CBN Extends Deadline for MFBs, Mortgage Institutions

The Central Bank of Nigeria (CBN) has announced the extension of the deadline for compliance with the revised microfinance policy regulation and supervisory framework for Microfinance Banks (MFBs) from December 31, 2012 to December 31, 2013.

The was just as the apex bank also revealed that the compliance with the revised guidelines for Primary Mortgage Banks (PMBs) has been moved from April 30, 2013 to December 31, 2013.

The CBN stated this in separate circulars signed by its Director, Other Financial Institutions Supervision Department, Olufemi Fabamwo.

The circular for MFB operators explained that the decision to extend the deadline was “to allow more time for capital raising and business combination options.” On the other hand, the circular for PMBs said that the extension was to afford all affected PMBs sufficient time to exercise any of the options for capital raising.