An extensive list of authorized Deposit Money Banks operating all over Nigeria has been released by the Central Bank of Nigeria (CBN), offering insightful information about the country’s vibrant banking industry.
The list is arranged according to the kinds of licenses that each institution possesses and was made public on the CBN’s official website on Tuesday.
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Here is a breakdown of the Nigerian banking landscape as released by the apex bank below:
1. Banks with International Authorisation:
– Access Bank Limited
– Fidelity Bank Plc
– First City Monument Bank Limited
– First Bank Nigeria Limited
– Guaranty Trust Bank Limited
– United Bank for Africa Plc
– Zenith Bank Plc
These banks demonstrate the global reach of Nigeria’s financial sector by operating outside of its borders.
2. Banks with National Authorisation:
– 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
– Optimus Bank Limited
Banks in this category are authorised to provide banking services nationwide.
3. Banks with Regional Licenses:
– Providus Bank Limited
– Parallex Bank Limited
– Suntrust Bank Nigeria Limited
– Signature Bank Limited
Regional banks offer services within specific regions of Nigeria.
4. Non-Interest Banks with National Authorisation:
– Jaiz Bank Plc
– Taj Bank Limited
– Lotus Bank Limited
– Alternative Bank Limited
These banks provide non-interest banking services, catering to the
diverse needs of customers.
5. Merchant Banks:
– Coronation Merchant Bank Limited
– FBN Merchant Bank Limited
– FSDH Merchant Bank Limited
– Greenwich Merchant Bank Limited
– Nova Merchant Bank Limited
– Rand Merchant Bank Limited
Merchant banks focus on investment banking and related services.
6. Financial Holding Companies:
– Access Holdings Plc
– FBN Holdings Plc
– FCMB Group Plc
– FSDH Holding Company Limited
– Guaranty Trust Holding Company Plc
– Stanbic IBTC Holdings Plc
– Sterling Financial Holdings Limited
These companies control multiple financial subsidiaries, expanding their influence across various financial services.
7. Representative Office:
– The Mauritius Commercial Bank Representative Office (Nigeria) Limited
The sole representative office provides a liaison point for The Mauritius Commercial Bank.
The CBN’s release of approved DMBs is a testament to the openness and regulatory supervision that govern Nigeria’s banking industry. The CBN fosters market integrity, customer trust, and accountability in the financial sector by making this information accessible to stakeholders. It also makes informed decisions easier for consumers, legislators, and investors alike.
The variety of licenses that DMBs possess is indicative of both the changing economic landscape in Nigeria and the rising need for specialized financial services. DMBs must modify their business models and strategies to stay competitive and relevant in the marketplace as the nation continues to endure demographic transformations, technology breakthroughs, and regulatory reforms.
A thorough summary of Nigeria’s banking environment is provided by the CBN’s list of authorized Deposit Money Banks, which highlights the wide variety of organizations that make up the nation’s financial ecosystem. Through the classification of DMBs according to the kinds of licenses they possess, the article offers insightful information on the distinct functions and obligations of every organization in the industry. Stakeholders can use this information going forward to make wise decisions.
