CHARTERED INSTITUTE OF BANKERS OF NIGERIA ACT, 2007
Act · Finance
Policy date: 2007-01-01
An Act updates the framework for the Chartered Institute of Bankers of Nigeria, expanding its role in professionalizing the banking sector. It targets banking professionals and financial institutions. This strengthens standards and supports development in Nigeria's banking environment.
CHARTERED INSTITUTE OF BANKERS OF NIGERIA ACT, 2007
What Is This Policy?
A 2007 Act updating the legislation establishing the Chartered Institute of Bankers of Nigeria (CIBN), modernising the Institute's mandate, governance, and role in professionalising banking in Nigeria.
Who Does It Target?
Banking professionals in Nigeria Commercial banks and financial institutions The Central Bank of Nigeria Universities offering banking and finance programmes
What Does It Aim to Achieve?
Update the legal framework for the CIBN to reflect the modern Nigerian banking environment, strengthen professional standards, and enhance the Institute's contribution to banking sector development.
Key Features
Updated Mandate: Expands CIBN's mandate to cover all financial services professionals, not only traditional bankers. Academic Recognition: Strengthens CIBN's academic programmes including affiliation with universities. Governance: Updates governance structure including board composition and election procedures. Discipline: Strengthens professional discipline mechanisms for misconduct.
Current Status
Rollout Stage: Active Coverage: Nigerian banking and financial services sector Beneficiaries: Banking consumers; financial system integrity Funding: Member subscriptions
How to Access
Banking professionals must meet CIBN membership qualification standards Annual renewal of membership and payment of subscriptions CPD compliance mandatory for practising members Application method: Apply for membership at https://www.cibng.org
Official Resources
Website: https://www.cibng.org Contact: Chartered Institute of Bankers of Nigeria (CIBN)
Legal Framework
The Chartered Institute of Bankers of Nigeria Act 2007 is the primary legislation governing CIBN. It operates under the Central Bank of Nigeria Act 2007, the Banks and Other Financial Institutions Act 2020, and the constitutional framework for professional regulatory bodies. The Institute's examinations and professional standards align with international banking education frameworks from the Chartered Banker Institute (UK) and the American Bankers Association.