(1) Subject to section 8, the Central Bank may grant to an applicant a licence upon —
(a) the evaluation of an application made under section 5; and
(b) the inspection of the premises and systems of the applicant in accordance with this Act and the Regulations.
(2) A licence granted under this Part is valid from the date of the grant of the licence unless it is suspended or revoked in accordance with section 14.
(3) An applicant granted a licence under this section shall pay the prescribed licence fee in the amount and within the time specified by the Central Bank.