Abbreviations and Acronyms for Financial Institutions

Vision 2050


The list of abbreviations and acronyms that are often used in financial institutions, especially in the banking industry in Nigeria and around Africa.

  1. AACB Association of African Central Banks
  2. ABS Analytical Balance Sheet
  3. ACGSF Agricultural Credit Guarantee Scheme Fund
  4. ACSS Agricultural Credit Support Scheme
  5. ADF African Development Fund
  6. ADPs African Development Programmes 
  7. AES African Economics Society
  8. AFC African Finance Corporation
  9. AFDB African Development Bank
  10. AIPS Approval-in-Principle
  11. AMCP African Monetary Cooperation Programme
  12. AML/CFT Anti-money Laundering/Combating Financing Terrorism       
  13. APRM African Peer Review Mechanism 
  14. ATM Automated Teller Machine 
  15. AU African Union
  16. AUC African Union Commission 
  17. BAs Bankers Acceptances
  18. BDCs Bureaux De change
  19. BOI bank Of Industry
  20. BWIs Bretton Woods Institution
  21. CAC Corporate Affair Commission
  22. CAMA Companies and Allied Matters Art
  23. CAMEL Capital Adequacy, Asset Quality, Management, Earning and Liquidity
  24. CAR Capital Adequacy Ratio
  25. CBN Central Bank of Nigeria
  26. CBP Capacity Building Programme
  27. CBs Community Banks
  28. CDMA Code Division Multiple Access
  29. CEPR Centre of Economics Policy Research
  30. CG Credit to Government
  31. CIC Currency in Circulation 
  32. CIFTS Central Bank Inter-bank Funds Transfer System
  33. CIS Commonwealth of Independent States
  34. CIT Companies Income Tax
  35. COB Currency outside Bank
  36. COBEC Code of Business Ethics and Conduct
  37. COPAL Cocoa Producers Alliance
  38. CPS Credit to Private Sector
  39. CPI Consumer Price Index
  40. CPs Commercial Papers
  41. CRMS Credit Risk Managing System
  42. CRR Cash Reserve Requirement 
  43. CSAR Country Self-Assessment Report
  44. CSCS Central Securities Clearing System
  45. CSOs Civil Society Organizations 
  46. DFIs Development Finance Institutions
  47. DHs Discount Houses
  48. DLF Direct Lending Facilities
  49. DMBs Deposit Money Banks
  50. DMO Debt Management Office
  51. DS Development Stock
  52. EBP Electronics Budgeting And planning
  53. ECA Economics Commission for African 
  54. ECOWAS Economics Community of West African States
  55. EDCS Entrepreneurship Development Centers
  56. EEG Export Expansion Grant
  57. e-FASS Electronics Financial Analysis and Surveillance System
  58. EFCC Economic and Financial Crimes Commission
  59. e-Money Electronic Money
  60. EMS Enterprise Management and Security 
  61. ERP Enterprise Resource Planning 
  62. ETF Education Tax Fund
  63. FACC Federation Account Allocation Committee
  64. FCs Finance Companies
  65. FCT Federal Capital Territory
  66. FDI Foreign Direct Investment
  67. FGN Federal Government of Nigeria
  68. FHAN Finance Houses Association of Nigeria
  69. FIRS Federal Inland Revenue Service
  70. FITC Financial Institutions Training Centre
  71. FOB Free on Board
  72. FRIN Forestry Research Institute of Nigeria
  73. FSS 2050 Financial System Strategy 2050
  74. G-24 Group of Twenty-Four (24) Developing Countries
  75. GDP Gross Domestic Product
  76. GSM Global Systems of Mobile Communications
  77. IAS International Accounting Standard 
  78. IBRD International Bank for Reconstruction and Development
  79. ICCO International Cocoa Organization
  80. ICO International Coffee Organization
  81. IDA International Development Assistance 
  82. IDMS Integrated Document Management System
  83. IEA International Energy Agency
  84. IFAD International Fund for Agricultural Development
  85. IFT Inter-bank Funds Transfer
  86. IGR Internally Generated Revenue
  87. IIP International Investment Position
  88. ILN Interactive Learning Network
  89. IMF International Monetary Fund
  90. IPOs Initial Public Offers
  91. IPPs Independent Power Plants
  92. ISPs Internet Service Providers
  93. IT Information Technology
  94. ITU International Telecommunication Union
  95. JVC Joint Venture Cash Calls
  96. KYC Know Your Customer
  97. LOKAP Lagos, Kano, Aba and Port-Harcourt
  98. LPFO Low Pour Fuel Oil
  99. LR Liquidity Ratio
  100. LROs Lead Research Organizations
  101. LVIFT Large Value Inter-bank Funds Transfer
  102. M1 Narrow Money Supply
  103. M2 Broad Money Supply
  104. mbd Million barrels per day
  105. MDGs Millennium Development Goals
  106. MFBs Microfinance Banks
  107. MICR Magnetic Ink Character Recognition 
  108. MMDs Money market Dealers
  109. MoU Memorandum of Understanding
  110. MPC Monetary Policy Committee
  111. MPR Monetary Policy Rate
  112. MRR Minimum Rediscount Rate
  113. MTEF Medium-Term Expenditure Framework
  114. MYTO Multi-Year Tariff Order
  115. NACRDB Nigerian Agricultural, Cooperative and Rural Development Bank
  116. NACS Nigerian Automated Clearing System
  117. NAFDAC National Agency for Food, Drug Administrative and Control
  118. NAICOM National Insurance Commission 
  119. NAOC Nigeria Agip oil Company
  120. NAPCON National Petroleum Company of Nigeria
  121. NAPRI National and Animal Production Research Institute
  122. NBS National Bureau of Statistics 
  123. NCS Nigerian Custom Service
  124. NDC Net Domestic Credit
  125. NDIC Nigeria Deposit Insurance Corporation
  126. NEEDS National Economic Empowerment and Development Strategy
  127. NEER Nominal Effective Exchange Rate
  128. NEPAD New Partnership for Africa’s Development
  129. NERC National Electricity Regulatory Commission
  130. NEXIM Nigerian Export-Import Bank
  131. NFAs Net Foreign Assets
  132. NGC Nigerian Gas Company
  133. NGOs Non-Governmental Organizations
  134. NIBOR Nigerian Inter-Bank Offer Rate
  135. NICPAS Nigerian Cheque Printers Accreditation Scheme
  136. NNPC Nigerian National petroleum Corporation
  137. NPC National Population Commission
  138. NPSC National Payments System Committee
  139. NSE Nigerian Stock Exchange 
  140. NSPFTS National Special Programme for Food Security
  141. NSPM Nigerian Security Printing and Minting
  142. NTBs Nigerian Treasury Bills
  143. NWG National working Group
  144. OBB Open buy Pack
  145. ODA Overseas Development Assistance 
  146. OFIs Other Financial Institutions
  147. OMO Open Market Operations
  148. OPEC Organization of Petroleum Exporting Countries
  149. OTC Over-the-Counter
  150. P & A Purchase and Assumption
  151. PENCOM National Pension Commission 
  152. PEP politically Exposed person
  153. PHCN Power Holding Company of Nigeria
  154. PIR Process Improvement and redesign
  155. PMI Primary Mortgage Institution 
  156. PMS Portfolio management System
  157. POS point of Sale
  158. PPT Petroleum Profit Tax
  159. PSI Policy Support Instrument
  160. PSV Payments System Vision
  161. RBDAs River Basins Development
  162. REC Regional Economics Commission
  163. REER Real Effective Exchange Rate
  164. RTEP Root and Tuber Expansion Project 
  165. RTGS Real Time Gross Settlement 
  166. SBUs Strategic Business Units 
  167. SEC Securities and exchange commission 
  168. SFU Special Fraud Units
  169. SITC Standard International Trade Classification
  170. SMEDAN Small and Medium Enterprises Development Agency
  171. SMEEIS Small and Medium Enterprises Equity Investment Scheme
  172. SON Standard Organization of Nigeria
  173. SPDC Shell Petroleum Development Company
  174. SSA Sub-Sahara Africa
  175. SSC South-South Cooperation 
  176. TCs Travelers’ Cheques
  177. TFM Trust Fund Model
  178. TIB Temenos Internet Banking
  179. UAT User Acceptance Test
  180. UNECA United Nations Economics Commission for Africa
  181. UNIDO United Nations Industrial Development Organisation 
  182. VAT Value Added Tax 
  183. WACB West African Central Bank 
  184. WAIFEM West African Institute for Financial and Economics Management
  185. WAMA West Africa Monetary Agency
  186. WB The World bank
  187. WDAS Wholesale Dutch Auction System

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