CBN issues draft guidelines for operating licence change for banks, others

The Central Bank of Nigeria {CBN} on Tuesday released an exposure draft guidelines for change of operating licence for banks and Other Financial Institutions (OFIs).

This was due to increasing requests from financial institutions to either upgrade or convert to other licence regimes according to a circular signed by Chibuzo Efobi, director, financial policy and regulation department of the CBN.

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In a circular to all banks and OFIs, dated March 28, 2023, she said the draft guidelines aim to provide clarity for eligible financial institutions on regulatory requirements.

The CBN gave three weeks from the date of the circular for stakeholders to comment/make input, which could be addressed to the director of financial policy and regulation, CBN.

The draft guidelines prohibit eligible banks and OFIs applying for conversion or re-categorisation from expanding or reducing its current banking network.