Section 2: Functions of the Bank.

(1) The functions of the Bank shall include-
(a)
the provision of basic credit requirements of the under-privileged Nigerians who are involved in legitimate economic activities in both urban and rural areas and who cannot normally benefit from the services of the orthodox banking system due to their inability to provide collateral security;
(b) the acceptance of savings from the same group of customers and make repayments of such savings together with any interests thereon, after placing the money, in bulk sums, on short term deposits with commercial and merchant banks.
(2)
In this section, "underprivileged Nigerians", as confirmed by their various trade and professional groups, include roadside mechanics, self-employed plumbers and electricians, petty traders, small-scale farmers, poultry and other livestock keepers, truck pushers, petty tailors, dress-makers, barbers, hair dressers, washermen and women, and other persons who need financial assistance to improve their trade and economic well-being throughout the country.