Central bank of nigeria requirements register new bank

To register a new bank in Nigeria, the Central Bank of Nigeria (CBN) requires the following documents and information:

  1. Application Form: The applicant must submit a completed application form, which can be obtained from the CBN's website or obtained in person from the CBN's headquarters in Abuja.
  2. Memorandum and Articles of Association: The applicant must submit a Memorandum and Articles of Association, which outlines the objectives, powers, and duties of the proposed bank.
  3. Business Plan: The applicant must submit a comprehensive business plan, which includes details on the bank's strategy, financial projections, and risk management framework.
  4. Share Capital: The applicant must demonstrate a minimum share capital of N25 billion (approximately $67 million USD) for a national bank or N10 billion (approximately $27 million USD) for a regional bank.
  5. Board of Directors: The applicant must submit a list of proposed directors, including their names, addresses, and qualifications.
  6. Management Team: The applicant must submit a list of proposed management team members, including their names, addresses, and qualifications.
  7. Audited Financial Statements: The applicant must submit audited financial statements for the past three years, if applicable.
  8. Certificate of Incorporation: The applicant must submit a certificate of incorporation from the Corporate Affairs Commission (CAC).
  9. Tax Clearance Certificate: The applicant must submit a tax clearance certificate from the Federal Inland Revenue Service (FIRS).
  10. Evidence of Compliance with CBN's Prudential Guidelines: The applicant must submit evidence of compliance with the CBN's prudential guidelines, including minimum capital requirements, liquidity ratios, and risk management frameworks.
  11. Evidence of Compliance with Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) Regulations: The applicant must submit evidence of compliance with the CBN's AML/CFT regulations.
  12. Evidence of Compliance with Data Protection Regulations: The applicant must submit evidence of compliance with the CBN's data protection regulations.
  13. Proof of Ownership: The applicant must submit proof of ownership, including a letter of intent from the majority shareholder(s) and a copy of the shareholding structure.
  14. Other Documents: The applicant may be required to submit additional documents, such as a copy of the bank's logo, a copy of the bank's website, and a copy of the bank's social media accounts.

The CBN may also conduct a thorough review of the applicant's financial records, business plan, and management team to ensure that the proposed bank meets the CBN's requirements and is fit to operate in the Nigerian banking industry.

It's worth noting that the CBN has a rigorous process for granting banking licenses, and the application process can take several months to complete.