Nigeria - Obtain Authorized Depository License

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Procedure

Apply In-Person:

1. To apply for an Authorized Depository License in person, the applicant has to make an application at the 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 for an Authorized Depository.
4. The application should be addressed to the Director of Banking Supervision Department, Central Bank of Nigeria.
5. 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. Also, pay the necessary application and licensing fees by following the instructions of the officials.
8. The submitted information will be assessed and verified by the respective department officers.
9. After assessing the application and attached documents, the officials will proceed to process the license if the submitted information is found sufficient.
10. Once the license is ready to be collected, the applicant will be informed through phone or email to collect the final license.

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Required Documents

• Formal application letter
• Application fees
• Proof of minimum capital deposit with CBN
• Feasibility Report
• Incorporation Certificate
• Board Resolution
• Names and addresses of owners/directors
• Detailed curriculum vitae of sponsored individuals and Directors
• Secondary school Certificate
• National Youth Service Corps (NYSC) discharge certificate
• Police clearance report for each Sponsored Individual
• Profile of the Company
• Form for the General Undertaking of Members
• Audited accounts and reports of the company (last three years)
• Memorandum and Articles of Association (Certified True Copy)
• Forms CO2 and CO7

Office Locations & Contacts

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

Eligibility

Any organization in Nigeria, that intends to establish and operate an Authorized Depository, can apply.

Fees

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

Validity

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e.g. Birth Certificate Valid Forever

Documents to Use

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Sample Documents

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Processing Time

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Related Videos

Videos explaining the procedure or to fill the applications.
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Please remove the '&' inside the tags during implementation.
Website = allocine, blip, dailymotion, facebook, gametrailers, googlevideo, html5, metacafe, myspace, revver,
sevenload, viddler, vimeo, youku, youtube
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e.gIn the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

• 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.

Required Information

• 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 Document

It is mandatory for an organization to obtain a relevant license from the Central Bank of Nigeria for establishing itself as an Authorized Depository and hold securities for business operators.

Information which might help

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Other uses of the Document/Certificate

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e.g. Birth Certificate can be used as proof of identity.

External Links

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Others

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