What are the financial sectors in Nigeria?
The Central Bank of Nigeria supervises the following categories of financial institutions:
- Bureaux-de-Change (BDCs)
- Commercial Banks.
- Development Finance Institutions (DFI’s)
- Discount Houses.
- Finance Companies (FCs)
- Holding Company (HCs)
- Merchant Banks.
- Micro-finance Banks (MFBs)
What are examples of financial service sector?
Financial services sectors
- Accounting.
- Business banking.
- Funds and investments.
- Insurance.
- Investment banking.
- Life assurance and pensions.
- Regulated advice.
- Retail banking.
What is included in the financial services sector?
The Financial Services Sector includes thousands of depository institutions, providers of investment products, insurance companies, other credit and financing organizations, and the providers of the critical financial utilities and services that support these functions.
What are the main sectors of the financial services industry?
Banking Services It is most concerned with direct saving and lending, while the financial services sector incorporates investments, insurance, the redistribution of risk, and other financial activities. Banking services are provided by large commercial banks, community banks, credit unions, and other entities.
What kind of financial system does Nigeria have?
The financial system of Nigeria is dominated by the banking sector, especially the deposit money bank which provides the foundation for the development of the financial system. Their credit component constitutes a major link between the monetary sector and the real sector of the Nigerian economy.
Is the banking sector in Nigeria in a bad position?
In conclusion, the banking sector in Nigeria has come a long way but with room for improvement, as financial inclusiveness still remains a hurdle to scale through, despite the fact that Nigerians have to a large extent, accepted online as a means of banking. At 60, the Nigerian Banking sector is not in a bad position. Happy independence!
How is the services sector contributing to Nigeria’s economy?
A country’s contribution to GDP, and thus its own economy, is easily visible when looking at the performance of these three sectors. Like in most thriving economies nowadays, the services sector is gaining momentum in Nigeria, because more and more people are moving from the countryside to the cities to find jobs.
Who is the Minister of Finance in Nigeria?
In 1997, an amendment made the Central Bank of Nigeria directly responsible to the Minister of Finance, with respect to the supervision and control of bank and other financial institutions, while extending the supervisory role of the bank to same.
