Section 43: Restriction on the use of Certain Names.

(1) Except with the written consent of the Governor-
(a) no bank shall be registered or incorporated with-
(i) a tribal or ethnic name, or
(ii) any name which includes the words "Central", "Federal", “Federation”, “National", "Nigeria", "Reserve", "State", "Christian", "Islamic", "Muslim", “Quranic", or "Biblical";
(b) no person, other than a bank licensed under this Act, shall use or continue to use the word, "bank", or any of its derivatives. either in English or in any other language in the description or title under which the person is carrying on business in Nigeria; and
(c) no person with objects to offer payments or other financial services required by this Act shall be registered by the Corporate Affairs Commission with the word, "fintech" or any of its derivatives either in English or in any other language included in the description or title under which the person is carrying on business in Nigeria.
(2) Every bank shall use, as part of its description or title, the word, "bank", or anyone or more of its derivatives, either in English or in any other language.
(3) Subsection (1) does not apply to any registered association of banks, bankers or bank employees formed for the protection of their mutual interest or in furtherance or promotion of education and training of personnel of financial institutions in Nigeria.
(4) Any person who contravenes this section, commits an offence and is liable on conviction to a fine of not less than N2,000,000 and N100,000 for each day during which the contravenes continues.