The supervisory function of CBN is structured into six departments:
- Banking Supervision Department
- Consumer Protection & Financial Inclusion Department
- Financial Policy and Regulation Department
- Other Financial Institutions Supervision Department
- Payments System Supervision Department
- Development & Finance Institutions Supervision Department
Financial Policy and Regulation department develops and implements policies & regulations aimed at
ensuring financial system stability. It also licenses & grants approvals for banks and other financial
institutions. Banking Supervision Department carries out the supervision of
Deposit Money Banks, specialized institutions e.g.
Non-Interest Banks and
Discount
Houses, while Other Financial Institutions Supervision Department supervises
Micro-finance Banks (MFBs) and
Primary Mortgage Institutions (PMIs). The Development and Finance Institutions Department supervises Bureaux de-Change,
Development Finance Institutions and
Finance Companies. The Payments System Supevision Department conduct effective offsite and onsite supervision of FINTECHs.
The supervisory process of the departments involves both on-site and off-site arrangements.
Read more on the supervisory framework.
Read The CBN Act 2007
Read the CBN Act (Decree No 41 of 1991)
Read the Banks & Other Financial Institutions Act (BOFIA) 2020
See Frequently Asked Questions on Supervision