Banking, fintech and consumer protection

PSB vs MFB vs Commercial Bank in Nigeria: Regulatory Differences, Deposit Protection and What Customers Should Know

By Samson Ese · Originally published: March 2026 · Updated: 30 October 2026

A payment service bank, a microfinance bank and a commercial bank may all provide accounts, transfers and other financial services. But they do not have the same licence, lending powers, operating restrictions or deposit-insurance limits. Understanding the difference can help you choose where to keep your money, identify the institution responsible for a transaction and avoid relying on protections that may not apply to your account.

The key distinction A financial app is not automatically a bank. The brand you see on your phone may be a technology company, a mobile-money operator or an agent working with a separately licensed financial institution. Before depositing money or accepting a loan, identify the actual licensed entity providing the service.

Imagine that three people in Nigeria open accounts with three different financial providers. One uses an app mainly for transfers and payments. Another saves with a microfinance bank that also lends to small traders. The third receives a salary through a conventional commercial bank.

All three may see balances on their phones. All three may transfer money. They may even use similar-looking debit cards or account interfaces. Yet the legal institutions behind those services can have very different responsibilities.

This difference becomes important when a customer wants a loan, a business needs to deposit daily sales, a transfer fails, an account is frozen or a financial institution loses its licence.

The purpose of this guide is not to tell you that one category is always safer or better. It is to explain what each licence permits, what it does not permit, how deposit protection works and what to verify before trusting a provider with your money.

1. Why the licence matters more than the app's appearance

In everyday conversation, Nigerians often use the word “bank” for almost any service that stores a balance, receives transfers or allows withdrawals. That description may be convenient, but it is not precise enough when money or legal responsibility is involved.

A financial institution's licence defines the activities it is authorised to carry out. It also determines the regulatory framework under which it operates. A provider cannot lawfully assume every power available to a commercial bank simply because customers can open accounts through its app.

For example, a payment service bank is designed primarily to provide payment, remittance and deposit services. A microfinance bank focuses on financial services for individuals and businesses that may have limited access to conventional banking. A commercial bank operates under a broader banking licence and provides a wider range of banking services.

A practical example A trader receives ₦400,000 in daily sales through a payment app. The app's convenience does not answer three important questions: Which legal entity provides the account? Where are the funds held? What deposit-protection arrangement applies if the provider fails? Those questions require the provider's legal and regulatory details, not merely its brand name.

This is why you should distinguish between:

The brand: the name displayed on the app, website, card or advertisement.
The licensed institution: the legal entity authorised to carry out the regulated financial activity.
The service provider: a technology company, payment operator, agent or other business involved in delivering the service.
The deposit-taking institution: the insured institution where customer deposits or pooled funds are actually held, where applicable.

These roles may belong to one company or several different entities. Do not assume they are identical.

2. PSB vs MFB vs commercial bank: the main differences

The simplest way to understand the three categories is to look at their main purpose, permitted activities and limitations.

Feature	Payment Service Bank	Microfinance Bank	Commercial Bank
Main purpose	Payments, remittances, deposits and financial inclusion	Microfinance services, savings and lending to eligible customers	Broad retail, business and corporate banking
Can accept deposits?	Yes, within its regulatory framework	Yes, within its licence category	Yes
Can provide ordinary loans?	No. PSB guidelines prohibit ordinary lending activities	Yes, subject to MFB lending rules	Yes, subject to banking and credit rules
Typical customer need	Payments, transfers, basic accounts and remittances	Small-business finance, microloans and savings	Salary accounts, business banking, credit and broader services
NDIC maximum coverage	₦2 million per depositor	₦2 million per depositor	₦5 million per depositor

The table is a broad comparison, not a promise that every institution offers every service listed. A particular bank's licence category, approved activities, product terms and current regulatory status must still be checked.

There is also an important distinction between a financial institution's ability to accept deposits and its ability to lend those deposits. A PSB may accept deposits but is not authorised to operate as an ordinary lending bank. An MFB has a microfinance lending mandate. A commercial bank has broader lending powers, subject to applicable laws and prudential requirements.

3. Who regulates banks and protects depositors in Nigeria?

Two institutions are particularly important when understanding the safety and regulation of deposit-taking financial institutions: the Central Bank of Nigeria and the Nigeria Deposit Insurance Corporation.

The Central Bank of Nigeria

The Central Bank of Nigeria (CBN) is responsible for licensing and supervising banks and other regulated financial institutions within its statutory authority. It issues regulatory guidelines, sets prudential requirements, supervises institutions and can take enforcement action where legal conditions are met.

For customers, the CBN's role matters because a company using banking language in its advertising is not necessarily authorised to carry on banking business. The relevant legal entity and its approved licence category should be verified.

The Nigeria Deposit Insurance Corporation

The Nigeria Deposit Insurance Corporation (NDIC) administers Nigeria's deposit-insurance system. It protects eligible depositors of insured institutions up to the applicable legal limit when an insured institution fails.

NDIC also has responsibilities involving the resolution and liquidation of failed insured institutions. Its role is different from the CBN's licensing and supervisory role.

Remember the difference The CBN regulates and supervises financial institutions. The NDIC administers deposit insurance and carries out statutory responsibilities when insured institutions fail. Deposit insurance is not a guarantee that a bank will never experience problems.

4. What is a payment service bank in Nigeria?

A payment service bank, commonly called a PSB, is a CBN-licensed deposit-taking institution designed to expand access to basic financial services, particularly through digital and mobile channels and in underserved communities.

Its services can include opening accounts, accepting deposits, processing payments, facilitating transfers and remittances, issuing payment instruments and providing other services permitted by its regulatory framework.

The important point is that a PSB is not simply a payment app. It is a licensed financial institution with specific operating permissions and restrictions.

Can a PSB give customers loans?

Ordinary lending is not part of the permitted PSB business model under the CBN's PSB guidelines. The guidelines prohibit PSBs from granting loans, advances and guarantees in the ordinary manner associated with commercial banks and MFBs.

That distinction matters if a customer sees a loan advertisement inside an app that also offers payment services. The loan may be offered by a different licensed entity or partner. The customer should identify the actual lender named in the loan agreement rather than assume that the PSB itself is providing the credit.

What other restrictions apply?

The CBN's PSB framework also restricts activities such as accepting foreign-currency deposits. It sets capital, liquidity, governance, technology and operational requirements. The framework includes a minimum capital requirement of ₦5 billion, a minimum capital adequacy ratio of 10% and a requirement that at least 75% of deposit liabilities be invested in specified CBN securities and short-term Federal Government debt instruments, subject to the applicable guidelines and any subsequent regulatory changes.

These are prudential requirements imposed on the institution. They are not personal account limits or a promise that every customer's money is invested in one particular security.

Who should consider a PSB?

A PSB may be useful to someone whose main needs are basic account access, deposits, transfers, payments and remittances. A trader may value convenient payment collection. A customer in an underserved area may value access to basic financial services through digital or agent channels.

However, a customer who needs a conventional loan should not assume that a PSB can provide it. The legal lender and the terms of any credit product must be checked separately.

5. What is a microfinance bank in Nigeria?

A microfinance bank is a CBN-licensed financial institution whose business is focused on providing financial services to individuals, microenterprises and small businesses, including customers who may not be adequately served by conventional banks.

Depending on its licence category and approved activities, an MFB may provide savings and deposit products, microcredit, payment services and other permitted financial services.

For a small trader, market business, artisan or microenterprise, an MFB may provide access to a loan or savings product designed around smaller-scale financial needs.

Can an MFB give loans?

Yes. Lending is a central part of the MFB model, but it is subject to regulatory limits and the bank's own credit assessment.

The CBN's 2022/2023 Monetary, Credit, Foreign Trade and Exchange Policy Guidelines set out specific portfolio and exposure limits for MFB lending. They include the following requirements:

At least 80% of an MFB's loan portfolio is to be microloans.
The maximum loan to an individual borrower, director or related borrower is 1% of shareholders' funds unimpaired by losses.
The maximum loan to corporate or group borrowers is 5% of shareholders' funds unimpaired by losses.

Do not misread these percentages The 1% and 5% figures are regulatory exposure limits measured against the MFB's shareholders' funds unimpaired by losses. They are not a universal loan entitlement for customers, and they do not mean every individual can borrow 1% of the bank's capital.

These figures are taken from the cited CBN policy guidelines. A borrower or institution should check for later circulars, amendments or licence-specific requirements before relying on them for a current credit decision.

The four MFB licence categories

The CBN's four-category capital schedule distinguishes between Unit Tier I, Unit Tier II, State and National MFBs. The categories are not simply different names for the same licence. They reflect different operating scopes and regulatory capital requirements.

MFB category	Capital requirement in the CBN 2022/2023 schedule
Unit Tier I	₦200 million
Unit Tier II	₦50 million
State	₦1 billion
National	₦5 billion

The CBN guidelines state that these amounts may be prescribed differently by the CBN from time to time. They should therefore be treated as the figures in the cited schedule, not as an assurance that no later regulatory change has occurred.

For a deeper explanation of the licensing process and regulatory requirements, see this Daily Reality NG guide: Microfinance Bank Licensing and CBN Regulation in Nigeria.

Why do older MFB capital figures still appear online?

Some older CBN publications contain capital figures that predate the later four-category schedule. A historical CBN banking supervision report, for example, records earlier capital levels of ₦20 million for Unit MFBs, ₦100 million for State MFBs and ₦2 billion for National MFBs.

Those historical amounts should not be copied into a current comparison as if they were the later licensing thresholds. The CBN's 2022/2023 guidelines introduced the four-category schedule shown above, effective from April 2022, while preserving the CBN's power to prescribe different amounts.

Anyone planning to establish, acquire or convert an MFB should obtain the current applicable requirements directly from the CBN before committing funds.

6. What is a commercial bank in Nigeria?

A commercial bank is a deposit-taking bank licensed to provide a broad range of banking services within the scope of its licence and applicable law.

Its services may include current and savings accounts, salary accounts, business accounts, deposits, domestic and international payments, loans, trade finance, overdrafts, cards and other approved banking products.

Commercial banks serve individuals, small businesses, large companies and public-sector customers. Their broader operating scope does not mean every bank offers every product or approves every application.

Why commercial-bank capital requirements matter

The CBN's recapitalisation programme set minimum capital thresholds for commercial banks according to their authorised operating scope:

Commercial-bank authorisation	Minimum capital threshold
Regional	₦50 billion
National	₦200 billion
International	₦500 billion

The CBN's published recapitalisation timetable ran from 1 April 2024 to 31 March 2026. That deadline has passed as at the update date of this article. The CBN also stated that, for existing banks, qualifying capital for the programme comprised paid-up capital and share premium only.

These are institutional capital requirements. They are not the amount a customer must deposit to open an account, and they should not be confused with NDIC deposit-insurance limits.

7. How much of your money does NDIC protect?

Deposit insurance is one of the most important differences customers should understand. If an insured financial institution fails, NDIC protection applies to eligible deposits up to the maximum limit set for the relevant institution category.

NDIC's published coverage limits are:

Institution or arrangement	Maximum stated coverage
Deposit Money Bank	₦5 million per depositor per bank
Microfinance Bank	₦2 million per depositor per bank
Payment Service Bank	₦2 million per depositor per bank
Eligible mobile-money subscriber under pass-through insurance	Up to ₦5 million per subscriber per deposit-taking bank, subject to the applicable conditions

What does “per depositor per bank” mean?

It means the coverage limit is applied to an eligible depositor's insured deposits with the relevant insured institution, subject to NDIC's rules. It should not be interpreted as a separate full limit for every account number held by the same customer at the same bank.

Illustrative example Suppose a depositor has two eligible accounts at the same insured MFB, with a combined insured balance of ₦3 million. The existence of two account numbers does not automatically create two separate ₦2 million limits. The applicable maximum is assessed under the NDIC's depositor-and-institution rules.

Does deposit insurance cover every amount in an account?

No. Deposit insurance is limited by the applicable maximum coverage. If an eligible depositor has more than the insured limit when an institution fails, the excess is not automatically paid immediately as insured money.

Any further recovery may depend on the liquidation process, realisation of the institution's assets and the distribution rules applicable to creditors. Customers should not treat a balance above the insurance limit as guaranteed by NDIC.

Read the NDIC's current explanation of deposit insurance and pass-through deposit insurance and its NDIC deposit-insurance guide.

8. Is a mobile-money wallet the same as a bank account?

Not necessarily. This is one of the most important distinctions in Nigeria's digital financial system.

A mobile-money operator may provide a wallet and payment interface through which customers send, receive or store value. The operator's regulatory category and the institution holding the pooled funds matter when determining the legal structure and deposit-protection arrangement.

NDIC describes pass-through deposit insurance as an arrangement through which eligible mobile-money subscribers can receive deposit-insurance protection for their beneficial interests in pooled or trust accounts held with insured deposit-taking institutions.

What conditions apply to pass-through protection?

NDIC's published eligibility conditions include:

The relationship between the mobile-money operator and subscribers must be based on a bare-trust arrangement.
The operator must obtain fidelity bond insurance.
The pooled-account records must clearly identify the funds belonging to individual subscribers.
Subscriber identities must satisfy the CBN's applicable KYC requirements.
The subscribers' interests must be properly disclosed in the records maintained by the insured institution, operator and agents.

Important distinction The mobile-money operator itself is not automatically insured as if it were a conventional deposit-taking bank under the pass-through arrangement. The protection is designed for eligible subscribers' beneficial interests in qualifying pooled or trust accounts. NDIC's conditions must be met.

Do not assume that every wallet, payment app, agent balance or fintech product qualifies for the same protection. The legal structure of the product matters.

Before depositing a substantial amount, ask the provider to identify the licensed operator, the deposit-taking institution holding the pooled funds, and the arrangement under which customer balances are recorded and protected.

9. What do bank capital requirements mean for ordinary customers?

Capital requirements are often reported as though they were direct measures of how much money customers can safely deposit. That is not what they mean.

Regulatory capital is intended to provide financial strength and loss-absorbing capacity within the institution. It is part of the framework regulators use to assess whether a bank has sufficient financial resources for its permitted activities and risks.

Higher minimum capital requirements may affect which institutions can operate at particular licence levels, how they raise funds and whether they need to restructure or recapitalise.

But a customer should not conclude that a bank with a larger capital threshold can never fail, or that a smaller institution is automatically unsafe. Capital is only one part of prudential supervision.

Customers should also consider the institution's current licence status, service reliability, complaint handling, product terms, security practices and applicable deposit insurance.

10. What the revocation of 46 MFB licences means

On 1 July 2026, the CBN revoked the operating licences of 46 microfinance banks. The NDIC subsequently announced that it had taken steps as liquidator and begun the depositor-verification and reimbursement process for eligible customers.

The development is important because it demonstrates that an MFB licence is not permanent protection against regulatory action. Institutions must continue to satisfy the conditions imposed by the regulator.

It does not mean that every MFB in Nigeria has failed or that all MFB deposits are unsafe. The action concerned the institutions whose licences were revoked.

If your MFB is affected, what should you do?

Check the official CBN and NDIC announcements to confirm whether the institution is among those affected.
Stop relying on unofficial social-media posts or messages claiming to represent the liquidator.
Keep your account details, identity documents, transaction records and evidence of your balance.
Follow NDIC's official instructions for depositor verification and payment.
Use NDIC's official contact channels if your deposit or identity cannot be verified.

Do not pay an unknown person an unofficial “processing fee” to release insured deposits. Verify any request directly with NDIC through its official website and published contact channels.

For a customer whose bank has failed, the practical issue is not whether the institution once had a licence. It is whether the licence is still valid, what NDIC has announced and what evidence is required to establish the depositor's claim.

11. Which institution should you choose?

There is no universal winner. The appropriate institution depends on what you need the account or service to do.

If you mainly need transfers and payments

A PSB or another appropriately licensed payment provider may meet your needs. Check the exact legal entity, account terms, transaction limits, charges, complaint process and deposit-protection structure.

If you need microfinance or small-business credit

An appropriately licensed MFB may be relevant. Compare the total repayment amount, interest calculation, fees, repayment frequency, penalties, collateral requirements and consequences of default.

Do not judge a loan only by the amount credited to your account. The amount you repay is what determines the real cost of borrowing.

Our guide to flat-rate and reducing-balance loan interest in Nigeria explains why two loans with the same advertised rate can have different costs.

If you need broad personal or business banking

A commercial bank may provide a wider range of products, including salary accounts, business accounts, credit facilities and other services. Compare its charges, service availability, product conditions and customer-support performance.

If you operate a POS or agency business

Do not select a provider solely because its agent app is popular. You should understand settlement arrangements, reversals, transaction charges, cash-management risks, agent responsibilities and the institution responsible for the underlying service.

For additional context, see this guide to running a POS agent business in Nigeria.

Your main need	What to investigate	Important caution
Receiving salary	Account type, charges, transfer access and employer requirements	Do not assume every wallet is a conventional bank account
Saving business proceeds	Licensed institution, NDIC category, access and account terms	Consider the insurance limit and concentration of large balances
Borrowing money	Legal lender, total repayment, fees and default consequences	The app displaying the offer may not be the lender
Receiving POS payments	Settlement, reversals, charges and agent terms	Keep transaction evidence and reconcile daily
Using a mobile wallet	Operator category, pooled-fund bank and pass-through conditions	Do not assume every wallet balance has identical protection

12. How to verify a financial provider before trusting it

A provider's website, app-store listing or social-media account is not enough to establish its regulatory status. Use a verification process before transferring a large balance, accepting a loan or allowing a business to depend on the service.

Find the full legal name. Check the company's terms, account-opening documents and loan agreement. Do not rely only on the brand name.
Identify the licence category. Determine whether the institution is a commercial bank, MFB, PSB, mobile-money operator or another type of regulated provider.
Check the regulator's records. Use official CBN information and the relevant regulatory register or published notice.
Check NDIC status and coverage. Identify whether the deposit-taking institution is insured and which limit applies.
Read the account terms. Understand charges, limits, restrictions, dispute procedures and conditions for account closure.
Identify the actual lender. If the product is a loan, check the legal entity named as lender in the agreement.
Test the complaint route. Know how to raise a complaint and how to obtain a reference number before a problem occurs.
Protect your credentials. Never share your PIN, password, one-time password or full card security details with someone claiming to be an agent or regulator.

A useful habit Save the provider's legal name, account terms, customer-service contact and transaction reference details. If a dispute arises months later, having those records can make it easier to explain exactly which service you used and which institution handled the transaction.

13. What to do when a bank or payment provider fails you

A failed transfer, unexpected debit, account restriction or unresolved complaint can create serious problems. The correct response depends on the type of incident, but customers should act promptly and preserve evidence.

Step 1: Report the issue to the institution

Start with the provider's official complaint channel. Explain what happened, state the amount involved, provide the transaction date and reference, and request a complaint or ticket number.

Keep screenshots, statements, receipts, SMS notifications and relevant correspondence. Do not send your PIN or password as evidence.

Step 2: Allow the applicable complaint period

The CBN's published consumer complaint guidance says customers should first complain to their financial institution. Its guidance provides a general two-week period for resolution and 30 days for complaints involving excess charges and loan-related matters before escalation to the CBN.

Use the applicable category and current CBN guidance for your complaint. These ordinary complaint timelines should never be treated as a reason to delay reporting suspected fraud or an account compromise.

Step 3: Escalate unresolved complaints

If the institution does not resolve the matter within the applicable period, follow the CBN's official escalation procedure through its consumer complaint guidance or the relevant Consumer Protection Department channel.

Submit the original complaint, the institution's response if any, your complaint reference and the evidence supporting your claim.

Step 4: Respond immediately to suspected fraud

If your phone or SIM has been compromised, your banking credentials have been exposed or an unauthorised transaction is occurring, contact the institution immediately using its official emergency channel. Ask it to secure or restrict affected access where appropriate, report the incident to your mobile network operator if a SIM issue is involved, and preserve evidence.

Do not wait two weeks before reporting an active security incident.

For a more detailed reporting route, see how to report bank fraud in Nigeria.

14. Mistakes customers should avoid

Assuming every financial app is a bank

An app is an interface. The legal provider behind it determines the regulatory responsibilities and the applicable protection. Identify the entity rather than relying on the app's appearance.

Assuming every provider can give loans

PSBs, MFBs and commercial banks do not have identical lending permissions. Check the legal lender in the agreement, especially where a loan offer appears inside a payment app.

Assuming NDIC covers every naira

Deposit insurance has maximum limits and eligibility rules. It does not automatically reimburse every balance in full.

Assuming two accounts mean two insurance limits

Coverage is generally assessed per depositor per insured institution under the applicable rules. Opening several accounts at the same institution does not automatically multiply the limit.

Confusing an agent with the bank

A POS agent, payment aggregator or customer-service representative may not be the institution legally responsible for holding a deposit. Know which entity handles the account and where formal complaints must be directed.

Ignoring the legal name in a loan agreement

A familiar brand may market a product provided by another entity. The lender named in the agreement is important when assessing the licence, repayment obligation and complaint route.

15. Frequently asked questions

Is a payment service bank a real bank in Nigeria?

Yes. A PSB is a CBN-licensed deposit-taking financial institution. However, it operates under a specialised regulatory framework and does not have the same permissions as a commercial bank.

Can a payment service bank give loans?

Ordinary loans, advances and guarantees are prohibited under the PSB framework. If a loan is offered through an app associated with a PSB, identify the actual lender and verify its legal status.

Can a microfinance bank accept deposits?

Yes. MFBs are deposit-taking institutions licensed under the CBN's microfinance framework. Their permitted activities and operating scope depend on their licence category and applicable rules.

Can an MFB give a customer a loan?

Yes. Lending is a core part of the microfinance model, subject to CBN requirements, the MFB's approved activities, its credit assessment and the terms of the loan.

Which is safer: an MFB or a commercial bank?

It is not responsible to declare every commercial bank safer than every MFB. Customers should check current licence status, financial and regulatory disclosures where available, NDIC coverage, product terms, security and complaint handling. The deposit-insurance limits are different.

How much does NDIC cover in a Nigerian commercial bank?

NDIC's published maximum coverage for a Deposit Money Bank is ₦5 million per depositor per bank, subject to its applicable rules.

How much does NDIC cover in an MFB or PSB?

The published maximum coverage is ₦2 million per depositor per insured MFB or PSB, subject to the applicable rules.

Are mobile-money wallets covered by NDIC?

Eligible mobile-money subscribers may receive pass-through deposit-insurance protection of up to ₦5 million per subscriber per deposit-taking bank where the prescribed trust, fidelity-bond, KYC, recordkeeping and disclosure conditions are met. It is not automatic protection for every wallet or every fintech product.

Does having two accounts in one bank double my NDIC protection?

No. The standard limit is assessed per depositor per insured institution, not automatically multiplied by the number of accounts held at that institution.

Can a commercial bank fail even if it meets its capital requirement?

Meeting a capital requirement does not mean an institution can never fail. Capital is one element of prudential regulation, and banks remain exposed to financial, operational, liquidity and other risks.

What should I do if my MFB's licence is revoked?

Check the official CBN and NDIC announcements, preserve your account records and follow NDIC's depositor-verification and reimbursement instructions. Do not pay unofficial intermediaries claiming they can release your insured deposit.

Can I complain directly to the CBN about a failed transaction?

The CBN's published guidance says customers should first complain to their financial institution. If the complaint remains unresolved after the applicable period, the customer can follow the CBN's escalation procedure. Suspected fraud or account compromise should be reported immediately.

16. Final takeaway: identify the institution before trusting the service

PSBs, MFBs and commercial banks all play different roles in Nigeria's financial system. Their services may overlap in areas such as deposits, transfers and payments, but their licences do not give them identical powers.

A PSB is designed around payments, deposits and financial inclusion, with restrictions that include ordinary lending. An MFB provides microfinance services and can lend within its regulatory framework. A commercial bank has a broader banking mandate and serves individuals and businesses through a wider range of products.

For customers, the most important lesson is to look beyond the app or brand. Identify the licensed institution, understand who is holding the money, check the applicable NDIC protection and read the actual terms of the service.

That simple verification can help a salary earner choose an account, a trader protect business proceeds, a borrower identify the real lender and a mobile-wallet user understand where deposit protection begins and ends.

Convenience matters. But when your money is involved, knowing the legal institution behind the service matters just as much.

17. Official sources and further reading

The regulatory explanations and figures in this guide are based primarily on the following official materials. Readers making licensing, lending, investment or large-deposit decisions should consult the latest versions and any subsequent circulars.

Samson Ese

Founder, Publisher and Editor-in-Chief, Daily Reality NG

I publish researched Nigerian guides and explainers on fintech, business tools, consumer rights, technology and the legal and financial systems that affect everyday decisions.

Read my author profile

Editorial and research disclosure: This article is an informational guide, not individual legal, financial or investment advice. Regulatory requirements and institutional status can change. Readers should verify current requirements with the relevant regulator and review the terms of the specific financial product before acting. AI-assisted tools may be used in research, drafting or editing; the publication remains responsible for checking factual claims, source accuracy and the final published material.

PSB vs MFB vs Commercial Bank Nigeria: Regulatory Differences Explained