Regulatory Alerts2014-07-09 | BSD/DIR/GEN/LAB/07/017Circular on Bancassurance and Other Non-Permissible Activities
The Central Bank of Nigeria has observed that some banks are engaging in non-permissible activities, including bancassurance, and has directed banks to stop such practices immediately, warning of severe consequences for non-compliance. Tokunbo Martins, Director of Banking Supervision, emphasizes the importance of adhering to the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. 01, 2010.
09-46236401 09-46236418 BSD/DSIR/GEN/LAB/07/017 July 4, 2014 LETTER TO ALL BANKS BANCASSURANCE AND OTHER NON-PERMISSIBLE ACTIVITIES The Central Bank of Nigeria has noted with concern that some banks engage in nonpermissible activities including bancassurance in contravention of the regulation on the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. 01, 2010. Banks are therefore directed to henceforth cease such activities as the CBN will not hesitate to impose SEVERE sanctions on erring banks. Please be guided by the provisions of the above regulation. Yours faithfully, 'TOKUNBO MARTINS (MRS.) DIRECTOR OF BANKING SUPERVISION