GRANT OF FINAL LICENSE
Not later than 6 months after the grant of Approval in Principle, the promoters of the proposed bank will apply for the grant of final license with the following documents:
1. Non-refundable licensing fee of 2,000,000.00 Naira, only payable in banks drat to the CBN.
2. 3 certified true copies of the Certificate of incorporation of the Bank, Memorandum and Articles of Association, Form CAC 2 (Allotment of shares) and Form CAC 7 (Particulars of Directors) of the Bank. Evidence of the location of the head office/branch building for the take-off of the banking business.
3. Evidence of strong room, loading bay and banking hall facilities.
4. Bullion Lorries with necessary security gadgets.
5. Evidence of installation of I.T. facilities/computerization.
6. Copies of offer letters and Acceptance of employment in respect of the management team, and their details and resume.
7. Evidence to meet technical requirements and modern infrastructure facilities such as office equipment, computers, telecommunications, etc.
As a requirement to grant the final license, the CBN will inspect the premises and facilities of the proposed bank to:
1. Check the physical structure of the office building and the infrastructure provided for the takeoff.
2. Check the originals of the documents submitted for sighting.
3. Meet with the board and management team whose resumes had been submitted earlier.
4. Verify the capital contributions of the promoters.
5. Verify the integration of its infrastructure with the National Payment Systems.