CBN Unveils Comprehensive List of Licensed Banks in Nigeria
In a groundbreaking announcement, the Central Bank of Nigeria (CBN) has released an exhaustive list of Deposit Money Banks (DMBs) operating within the country, categorized by their level of authorization. This move is seen as a significant step towards enhancing transparency in the Nigerian banking sector.
Banks with International Wings
The CBN has listed seven banks with the prestigious Commercial Banking License with International Authorization, allowing them to operate beyond national borders:
1. Access Bank
2. Fidelity Bank
3. First City Monument Bank
4. First Bank
5. Guaranty Trust Holding Company
6. United Bank for Africa
7. Zenith Bank
National Powerhouses
A total of fifteen banks have been granted the Commercial Banking License with National Authorization, empowering them to serve customers across Nigeria:
1. Citibank
2. Ecobank
3. Heritage Bank
4. Keystone Bank
5. Optimus Bank
6. Polaris Bank
7. Stanbic IBTC
8. Standard Chartered
9. Sterling Bank
10. Titan Trust Bank
11. Unity Bank
12. Wema Bank
13. Premium Trust Bank
14. Globus Bank
15. Union Bank
Regional Stalwarts
Four banks have received the Commercial Banking License with Regional Authorization, focusing their services within specific areas of Nigeria:
1. Parallex Bank
2. Providus Bank
3. SunTrust Bank
4. Signature Bank
Ethical Banking Champions
The CBN has also recognized four banks with the Non-Interest Banking License with National Authorization, promoting ethical banking practices:
1. Jaiz Bank
2. Lotus Bank
3. TAJ Bank
4. Alternative Bank
Merchant Banking Leaders
Six institutions have been endorsed with the Merchant Banking License with National Authorization, specializing in investment services:
1. Coronation Merchant Bank
2. FBN Merchant Bank
3. FSDH Merchant Bank
4. Greenwich Merchant Bank
5. Rand Merchant Bank
6. Nova Merchant Bank
Financial Titans
The list also includes seven Financial Holding Companies in Nigeria, conglomerates that hold a significant presence in the financial landscape:
1. Access Holdings
2. FBN Holdings
3. FCMB Group
4. FADH Holdings
5. Guaranty Trust Holding Company
6. Stanbic IBTC Holdings
7. Sterling Financial Holdings
International Presence
Lastly, the CBN has acknowledged the presence of The Mauritius Commercial Bank Representative Office (Nigeria) Limited, representing international interests within the Nigerian banking sector.
This comprehensive listing by the CBN is expected to guide customers and investors in making informed decisions about their banking partnerships.
