CBN releases list of licensed Deposit Money Banks in Nigeria

The Central Bank of Nigeria (CBN) has unveiled the latest update comprising 44 licensed deposit money banks across the nation. This announcement was made public through a comprehensive list published on the CBN’s official website, marking Tuesday as the disclosure date.

As per the CBN’s documentation, a total of seven banks, namely Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, boast Commercial Banking licenses with international authorization, effective as of April 26, 2024.

Additionally, fifteen banks hold commercial banking licenses with National Authorization, while four others operate under regional authorization. Moreover, the list includes four non-interest banks authorized nationally.

The CBN also underscores the presence of six licensed merchant banks operating with national authorization and highlights the expansion of financial holding companies, which now stand at seven.

Furthermore, the regulatory body mentions the representation of a Mauritius commercial bank through its office in the country.

This compilation arrives following previous directives from the CBN to increase the minimum capital requirements across all banks in Nigeria, aiming to fortify the nation’s financial sector.

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