The Central Bank of
According to a draft regulatory and supervisory framework for DFIs in
Besides these, to obtain a finance licence, promoters of a DFI must submit documents such as: "Evidence of payment of a non-refundable licensing fee of N500,000.00 for RDFI or N1,000,000.00 for WDFI, or any other amount as may be determined by the CBN; A copy of the shareholders' register in which the equity interest of each shareholder is properly reflected; (and) certified true copies of Form CAC 2;" to the CBN before being considered for the grant of a final licence and thereafter, permitted to begin operations
Before all of these however, promoters seeking a licence to operate a DFI must apply in writing to the CBN governor, indicating the class of DFI, and accompanying such with a non-refundable application fee of N100,000, or any other amount deemed necessary by the apex bank.
In addition to evidence of name reservation with CAC, there must be a detailed feasibility report containing information like the objectives and aims of the proposed DFI; strategy for achieving them; as well as the branch expansion programme for the initial five years. There must also be proposed training programmes for staff and management, as well as succession plan; a five-year financial projection for the operation of the DFI, showing expected growth and profitability; and details of the assumptions which form the basis of the financial projection. The CBN also wants to see the organisational structure of the DFI indicating the functions and responsibilities of the top management; board composition and interests represented; and a copy of the draft Memorandum and Articles of Association (MEMART).
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