and liquidated, there is a final recourse to the deposit protection fund for depositors in these regulated financial institutions.