An entity should fulfil the following conditions to be eligible for entering into contract with banks:
It should be a juristic person;
Agent banking shall not be in ultra vires to the parent, statute, memorandum and articles of association or other constitutive document or objects of the juristic person; and
The agent, in the case of a proprietorship, or the agent’s directors, significant shareholders, and/or senior officers, as the case may be, is fit and proper.