The Central Bank of Nigeria (CBN) has unveiled a roster comprising 44 licensed deposit money banks operating within the nation’s financial landscape. This disclosure was made via an official post published on the apex bank’s website on Tuesday.
According to the CBN, the list encompasses a diverse array of banking institutions, delineated by their respective licensing authorizations and scopes of operation. Notably, seven prominent 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.
Further elaborating on the breakdown, the CBN specified that fifteen banks possess commercial banking licenses with National Authorization, while four others are endowed with commercial banking licenses featuring regional authorization. Additionally, four non-interest banks have been granted national authorization to conduct their operations.
In a bid to furnish a comprehensive overview of the banking landscape, the CBN highlighted the existence of six merchant banks licensed with national authorization. Moreover, the regulatory body underscored the proliferation of financial holding companies, which now stands at seven within the Nigerian banking ecosystem.
In a noteworthy addition to the list, the CBN disclosed the presence of a Mauritius commercial bank representative office, further enriching the diversity of banking institutions operating within the country’s financial domain.
The unveiling of the comprehensive list arrives against the backdrop of recent regulatory initiatives aimed at fortifying Nigeria’s financial sector. Months prior, the CBN had raised the minimum capital requirement for all banks operating within the country, signaling a concerted effort to enhance the resilience and stability of Nigeria’s banking industry.
