Nigeria: CBN Releases Roster of Accredited Deposit Money Banks in Nigeria

CBN Releases Roster of Accredited Deposit Money Banks in Nigeria
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The Central Bank of Nigeria (CBN) has published a comprehensive list of 44 licensed deposit money banks operating in Nigeria, now accessible on its official website.

Notably, seven banks hold Commercial Banking licenses with international authorization, comprising Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, as of April 26, 2024.

Furthermore, fifteen banks possess commercial banking licenses with National Authorization. Similarly, four banks are licensed for commercial banking operations with Regional Authorization, while four non-interest banks have been granted National Authorization. The banking landscape in the country also encompasses six merchant banks licensed with National Authorization.

In addition to this, the Central Bank of Nigeria revealed a surge in financial holding companies, now totaling seven. Moreover, Nigeria is home to a representative office of a commercial bank based in Mauritius. This detailed compilation comes following months of the CBN’s efforts to raise the minimum capital requirement for all banks in Nigeria, aimed at bolstering the resilience and stability of the country’s financial sector.

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