Finance · Nigeria
Obtain a microfinance bank licence (CBN)
License a microfinance bank with the Central Bank of Nigeria: pre-licensing presentation → Approval-in-Principle (deposit capital) → incorporate & meet conditions → CBN inspection & final licence.
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Who you will deal with
The steps
- Pre-licensing presentation
- Central Bank of Nigeria (CBN)
- Promoters present the business case to the CBN. Categories & minimum share capital: Unit Tier-2 ₦50m; Unit Tier-1 ₦200m; State ₦1bn; National ₦5bn.
- Business case; promoter details
- Pre-licensing
- Apply for Approval-in-Principle (AIP)
- Central Bank of Nigeria (CBN) / CAC
- Reserve the bank's name at CAC and apply formally to the CBN Governor for AIP; deposit the minimum share capital with the CBN (refundable).
- Name reservation; AIP application; capital deposit; management CVs
- AIP phase
- Incorporate and meet AIP conditions
- Central Bank of Nigeria (CBN) / CAC
- On AIP, incorporate the bank and satisfy conditions — fit-and-proper board/management and verifiable sources of capital.
- Incorporation; approved persons; capital verification
- Post-AIP
- CBN inspection and final licence
- Central Bank of Nigeria (CBN)
- The CBN inspects the premises and facilities and grants the final operating licence.
- Ready facility; completed conditions
- ~3-12 months total
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.