Supervision Publications|
Other Related Institutions
Financial institutions under the supervisory purview of CBN are the:
- Deposit Money Banks (See List ofDeposit Money Banks)
- Discount Houses (See List ofDiscount Houses)
- Primary Mortgage institutions(See list of PMIs)
- Finance Companies (SeeList of FCs)
- Bureaux-de-change (SeeList of BDCs)
- Development Finance Institutions.(See List of DFIs)
- Micro Finance Bank (See List of MFBs)
Deposit Money Bank
A financial institution licensed by the regulatory authority to mobilizedeposits from the surplus unit and channel the funds through loans to thedeficit unit and performs other financial services activities.See List of Deposit Money Banks
Discount House
A discount house is a financial institution that acts as an intermediarybetween the Central Bank and the licensed banks in open market operationtransactions and other eligible securities. It also facilitates the issue andsale of short term Government securities and other short term commercial bills.See List of Discount Houses
Primary Mortgage Institutions
A Primary Mortgage Institution [PMI] shall be construed as any company thatis licensed to carry out mortgage business in Nigeria.
Mortgage business shall include the following:
- Granting of loans or advances to any person for the building, improvementor extension of a dwelling/commercial house;
- Granting loans and advances to any person for the purchase or constructionof a dwelling/commercial house;
- Acceptance of savings and deposits from the public and payment of interestthereon;
- Management of pension funds/schemes;
- Offering of technical advisory services for the purchase or constructionof a dwelling house;
- Performing estate management duties;
- Offering of project consultancy services for estate development;
- Engaging in estate development through loan syndication, subject to therestriction imposed by the shareholders' funds unimpaired by losses;
- Engaging in property trading including land acquisition and disposal;
- Engaging in other activities which the Bank may approve from time to time
See list of Primary Mortgage InstitutionsPMIs
Community Bank
The department supervised and regulated the erstwhile community banks(CBs). Following the expiration of the December 31, 2007 deadline for allexisting community banks to re-capitalise to a minimum of N20 millionshareholders’ fund, unimpaired by losses, and consequently convert toMicro Finance Banks (MFBs), the existence of community banks in Nigeria ceased. 600 CBssuccessfully converted to MFBs.See list of Micro Finance Banks MFBs.
Finance Company
A finance company, unless otherwise stated, means a person or companylicensed to carry on finance company business. Finance Company Business meansthe business of providing financial services for consumers and to industrial,commercial, or agricultural enterprises. Such services include:
- Funds management;
- Equipment leasing;
- Hire-purchase;
- Debts factoring and securitisation;
- Project financing or consultancy;
- 6. Debt administration;
- LPO financing;
- Project financing;
- Export financing;
- Financial consultancy; and
- Issuing of vouchers, coupons, credit cards and token stamps and such otherbusinesses as the CBN may, from time to time, designate.
Every company desiring to be licensed as a finance company shall be on astand alone basis and thus be strictly limited to solely engaging in financecompany business as defined above. See Listof Finance Companies
Bureau D� Chang�
A Bureau De Change [BDC] shall be construed as any company that is licensedto carry out small scale foreign exchange service in Nigeria and whose soleobject is the carrying on of such business on a stand alone basis.
Small scale foreign exchange service shall be limited to:
- dealing in bank notes, coins, buying and selling of Traveller's chequesand
- Such other businesses as the CBN may approve from time to time.
The licence of a Bureau De Change in Nigeria shall confer on the holder therights and privileges of an approved buyer of foreign exchange in keeping withthe standard of the financial services industry and in order to generate andmaintain public confidence in the sub-sector.
For the avoidance of doubt, all independent micro foreign exchange outpostsengaged in Bureau De Change Service are required to apply for licence under theprovisions of the BOFIA No. 25 of 1991 [as amended]. All Bureaux de Change shallbe "stand alone" companies. SeeList of Bureau De Changes
Development Finance Institutions (DFIs)
The DFIs are governmental institutions established to perform specifieddevelopmental functions. The functions of each of the DFIs are stated in theinstruments that created them (statute/Act). The functions performed by each ofthe DFIs spanned over infrastructural developments in agriculture, industry,commerce and other undertakings, which are geared towards the attainment of thedevelopmental objectives of the government. See List of Development Finance Institutions
Micro Finance Banks (MFBs)
A Microfinance Bank (MFB), unless otherwise stated, shall be construed to meanany company licensed to carry on the business of providing microfinanceservices, such as savings, loans, domestic funds transfer, and other financialservices that are needed by the economically active poor, micro, small andmedium enterprises to conduct or expand their businesses as defined in theGuidelines for Microfinance Banks (MFBs) in Nigeria
See List of Micro Finance Banks
Micro Finance Institutions (MFIs)
Being compiled by DFD
See list of Micro FinanceInstitutions
Read The CBN Act
Read the CBN Act (Decree No 41of 1991)
See FrequentlyAsked Questions on Supervision
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