The Central Bank of Nigeria (CBN) has released a list featuring 44 licensed deposit money banks in Nigeria. This announcement was made through a list posted on the apex bank’s official website on Tuesday.
According to the CBN, seven banks, namely Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, hold Commercial Banking licenses with international authorization as of April 26, 2024.
Furthermore, fifteen banks possess commercial banking licenses with National Authorization, while four banks have commercial banking licenses with regional authorization. Additionally, four non-interest banks hold national authorization.
The CBN also noted the presence of six merchant banks licensed with national authorization and highlighted the increase in financial holding companies to seven.
Moreover, the list includes a representative office of a Mauritius commercial bank in the country.
This release follows months after the CBN revised the minimum capital requirement for all banks in Nigeria, aiming to fortify the nation’s financial sector.
