Central Bank releases list of licensed Deposit Money Banks in Nigeria

The Central Bank of Nigeria has unveiled a roster of 44 licensed deposit money banks operating within the nation. This disclosure was made through a comprehensive list published on its official website this Tuesday.

As per the CBN’s report, 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, current as of April 26, 2024.

In addition, fifteen banks possess commercial banking licenses with National Authorization. Similarly, four banks hold commercial banking licenses with regional authorization, while four non-interest banks have been granted national authorization.

Moreover, the CBN has noted the presence of six merchant banks licensed with national authorization and observed a rise in financial holding companies, which now stands at seven.

Furthermore, the country hosts a representative office of a Mauritius commercial bank, as acknowledged by the Central Bank.

This disclosure follows months after the CBN implemented an increase in the minimum capital requirement for all banks operating in Nigeria, a strategic move aimed at fortifying the nation’s financial sector.