Section 16, The Banking Act, 2019

(1) A bank shall not carry on any other businesses except- (a) acceptance of deposits and other repayable funds from the public; (b) lending; (c) financial leasing; (d) hire purchase (e) investment in financial securities excluding capital instruments for their own account; 28 29 Display of banking licence. Powers regarding unauthorised banking business. Repayment of monies by unauthorised persons. Minimum paid up capital. Permissible activities. (f) money transmission services; (g) issuing and administering means of payment including debit cards, traveler's cheques and banker's drafts (h) guarantees and commitments - (i) trading on own account or for account of customers in - (i) money market instruments; (ii) foreign exchange; (iii) transferable securities; (j) participating in securities issues and provision of services related to such activities; (k) advice to undertakings on capital structure, acquisition and merger of undertakings; (l) portfolio management and advice; (m) keeping and administering securities; (n) credit reference services; (0) safe custody services; (p) non-interest banking; (q) digital financial services; and (r) such other services as may be prescribed by the Central Bank . (2) The Central Bank may by notification restrict the permissible activities of banks in general, any class of banks or any individual bank or remove the restriction so imposed as it may deem necessary and appropriate. (3) A bank shall seek prior written approval of the Central Bank to introduce products that are derived from the permissible activities specified under paragraphs (p) and (q) of subsection (1). (4) A bank which fails to comply with this section is liable to an administrative penalty.