The Central Bank of Nigeria (CBN) has disclosed a detailed list of 44 licensed Deposit Money Banks operating across the country. This announcement was made through an official post on the apex bank's website on Tuesday.
Among these, seven banks, including 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.
Additionally, fifteen banks possess commercial banking licenses with National Authorization, while four banks hold commercial banking licenses with regional authorization. The country also hosts four non-interest banks with national authorization.
Furthermore, the CBN stated that Nigeria has six merchant banks licensed with national authorization, and the number of financial holding companies has increased to seven. Additionally, the country is home to a Mauritius commercial bank representative office.
This list release follows the CBN's decision to raise the minimum capital requirement for all banks in Nigeria, aimed at fortifying the country's financial sector.
