FITC was established in 1981 as a Limited by Guarantee not for profit professional services organisation, based on the Company’s Act of 1968. It was created in response to the recommendations of the Pius Okigbo Committee, which was set-up by the Federal Government of Nigeria in 1976, to review the Nigerian financial system.

FITC’s Institutional Members are members of the Nigerian Banker’s Committee, comprises of the Central Bank of Nigeria, the Nigeria Deposit Insurance Corporation and all licensed banks in Nigeria.