Section 5, The Banking Act, 2019

(1) The Central Bank shall be the sole body responsiblefor the licensing, supervision, regulation and resolution of banks including- (a) all matters relating to deposit-taking of banks and financial holding companies; and (b) the responsibility for promoting the safety and soundness of the financial system and protecting the interests of depositors. (2) The Central Bank shall have all functions, powers and duties imposed on it by this Act. PART II- LICENSING