The Banks and Other Financial Institutions Act 2020 (BOFIA), by virtue of section 5, empowers the Central Bank of Nigeria (CBN), to amongst others, vary the requirements of various licencing regimes. 

Consequently, due to increasing requests from financial institutions to either upgrade or convert to other licence regimes, this draft guidelines aims to provide clarity to eligible financial institutions on regulatory requirements.

This exposure draft guidelines can be accessed on the website of CBN and comments/input should be addressed to the Director, Financial Policy and Regulation Department with soft copies via mail within three (3) weeks from the date of this circular

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