Business & Economy

All Financial Institutions In Nigeria -Approved By Central Bank Of Nigeria

The list of Financial Institutions in Nigeria can also be regarded as the full list of All Nigerian Banks, which has been published by this reporter.

Many a person has been searching for the numbers of all Financial Institutions in Nigeria which was approved by the apex bank.

Brand News Day Nigeria has captured a detailed list of all Financial Institutions In Nigeria and the roles that these institutions play.

What is Financial Institutions?

A financial institution is a company that focuses on dealing with financial transactions, such as investments, loans, and deposits.
The major categories of financial institutions include central banks, retail and commercial banks, internet banks, credit unions, savings, and withdrawals.

Below are the 12 financial institution categories in Nigeria:

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All Financial Institutions In Nigeria – Approved By Central Bank Of Nigeria

The Central Bank of Nigeria supervises the following categories of financial institutions:

  1. Bureaux-de-Change (BDCs)
  2. Commercial Banks
  3. Development Finance Institutions (DFI’s)
  4. Discount Houses
  5. Finance Companies (FCs)
  6. Holding Company (HCs)
  7. Merchant Banks
  8. Microfinance Banks (MFBs)
  9. Non-Interest Banks
  10. Primary Mortgage Banks (PMBs)
  11. Payment Service Banks (PSB)

READ: Full List Of All Nigerian Banks: List Of Commercial Banks In Nigeria

Importantly, it is ideal to know the supervisory function of CBN which are structured into five departments and can be seen below:

1. Banking Supervision Department
2. Consumer Protection Department
3. Financial Policy and Regulation
4. Other Financial Institutions Supervision Department
5. Payments System Management Department

The 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 and Discount houses while Other Financial Institutions Supervision Department supervises other financial institutions. The other financial institutions include Micro-finance Banks (MFBs), Finance Companies (FCs), Bureaux-de-change (BDCs), Primary Mortgage Institutions (PMIs) and Development Finance Institutions (DFI’s). The supervisory process of both departments involves both on-site and off-site arrangements.

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READ: POS Business: How To Start POS Business In Nigeria With N100k

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