This maiden Public Presentation of the Chartered Institute of Bankers of Nigeria Practice License, Seal and Practice Stamp is indeed very historic. Today, our Institute has taken this giant stride to pioneer the first, at least in any Banking Institute, in Africa, the issuance of Practice License to its members to practice and use their knowledge and experience of banking outside the four walls of the banks. We commend everyone who sacrificed their precious time and intellects in the last three years or so to make today a reality.
Interested in possessing your practice license, CLICK HERE to download application form.
To view the DIRECTORY OF CIBN PRACTICE LICENCE HOLDERS , CLICK HERE to download application form.
The Chartered Institute of Bankers of Nigeria Act No. 2007 gives the Institute the mandate to, among others, determine the standards of knowledge and skill to be attained by persons seeking to become members of the Banking Profession.
Furthermore, the provisions under Section 16 of the CIBN Act No. 5 of 2007 stated below conferred the responsibility to grant Banking Practice License on the Institute.
“A person other than a corporate member shall be deemed to practice as a member of the banking profession if, in consideration of remuneration received or to be received and whether by himself or in partnership with any other person:
He engages himself in the practice of banking or holds himself out to the public as a member of the banking profession; or
He renders professional services or assistance in or about matter, or principle, or detail relating to banking procedures; or
He renders any other services which may be by regulations made by the Council, be designated as services constituting practice as a member of the banking profession.”
It is as a result of this that the Governing Council of the Institute on October 6, 2008 approved that the process of issuance of Practice License to its Fellows and Associates who have satisfied the criteria be commenced and appropriate structures to actualize these were put in place. The CIBN Practice License Board, made up of seven members, was created to administer the program
The License granted does not, in any way, permit, authorize or empower a License to receive or accept deposit from the public. The CIBN Governing Council has approved that Licenses shall only serve in any or all of the following capacities.
These activities will be reviewed from time to time.
Members qualified to apply for the Practice License would have worked for a minimum of 5 years post ACIB qualification among other criteria
The process of approval for the granting of practice License requires that a certain minimum qualification and practical exposure must have been attained by the applicant. This includes passing the qualifying professional examinations of the Institute and working for the financial services industry for, at least, 5 years. This is in addition to the rigorous “fit and proper” procedure adopted by the Practice License Board constituted to administer the License.
These procedures include:
Uploading Information on applicants on the Institute’s Website for a period of 14 days for feedback from members of the public on the personality of the applicant
Soliciting reference on the applicants from, at least, one of the employers (either past or current)
Soliciting reference on the applicants from the regulatory authorities (where necessary)
Display of the list of applicants for a period of 14 days on the notice boards at the Institute’s National Secretariat and Zonal Offices
In addition, applicants are evaluated and scored on the basis of knowledge, value and practice requirements.
