Regulatory Alerts2023-03-29 | FPR/DIR/PUB/CIR/001/072Guidelines for Change of Operating Licence for Banks and Other Financial Institutions in Nigeria - Exposure Draft
The Central Bank of Nigeria (CBN) has released draft guidelines for financial institutions seeking to change their operating licenses. The guidelines outline the process, eligibility criteria, and requirements for institutions looking to convert, re-categorize, or re-designate their licenses. The CBN reserves the right to issue directives for eligible institutions to change their operating licenses and has outlined prohibitions and restrictions for institutions during the application process. The licensing process involves two phases: Approval-in-Principle and Final Approval, with detailed requirements for each phase. The guidelines also include definitions, supervisory briefs, and relevant statutes, regulations, and guidelines for specific types of financial institutions.