On Wednesday, 8th of May 2024, the Central Bank of Nigeria (CBN) released a detailed inventory of Deposit Money Banks licensed to operate within the nation. This information, available on the official CBN website, organizes the banks by their licensing categories, offering a clear view of the dynamic banking sector in Nigeria.
Below is an Overview of the Bank Categories:
International Authorization: Banks with international authorization include Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc.
National Authorization (Commercial Banks): National authorization has been granted to Citibank Nigeria Limited, Ecobank Nigeria Limited, Heritage Bank Plc, Globus Bank Limited, Keystone Bank Limited, Polaris Bank Limited, Stanbic IBTC Bank Limited, Standard Chartered Bank Limited, Sterling Bank Limited, Titan Trust Bank Limited, Union Bank of Nigeria Plc, Unity Bank Plc, Wema Bank Plc, Premium Trust Bank Limited, and Optimus Bank Limited.
Regional Licenses (Commercial Banks): Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited have been licensed to operate on a regional basis.
Non-interest Banking Sector with National Authorization: Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited are authorized in the non-interest banking sector.
Merchant Banking: The list of merchant banks includes Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited.
Financial Holding Companies: Recognized financial holding companies are Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited.
The Mauritius Commercial Bank Representative Office (Nigeria) Limited is listed as the representative office.
This disclosure by the CBN is a testament to its commitment to transparency and serves as a valuable resource for understanding Nigeria’s banking landscape, catering to diverse banking needs and preferences.
Last modified: May 8, 2024
