FIAPS: FIAPS (Financial Institution Application Processing System) is a software used by the CBN (Central Bank of Nigeria), integrated into their systems to act as a communication channel or line between units in the company which helps in the processing of their operations, applications submitted by other banks or financial institutions and serving out sanctions. Its designed in such a way that any process can’t occur without an initiator (someone who opens a process) eg an Executive Officer or going through a certain chain of command.
HOW IT WORKS: The CBN manages the affairs of other banks or financial institution, take in their applications or proposals which would go through series of processes before its approved or rejected.
They are as follows
Application for Renewal of license
Application for Change of name
Application for equity investment
Board & Management
Change of organizational structure
Increase in share capital
Branch expansion, relocation or closure
Imposition of penalty and sanctions
The above listed are being carried out with use of FIAPS, each application is attended to by a certain set of authority, starting from the executive officer who initiates the process and then to the Process officer, the Team leader and finally the Group head. The Group head in this case can approve any of the processes.
In other cases, the Group head cannot do so, the process is still initiated by the Executive officer, and then pushed down to higher authorities such as the Director, Deputy Governor and the Governor, such applications can’t be approved by the Group head unless it has been reviewed and commented upon by the said authorities.