VFD Microfinance Bank has debunked reports that it was sanctioned by the Central Bank of Nigeria (CBN) and the Securities and Exchange Commission (SEC) for various infractions, including forex violations.
The bank disclosed this in a rebuttal sent to TimesNow.com.ng that it was not among the 10 banks sanctioned by the regulatory bodies for the violations.
VFD MfB said it does not trade in forex, being a microfinance bank, calling the report misleading.
Our reporter sourced the report from another platform, revealing that the VFD was fined N8 million naira for infractions.
The Bank said:
Punch reported that regulatory bodies overseeing activities of commercial banks in Nigeria have fined 10 banks for various infractions on foreign exchange guidelines and other offences.
The agencies, which include the Central Bank of Nigeria and the Securities and Exchange Commission, fined the financial institutions over N1.502 billion as penalties in the first six months of 2024.
The violations underscore Nigerian financial institutions’ ongoing challenges in complying with regulatory guidelines.
The banks include First City Monument Bank (FCMB), Access Bank, Stanbic IBTC, Zenith, UBA, Guaranty Trust Bank, Sterling Bank, Fidelity Bank, and First Bank.
TimesNow.com.ng earlier reported that Guaranty Trust Bank (GTBank) has announced that its digital banking channels are entirely online following a system upgrade.
In a statement released on X, the bank reassured customers that all branches across Nigeria are also now operational and ready to serve.
TimesNow.com.ng earlier reported that GTBank transitioned to a new and robust Finacle Core Banking Application Systems suite.
Source: TimesNow.com.ng
