Banks and Other Financial Institu…
Banks and Other Financial Institutions Act 2020 · st:ng-bofia
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Dates
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In force from
Key provisions
3 in the graphThe article’s own text, quoted verbatim from the primary source below — a citable fact, not a summary. No plain-English explanation is shown: writing one would be legal analysis nobody sourced (docs/RULES.md R1). That register is reserved should sourced explanations be added later, and will never share this card’s styling.
Section 57 (1) (Prohibition of unlicensed financial institutions)
prov:ng-bofia-s57-1
ARTICLE TEXT — VERBATIM, TIER B
Without prejudice to the provisions of Chapter A of this Act, no person shall carry on specialised banking or business of other financial institution in Nigeria other than insurance, pension fund management, collective investment schemes and capital market business as defined respectively in the Insurance Act, the Pension Reform Act and the Investment and Securities Act except it is a company duly incorporated in Nigeria and holds a valid licence granted under this Act. source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 57 (2) (i) (Meaning of "business of other financial institutions")
prov:ng-bofia-s57-2-i
ARTICLE TEXT — VERBATIM, TIER B
In this section, “business of other financial institutions” include … financial holding company or payment service providers source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Section 60 (1) (b) (Power to prescribe minimum paid-up share capital)
prov:ng-bofia-s60-1-b
ARTICLE TEXT — VERBATIM, TIER B
Without prejudice to the provisions of sections 31 and 32 of this Act the Bank shall … prescribe the minimum paid-up share capital requirement of other financial institutions and specialised banks source
PLAIN-ENGLISH EXPLANATION
Not built — see docs/RULES.md R1. This register is reserved for a future, separately sourced and cited explanation; it will never be filled with unsourced prose.
Backs requirement minimumCapital
National regimes implementing it
4 regimesOne statute, implemented differently by each regime below — the same directive granting different activities, client types and capital figures market by market.
WhereAuthorityRegimeCapital · transitionFirms
NGCentral Bank of NigeriaSwitching and Processing Licence / Nigeria / CBNExecute payment transactions (direct debits, card payments, credit transfers)no datano data4
NGCentral Bank of NigeriaMobile Money Operator Licence / Nigeria / CBNIssue electronic money, Money remittanceno datano data2
NGCentral Bank of NigeriaPayment Solution Service Provider Authorisation / Nigeria / CBNExecute payment transactions (direct debits, card payments, credit transfers)no datano data0
NGCentral Bank of NigeriaPayment Terminal Service Provider Authorisation / Nigeria / CBNExecute payment transactions (direct debits, card payments, credit transfers)NGN 100,000,000 sourceno data0
Sources
Section 57 (1) (Prohibition of unlicensed financial institutions) · Section 57 (2) (i) (Meaning of "business of other financial institutions") · Section 60 (1) (b) (Power to prescribe minimum paid-up share capital)Banks and Other Financial Institutions Act 2020https://archive.gazettes.africa/archive/ng/2020/ng-government-gazette-supplement-dated-2020-11-17-no-183.pdf
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