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Community Banks Act πŸ‡³πŸ‡¬

Coat of Arms

Community Banks Act

  • Commenced on 28 April 1990
  • [Up to date as at 31 December 2002]
  • [Note: The original publication document is not available and this content could not be verified.]
An Act to provide for the establishment of Community Banks and for matters connected therewith.

1. Establishment of a Community Bank, etc.

(1)A community or group of communities may establish a Community Bank (in this Act referred to as a "bank") for the purpose of-(a)promoting rural development through the provision of finance and banking services;(b)enhancing the rapid development of productive activities, especially in the rural areas; and(c)improving the economic status of small-scale producers, both in the rural and urban areas.
(2)A community or group of communities desiring to establish a bank shall apply, in writing through the National Board for Community Banks, to the Governor of the Central Bank of Nigeria (in this Act referred to as "the Governor") for the grant of a licence.
(3)An application for a li…

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