Section 8, The Banking Act, 2019

(1) The Central Bank may grant or refuse an applicationfor a licence under section 8 based on its assessment of - 20 21 Grant or refusal of licence. (a) the character and fitness of the directors and executive officers or proposed directors and proposed executive officers of the applicant; (b) the identity, financial resources and reputation of existing or proposed significant shareholders of the applicant; (c) the adequacy of the applicant's capital structure in relation to the nature and scale of the proposed banking business; (d) the financial position and financial history of the applicant; (e) the quality of the applicant's risk ma n a gement, internal controls and internal and external audit systems; (f) the likely conduct of the affairs of the applicant in relation to the interests of depositors, (g) the extent to which the proposed corporate structure of the applicant and its affiliates may hinder the effective supervision and regulation of the bank; and (h) the impact on the banking system more generally of the issuance of the licence. (2) In addition to the criteria outlined in subsection (1), where the applicant is a subsidiary of a foreign bank, the Central Bank may grant a licence under section 7 where - (a) the home Central Bank issues a statement to the Central Bank indicating that - (i) it has consented to the establishment of a subsidiary in Sierra Leone by the foreign bank; and (ii) it is satisfied with the prudential and overall financial management of the foreign bank; (b) the Central Bank is satisfied as to the nature and scope of the supervision exercised by the home Central Bank, including consolidated global supervision. (3) A licence granted under subsection (1) shall- (a) be in writing; (b) be valid for such period as may be specified by the Central Bank; (c) not be transferable; (d) be subject to such terms and conditions as the Central Bank may specify, including restrictions regarding the nature and extent of activities in which the bank may be engaged; and (e) such fee, including an additional fee for late payment as may be prescribed by the Central (4) The Central Bank shall communicate its preliminary decision to grant or refuse an application for a licence under section 8 within 90 days and its final decision not later than 180 days from the date of receipt of complete information. 22 23 (5) Where the Central Bank grants or refuses an application for a licence under subsection (1) it shall give notice in writing to the applicant- (a) of the grant; or (b) in the case of a refusal, the reasons for its decision. (6) Where a person is dissatisfied or aggrieved with a decision of the Central Bank under paragraph (b) of subsection (5) may petition the Central Bank in writing for a review within 10 days of the decision. (7) The Central Bank shall publish a list of all persons licensed under this Act, including its branches and subsidiaries.