Wikiprocedure

Nigeria - Apply for a Banking Business license

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ProcedureEdit

Apply In-Person:

  1. To apply for a Banking Business license in person, the applicant has to make an application to the Director of Banking Supervision Department in the Central Bank of Nigeria.
  2. The contact link of the Central Bank of Nigeria can be found below contact link
  3. Visit the office of CBN with an application letter for the grant of a licence to carry on the business of banking in Nigeria.
  4. The application should be addressed to the Director of Banking Supervision Department, Central Bank of Nigeria.
  5. Also, make sure that you have all the documents listed in the “Required documents” section of this page.
  6. Attach all the documents with the application letter and submit it to the Director of Banking Supervision Department.
  7. After assessing the application and attached documents, CBN will initially issue an Approval-In-Principle.
  8. Not later than six months after the grant of A.I.P, the promoters of a proposed bank must submit another application for the grant of a final banking license to the DBS.
  9. The application should also contain some of the documents in support for the grant of the final license.
  10. Once the verifications of all the documents and application has been done, the applicant will be informed through phone or email to collect the final license.



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Required DocumentsEdit

  • Formal application letter
  • Application fees
  • Proof of minimum capital deposit with CBN
  • Feasibility Report
  • Incorporation Certificate
  • Board Resolution
  • Names and addresses of owners/directors
  • Audited accounts and reports of the company (last three years)
  • Memorandum and Articles of Association (Certified True Copy)
  • Forms CO2 and CO7
  • Please refer the following document for more details requirements



Office Locations & ContactsEdit

Central Bank of Nigeria - Head Office,
Plot 33, Abubakar Tafawa Balewa Way
Central Business District,
Cadastral Zone,
Abuja, Federal Capital Territory, Nigeria
P.M.B. 0187, Garki Abuja.
Nigeria
Phone: +234 700 225 5226
Toll free line: +234 800 225 5226
Email: [email protected]
Website: Link

EligibilityEdit

Any organization in Nigeria, that intends to set up a bank and involve in banking business, can apply.


FeesEdit

The applicant should pay a non-refundable application fee of N500000.00
Non-refundable Licensing fee is N5000000.00


ValidityEdit

Explain the time until which the certificate/document is valid.
e.g. Birth Certificate Valid Forever



Documents to UseEdit

Please attach documents that can be used by people. e.g. links



Sample DocumentsEdit

Please attach sample completed documents that would help other people.



Processing TimeEdit

Please explain processing time taken in obtaining the document/certificate.



Related VideosEdit

Videos explaining the procedure or to fill the applications.
Attach videos using the following tag <&video type='website'>video ID|width|height<&/video&>
from external websites.
Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
width = 560, height = 340, Video ID = Can be obtained from the URL of webpage where the video is displayed.
e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.



InstructionsEdit

  • Applicants are advised to complete the application form neatly and completely with absolute legibility and appropriateness to avoid rejections.
  • Also, all the required documents must be furnished completely.
  • Applicants are advised to refer the following document for complete application guidelines



Required InformationEdit

  • Business name
  • Registration number
  • Incorporation particulars
  • Full Address of the premises
  • Share capital
  • Identity document numbers of the directors
  • Identity document numbers of the shareholders
  • Phone number
  • Email address
  • Banking details



Need for the DocumentEdit

It is mandatory for an organization to obtain a Banking Business license from the Central Bank of Nigeria for establishing itself as a business/commercial bank and perform relevant activities.


Information which might helpEdit

Enter other informations which might help.



Other uses of the Document/CertificateEdit

Please explain what are other uses of obtaining this document/certificate.
e.g. Birth Certificate can be used as proof of identity.



External LinksEdit

Place some external links which might help.



OthersEdit

More information which might help people.



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