Supervision

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Other Related Institutions

Financial institutions under the supervisory purview of CBN are the:

• Deposit Money Banks (See List of Deposit Money Banks)
• Discount Houses (See List of Discount Houses)
• Primary Mortgage institutions (See list of PMIs)
• Finance Companies  (See List of FCs)
• Bureaux-de-change  (See List 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 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
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