Section 3: Functions of the Board

(1) Notwithstanding the provisions of subsection (1) of section 2 of this Act, the Board shall have responsibility for-
(a) accepting and processing applications for the setting up of banks throughout Nigeria;
(b)
providing guidelines for the operations and management of banks and ensuring compliance therewith;
(c) incorporating banks as private companies with membership of fifty or more persons and determining the amount of fees to be paid from time to time;
(d) serving as registrar to all banks so as to protect the banks from acts inimical to community interests and the banking industry;
(e)
monitoring, inspecting and generally supervising the operations of banks and applying various sanctions for default, including demanding and receiving payment of fines, as prescribed under this Act;
(f)
carrying out security screening of persons for appointment as directors or managers of banks for purposes of determining their suitability;
(g) creating and managing zones to facilitate the discharge of its duty under this Act;
(h) carrying out promotional activities for the enlightenment of communities on the community banking system;
(i) making recommendations to the Central Bank of Nigeria on the granting and revocation of licences of banks; and
(j) undertaking such other activities as are necessary or expedient for giving full effect to the provisions of this Act.
(2)
In this Act, "banks" means community banks.
[1993 No. 97]