Lagos - The Central Bank of Nigeria has barred primary mortgage institutions (PMIs) operating in Nigeria from taking proprietary position in real estate construction and a number of other activities, reports The Nation.
The ban was spelt out via a circular to all microfinance banks (MfBs) and primary mortgage institutions on their new operating modalities.
According to the CBN, the maximum loan any MFB can grant individuals and corporate bodies must not exceed 5 percent and 10 percent respectively of its shareholders’ funds.
Read more at The Nation.
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