Section 4: (1) An application for a licence to provide a service specified in the First Schedule, shall be(a) made in writing in the form determined by the Bank for that purpose, and(b) submitted to the Bank for consideration.(2) The application shall be accompanied with(a) certified copies of its regulations or other instruments of incorporation of the applicant;(b) full particulars of and detailed and clear definition of activities it proposes to carry out;(c) details of registered place of business, a principal place of business accessible to the public and suitable for the services contemplated and a description of other places where it proposes to do business, and the areas it proposes to serve;(d) financial data which include financial statements and feasibility reports which contain among others a business plan and financial projections for the first five years of operations;(e) documentary evidence of sources of funds for the proposed business;(f) names, addresses, occupations and corporate affiliations of persons who hold or intend to hold significant shareholdings directly or indirectly, in the proposed business and the respective values of their shareholdings or proposed shareholdings;(g) particulars, including backgrounds and business interests, of directors and key management personnel concerned with the management of the business;(h) other information that relates to the viability of the business; (i) information on other matters that the applicant considers relevant to its application;(;) other additional information which the Bank considers relevant for the determination of the application; and(k) a non-refundable application fee specified by the Bank.(3) The application shall be signed by the members of the board of directors or other governing body of the applicant, or by any representatives of the applicant legally authorized to sign the application.

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