CBN Publishes List of Accredited Deposit Money Banks in Nigeria

The Central Bank of Nigeria has unveiled a list of 44 licensed deposit money banks in Nigeria, as disclosed on its official website. 

Among them, seven banks hold Commercial Banking licenses with international authorization, which include; Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, as of April 26, 2024.

Additionally, fifteen banks possess commercial banking licenses with National Authorization. Likewise, four banks hold commercial banking licenses with Regional Authorization, while four non-interest banks have National Authorization. The country also boasts six merchant banks licensed with National Authorization.

The Central Bank of Nigeria disclosed that financial holding companies have increased to seven. Additionally, the country hosts a representative office of a Mauritius commercial bank. This list follows months after the CBN raised the minimum capital requirement for all banks in Nigeria, aiming to fortify the country’s financial sector.