What is a non-interest bank or financial institution? A non-interest bank or other financial institution is one of the specialized institutions that can be licensed by the Central Bank of Nigeria (“CBN”), as complements of the conventional banking system, to undertake banking, trading, investment and other permissible financial services in accordance with any established non-interest banking principles. The CBN derives its licensing power under sections 2 and 3 of the Bank and Other Financial Institutions Act 2020 (“BOFIA”) as amended. According to the CBN’s Guidelines for the Regulation and Supervision of Institutions Offering Non-Interest Financial Services in Nigeria 2011 (“Guidelines”), … Continue reading HOW TO SET UP A NON-INTEREST BANK OR FINANCIAL INSTITUTION IN NIGERIA