Section 6: Functions of a bank

Without prejudice to the provisions of section 1 of this Act, a bank licensed under this Act shall-(a) accept from persons various types of deposits, including savings and time and target deposits;
(b) issue for the purpose of raising funds, redeemable debentures to interested parties;
(c) receive or collect on behalf of its customers, moneys or proceeds of banking instruments;
(d) provide for its customers, ancillary banking services;
(e) maintain and operate various types of accounts with other banks in Nigeria;
(f) invest its surplus funds in suitable instruments, including the placing of such funds with other banks;
(g) provide credit facilities to its customers;
(h) operate equipment leasing facilities designed to ensure the access of its customers to farm inputs;
(i) perform such non-banking functions as may promote grass-root development within the bank's geographical area; and
(j) do anything in connection with or incidental to the functions conferred on the bank by this Act.