Home | About Us | FAQs | RSS | Contact Us | Sitemap | Careers | Educational    

Supervision

Supervision Framework | F.S.R.C.C | Credit Risk Management | Financial Institutions
Supervision Publications | Supervision Circulars & Guidelines

Other Related Institutions

Financial institutions under the supervisory purview of CBN are the:


Deposit Money Bank
A financial institution licensed by the regulatory authority to mobilize deposits from the surplus unit and channel the funds through loans to the deficit 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 intermediary between the Central Bank and the licensed banks in open market operation transactions and other eligible securities. It also facilitates the issue and sale 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 that is licensed to carry out mortgage business in Nigeria.

Mortgage business shall include the following:

  1. Granting of loans or advances to any person for the building, improvement or extension of a dwelling/commercial house;
  2. Granting loans and advances to any person for the purchase or construction of a dwelling/commercial house;
  3. Acceptance of savings and deposits from the public and payment of interest thereon;
  4. Management of pension funds/schemes;
  5. Offering of technical advisory services for the purchase or construction of a dwelling house;
  6. Performing estate management duties;
  7. Offering of project consultancy services for estate development;
  8. Engaging in estate development through loan syndication, subject to the restriction imposed by the shareholders' funds unimpaired by losses;
  9. Engaging in property trading including land acquisition and disposal;
  10. Engaging in other activities which the Bank may approve from time to time
    See list of Primary Mortgage Institutions PMIs


Community Bank
The department supervised and regulated the erstwhile community banks (CBs). Following the expiration of the December 31, 2007 deadline for all existing community banks to re-capitalise to a minimum of N20 million shareholders’ fund, unimpaired by losses, and consequently convert to Micro Finance Banks (MFBs), the existence of community banks in Nigeria ceased. 600 CBs successfully converted to MFBs. See list of Micro Finance Banks MFBs.


Finance Company
A finance company, unless otherwise stated, means a person or company licensed to carry on finance company business. Finance Company Business means the business of providing financial services for consumers and to industrial, commercial, or agricultural enterprises. Such services include:

  1. Funds management;
  2. Equipment leasing;
  3. Hire-purchase;
  4. Debts factoring and securitisation;
  5. Project financing or consultancy;
  6. 6. Debt administration;
  7. LPO financing;
  8. Project financing;
  9. Export financing;
  10. Financial consultancy; and
  11. Issuing of vouchers, coupons, credit cards and token stamps and such other businesses as the CBN may, from time to time, designate.

Every company desiring to be licensed as a finance company shall be on a stand alone basis and thus be strictly limited to solely engaging in finance company business as defined above. See List of Finance Companies


Bureau Dè Changè
A Bureau De Change [BDC] shall be construed as any company that is licensed to carry out small scale foreign exchange service in Nigeria and whose sole object is the carrying on of such business on a stand alone basis.

Small scale foreign exchange service shall be limited to:

  1. dealing in bank notes, coins, buying and selling of Traveller's cheques and
  2. 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 the rights and privileges of an approved buyer of foreign exchange in keeping with the standard of the financial services industry and in order to generate and maintain public confidence in the sub-sector.

For the avoidance of doubt, all independent micro foreign exchange outposts engaged in Bureau De Change Service are required to apply for licence under the provisions of the BOFIA No. 25 of 1991 [as amended]. All Bureaux de Change shall be "stand alone" companies. See List of Bureau De Changes


Development Finance Institutions (DFIs)
The DFIs are governmental institutions established to perform specified developmental functions. The functions of each of the DFIs are stated in the instruments that created them (statute/Act). The functions performed by each of the DFIs spanned over infrastructural developments in agriculture, industry, commerce and other undertakings, which are geared towards the attainment of the developmental 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 mean any company licensed to carry on the business of providing microfinance services, such as savings, loans, domestic funds transfer, and other financial services that are needed by the economically active poor, micro, small and medium enterprises to conduct or expand their businesses as defined in the Guidelines for Microfinance Banks (MFBs) in Nigeria
See List of Micro Finance Banks


Micro Finance Institutions (MFIs)
Being compiled by DFD
See list of Micro Finance Institutions


Read The CBN Act
Read the CBN Act (Decree No 41 of 1991)
Read the Banks & Other Financial Institutions Act (BOFIA)
See Frequently Asked Questions on Supervision
Export to Excel Export List of Financial Institutions to Excel
Export to Excel Export Deposit Money Banks to Excel
Export to Excel Export Discount Houses to Excel
Export to Excel Export Development Finance Institutions to Excel
Export to Excel Export Bureau Dé Changé to Excel
Export to Excel Export Primary Mortgage Institutions to Excel
Export to Excel Export Finance Companies to Excel
Export to Excel Export Micro-Finance Institutions to Excel

Facts : 7/24/1958
First Governor of CBN:Mr. Roy Pentelow Fenton was appointed the first and the only expatriate Governor of Central Bank of Nigeria. He served from July 24, 1958 to July 24, 1963.
See All: Facts | Events

Other Related Institutions

Nigerian

  1. Bureau of Public Enterprises (BPE)
  2. Federal Ministry Of Finance
  3. Federal Office of Statistics (Email)
  4. National Assembly (Email)
  5. National Insurance Commission (NAICOM)
  6. National Planning Commission
  7. Federal Ministry of Commerce
  8. Federal Ministry of Foreign Affairs
  9. Ministry of Cooperation & Integration in Africa
  10. National Maritime Authority
  11. National Orientation and Public Affairs, The Presidency
  12. Nigerian Communications Commission
  13. Nigerian Corporate Affairs Commission
  14. Nigerian Deposit Insurance Corporation (NDIC)
  15. Nigerian Investment Promotion Commission
  16. Nigerian National Petroleum Corporation
  17. Nigerian Postal Services
  18. Security & Exchange Commission (SEC)
  19. The Government of Nigeria On-line
  20. The Nigerian Stock Exchange
  21. Nigerian Export - Import Bank NEXIM
  22. All Banking Institutions (including Banks, BDCs, etc) in Nigeria
  23. National Identity Management Commission
  24. National Pension Commission

Professional Bodies

  1. Chartered Institute of Bankers of Nigeria

International Organisations

  1. Proposed African Finance Cooperation (AFC)
  2. United Nations Economic Commission For Africa (UNECA)
  3. The Association of African Central Banks (AACB)
  4. The Economic Community of West African States (ECOWAS)
  5. African Development Bank (ADB) Group
  6. International Monetary Fund (I.M.F).
  7. Bank for International Settlement (B.I.S).
  8. Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO)
  9. The World Bank
  10. UNDP Nigeria
  11. Nigeria at the IMF
  12. West African Monetary Institute (WAMI)
  13. West African Monetary Agency (WAMA)
  14. West African Institute for Financial & Economic Management (WAIFEM)
  15. The New Economic Partnership for African Development (NEPAD)
  16. Group of Seven & Eight (G7/G8)
  17. Developing Eight Countries (D-8)
  18. Group of 77 (G-77)
  19. Group of (G-15)

Trade & Investment With the USA

  1. Africa Growth & Opportunity Act:
    (at the U.S. Trade Representative Office)
  2. Eximbank
  3. Overseas Private Investment Corporation
  4. Trade & Development Agency
  5. U.S. Commercial Service, U.S.A.
  6. U.S. Commercial Service, Nigeria