The Central Bank of Nigeria (CBN) in May 2021 issued its Guidelines for Shared Services Arrangements (SSAs) for Banks and Other Financial Institutions (the Guidelines), to complement the CBN’s Guidelines for Licensing and Regulation of Financial Holding Companies in Nigeria.
The Guidelines, which are mandatory for all institutions licensed by the CBN, require full compliance by 1 June 2022 and set out the operational standards for banks and other financial institutions looking to set up or participate in SSAs. The Guidelines also seek to ensure compliance with Executive Order 5 of the Federal Republic of Nigeria (2018) which seeks to promote the development of indigenous capacity and local content in science,engineering and technology.
Read our Alert for details:
Download PwC Tax Alert_CBN Guidelines on Shared Services
Download CBN's GUIDELINES FOR SHARED SERVICES ARRANGEMENT_May 2021