The Central Bank of Nigeria has revealed the roster of 44 licensed deposit money banks operating in Nigeria.
The latest update was shared on the official CBN website earlier this week.
Among the licensed banks are seven institutions holding Commercial Banking licenses with international authorization, such as Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, valid as of April 26, 2024.
An additional fifteen banks possess commercial banking licenses with National Authorization.
Furthermore, four banks have commercial banking licenses with regional authorization, whereas four non-interest banks are granted national authorization.
There are six merchant banks with national authorization within the country, according to the central bank’s report.
The number of financial holding companies has also seen an increase, now totaling seven in Nigeria.
In addition, there is a representative office for a Mauritius commercial bank present in the country, per CBN’s recent release.
This list arrives following the CBN’s decision to raise the minimum capital requirement for all banks in Nigeria as part of efforts to fortify the nation’s financial sector.