To be eligible to obtain partial credit guarantee from ICGL, the Participating Financial Institution (PFI) shall have met the minimum eligibility requirements set out below.

The PFI shall:
•   Hold a duly issued and valid license from CBN to carry on business as a bank or finance company
•   Demonstrate within the three most recent financial years, two years of profitable lending operations, with effective risk management procedures, controls and acceptable level of loan portfolio quality and performance
•   Ensure that its shareholders and Board of Directors shall be qualified persons of proven integrity and shall be knowledgeable in business and financial matters, in accordance with the applicable regulatory guidelines on fit and proper persons
•   Show evidence of compliance with all applicable laws and CBN regulations
•   Have qualified and experienced management, adequate organization and institutional capacity for its specific risk profile
•   Have well defined policies and written procedures for management of all types of financial risks (liquidity, credit, currency, interest rate and market risk, as well as risks associated with balance sheet and income statement structures)
•   Maintain adequate capital as prescribed by prudential regulations issued by the CBN
•   Maintain adequate liquidity in line with required levels as prescribed by the CBN
•   Has in place adequate procedures for Anti-Money Laundering (AML) and Counter Financing Terrorism (CFT) in line with ICGL requirements
•   Comply with KYC circular issued by CBN and ICGL requirements
•   Has in place an Environmental and Social Management System compliant with ICGL requirements
•   Comply with all existing and future applicable laws and regulation on consumer protection, including measures to review each customer’s ability to repay before entering the lending agreement
•   Have an arrangement with at least two credit bureaus
•   Have an adequate portfolio quality in line with the financial institution’s criteria
•   Conduct, maintain and enforce adequate internal audits and controls for its specific risk profile
•   Have adequate management information systems
•   Demonstrate commitment to serving the MSME sector by having in place, a satisfactory MSME/Small Corporate loan approval processes and risk management procedures

In addition, a robust due diligence exercise shall be carried out to validate the above requirements and evaluate the strategic match.

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