The Central Bank of Nigeria (CBN) governor, Yemi Cardoso, has raised concerns about the growing transaction volumes of Non-Bank Financial Institutions (NBFIs) and Other Financial Institutions (OFIs), citing significant risks to financial stability.
The CBN has stated that OFIs must meet certain requirements set by the apex bank to be enrolled in the CRMS.
The CBN has directed Other Financial Institutions (OFIs) to adopt the compulsory Nigeria Uniform Bank Account Number (NUBAN) or face sanctions.
