Framework for Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria


(enacted in 2011)

The Framework for Regulation and Supervision of Non-Bank Financial Services in Nigeria, issued in 2011 by the Central Bank of Nigeria (CBN), works in conjunction with two related guidelines:

  • Guidelines on Shariah Governance of Non-Interest Financial Institutions in Nigeria; and
  • Guidelines on Non-Interest Window and Branch Operations of Conventional Banks and Other Financial Institutions

The Framework defines non-interest financial institutions (NIFIs) as those that conduct transactional, investment, or commercial activities or provide interest-free financial products or services in compliance with the principles of Shariah or Islamic commercial law. NIFIs may include exclusively non-interest microfinance banks or financial institutions. The Framework applies more broadly to any MFBs or other microfinance institutions that offer non-interest financial services. It is organized as follows:


  1. Introduction
  2. Objective
  3. Legal Framework
  4. Licensing Requirements
  5. Non-Interest Financial Instruments
  6. Commissions and Fees
  7. Establishment and Operation of Non-Interest Subsidiary, Window or Branch of a Conventional Bank
  8. Corporate Governance
  9. CBN Shariah Council
  10. Conduct of Business Standards
  11. Profit Sharing Investment Accounts
  12. Audit, Accounting and Disclosure Requirements
  13. Prudential Requirements
  14. Risk Management
  15. Anti-Money Laundering and Combating of the Financing of Terrorism (AML/CFT)