Non-interest Finance Working Group (NIFWG)

In October 2009, EFInA established the Non-interest Finance Working Group (NIFWG) in order to identify and address regulatory and market related issues to ensure the successful implementation of non-interest banking/finance in Nigeria. NIFWG members included market operators and regulators who worked together to drive a multi-institutional approach to implementing non-interest banking/finance in Nigeria.

Key Accomplishments of the Working Group

Key Achievements of Regulators within the NIFWG as at December 2014

Name of Organisation EFInA Capacity Building? NIF policies developed? Year policy(ies) developed and implemented
CENTRAL BANK OF NIGERIA (CBN) Yes Yes: guidelines, frameworks and formulation of FRACE. The Guideline was released on June 21, 2011. FRACE was inaugurated in January 10, 2013.
SECURITIES & EXCHANGE COMMISSION (SEC) Yes Yes: Rules on Sukuk issuance in Nigeria 2013
FEDERAL INLAND REVENUE SERVICE (FIRS) Yes Yes: a non-interest banking tax regulation was produced in 2012. 2012
NATIONAL PENSION COMMISSION (PenCom) Yes Yes: guidelines for pension fund investments in non- interest banking in 2012. Guidelines to be released in 2014 Guidelines have not yet been released.
NIGERIA DEPOSIT INSURANCE CORPORATION (NDIC) No Yes: Framework for Non Interest Deposit Insurance in Nigeria. The policy was developed in September 2011 and implemented by December 31, 2012.
NATIONAL INSURANCE COMISSION (NAICOM) Yes Yes: Takaful insurance guidelines 2012 2013
DEBT MANAGEMENT OFFICE (DMO) Yes The DMO Strategic Plan (2013-2017) includes the development and implementation of models for mobilising resources through the issuance of non- interest debt-financing instruments (e.g. Sukuk). Not Applicable

Key Achievements of Market Operators within the NIFWG

Organisation EFInA Capacity Building? NIF products launched? Date products were launched? Number of branches offering NIF products
LOTUS CAPITAL LIMITED Yes Yes: 10 products
Between 2008 to 2016    All branches 
CORNERSTONE INSURANCE Yes Yes: 15 products Already introduced to the market and growing in acceptance but not yet launched 10 existing branches
STANBIC IBTC Yes Yes: 10 products Between 2012 to 2016    185 branches
NIGERIAN STOCK EXCHANGE (NSE) No An Islamic Index introduced through the partnership of the Exchange and Lotus Capital.    
STERLING BANK No Yes: 13 products Between 2014 to 2016  
181 branches
JAIZ BANK Yes Yes: 12 products Between Feb 2012 to Nov 2013 All 13 branches
NIGER INSURANCE No Yes: 6 products    

Overview of the Working Group

In 2015, the Non-interest Finance Working Group transitioned to the Non-interest Finance Association of Nigeria (NIFAN), a body independent of EFInA. NIFAN continues to work toward the objectives established by the Non-interest Finance Working Group:

  • Creating a platform where market operators and regulators can discuss approached for developing the sector
  • Deepening the uptake and usage of non-interest banking/finance products in order to promote financial inclusion in Nigeria
    • By facilitating the availability of non-interest banking/finance products
    • By developing enabling regulations and polices to support development of the non-interest banking/finance sector

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