CBN Releases List of Licensed Deposit Money Banks in Nigeria

 

The Central Bank of Nigeria has released a list of 44 licensed deposit money banks in Nigeria.

 

The apex bank made this public in a post released on its official website on Tuesday.

 

According to CBN, Seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, have Commercial Banking licenses with international authorization as of April 26, 2024.

 

Also, fifteen banks have commercial banking licenses with National Authorization.

 

Similarly, four banks have commercial banking licenses with regional authorization, and four non-interest banks have national authorization.

 

The bank said the country has six merchant banks licensed with national authorization.

 

It stated that financial holding companies increased to seven.

 

CBN added that the country has a Mauritius commercial bank representative office.

 

The list comes months after the CBN raised the minimum capital requirement for all banks in Nigeria to strengthen the country’s financial sector.