Regulatory Alerts2020-10-26 | FPR/PRD/GEN/MRC/01/001Regulatory And Supervisory Framework for The Operations of A Mortgage Refinance Company (MRC) -Approval To Refinance Non-Member Banks
The Central Bank of Nigeria's Financial Policy and Regulation Department has issued a circular to all banks and financial institutions regarding the regulatory and supervisory framework for the operations of a Mortgage Refinance Company (MRC). The circular removes a restriction that prevented MRCs from refinancing mortgages for non-shareholder banks, now allowing them to refinance qualifying mortgages from non-member mortgage lenders. This change is expected to have a positive impact on the mortgages sub-sector.
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