What is the difference between an institution carrying on the business of banking and an institution carrying on business of a financial nature?

The cornerstone of banking business is the solicitation and acceptance of sums of money from the public on current account or deposit account which can be withdrawn on demand and the solicitation and granting of loans and other credit exposures. 

 
Business of a financial nature means the solicitation and collection of funds in the form of deposits, shares, loans and premiums and the investment of those funds in loans, shares and other securities and includes a number of activities (such as lease financing, mortgage lending, foreign exchange dealing and managing trust funds specified in the First Schedule of the Financial Institutions Act, 2008 (FIA). However, institutions carrying on business of a financial nature, also known as non-bank financial institutions (NFIs) are not licensed to carry on the full range of banking business and, in particular, are precluded from accepting deposits or granting loans for periods under one year. Further non-banking financial institutions are prohibited from engaging in payment card business, including credit and debit cards.