Ethiopia - Apply for Relicensing as Microfinance Institution as Bank

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Procedure

Apply In-Person:

1. To Apply for Relicensing as Microfinance Institution as Bank, the applicant has to approach National Bank of Ethiopia contact link
2. Applicant has to get the form from the respective officer.
3. Applicant has to fill-in all the necessary details in the application form.
4. Make sure that the applicant has to attach the documents mentioned in the “Required Documents” section of this page.
5. Applicant has to attach the photocopies along with the application form.
6. Submit the completed form and the necessary documents to the officer.
7. The applicant has to pay the Investigation fee of Birr 1000 and Licensing fee of Birr 1000.
8. The authority officer will review the application and process the application.
9. Once the process is completed, the license is given to the applicant within the stipulated processing period of time.

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Required Documents

• A duly completed application form
• The name and occupation (including date and address of previous employment) of the applicant.
• Two passport size recent photographs of the applicant or the chief executive officer
• Evidence of paid-up capital which includes certificate of deposits in a blocked account and evidence for valuation of contribution in kind (if any).
• Signed minutes of subscribers meeting with attendance sheet.
• List of names, nationality, address, number and value of subscribed shares of founders to be published in newspaper.
• Articles and memorandum of associations written in Amharic and preferably in English.
• Authenticated ownership certificate or lease agreement for building, land, vault, equipment, fixtures and professional services.
• Evidence for insurance coverage for premises acquired or leased.
• Description of actual purchases made or proposed purchase of goods and services or lease of real estate by the microfinance institution (under formation) from related parties and organizers

Office Locations & Contacts

National Bank of Ethiopia
P.O Box: 5550
Tel: +251 115 517 430
E-mail: [email protected]
Fax: +251 115 514 588
Contact details link
Location details link

Eligibility

• Any person who intends to Apply for Relicensing as Microfinance Institution as Bank are eligible to make this application.

Fees

• The applicant has to pay the Investigation fee of Birr 1000 and Licensing fee of Birr 1000.

Validity

• Validity of the license is for 1 year.

Documents to Use

Guidelines link

Sample Documents

Please attach sample completed documents that would help other people.

Processing Time

• Processing time of this procedure takes up to 30 days.

Related Videos

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.g In the following url 'http://www.youtube.com/watch?v=Y0US7oR_t3M' Video ID is 'Y0US7oR_t3M'.

Instructions

To commence operation, a licensed microfinance institution shall:

• Put in place at a minimum comprehensive policy, procedure manuals, programs and guidelines for
• Credit
• Human resource management
• Procurement
• Liquidity management
• Internal audit/control
• Management information system/MIS
• Finance and budgeting
• Risk management
• Fixed assets
• Corporate governance
• Hire, train and place adequate and appropriate staff

Required Information

• Name of the applicant and founders
• Address
• Phone number
• Email ID
• Bank account number
• Bank beneficiary name
• Date of birth

Need for the Document

• A micro finance institution that intends to change their institution as bank must apply of relicensing.
• This license allows the holders to operate a Micro Finance Bank in Ethiopia.
• A person who operates a Micro Finance Bank without a valid license commits an offence and shall, on conviction be liable to a fine not exceeding five hundred thousand shillings, or to imprisonment for term not exceeding three years, or to both.

Information which might help

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Other uses of the Document/Certificate

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

External Links

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Others

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