CBN Releases Licensed Deposit Money Banks

May 8, 2024

The Central Bank of Nigeria (CBN) has released a comprehensive list of 44 licensed Deposit Money Banks operating within the country.

The apex bank made this public in a post on its official website on Tuesday.

According to CBN, seven banks, including Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank, have commercial banking licences with international authorisation as of April 26, 2024.

Also, fifteen banks have commercial banking licences with national authorisation.

Four banks have commercial banking licences with regional authorisation and four non-interest banks have national authorisation.

The bank said the country has six merchant banks licensed with national authorization.

It stated that financial holding companies increased to seven.

CBN added that the country has a Mauritius Commercial Bank representative office.

The list comes months after the CBN raised the minimum capital requirement for all banks in Nigeria to strengthen the country’s financial sector.

Here are banks with international authorisation:

1. Access Bank Limited,
2. Fidelity Bank Plc,
3. First City Monument Bank Limited,
4. First Bank Nigeria Limited,
5. Guaranty Trust Bank Limited,
6. United Bank of Africa Plc, and
7. Zenith Bank Plc.

Here are commercial banks with national authorisation:

1. Citibank Nigeria Limited,
2. Ecobank Nigeria Limited,
3. Heritage Bank Plc,
4. Globus Bank Limited,
5. Keystone Bank Limited,
6. Polaris Bank Limited,
7. Stanbic IBTC Bank Limited,
8. Standard Chartered Bank Limited,
9. Sterling Bank Limited,
10. Titan Trust Bank Limited,
11. Union Bank of Nigeria Plc,
12. Unity Bank Plc,
13. Wema Bank Plc,
14. Premium Trust Bank Limited and
15. Optimus Bank Limited.

Here are commercial banks with regional licences:

1. Providus Bank Limited,
2. Parallex Bank Limited,
3. Suntrust Bank Nigeria Limited, and
4. Signature Bank Limited.

Here are players in the non-interest banking sector with national authorisation:

1. Jaiz Bank Plc,
2. Taj Bank Limited,
3. Lotus Bank Limited, and
4. Alternative Bank Limited.

Here is a list of Merchant Banking Licences with national authorization

1. Coronation Merchant Bank Limited,
2. FBN Merchant Bank Limited,
3. FSDH Merchant Bank Limited,
4. Greenwich Merchant Bank Limited,
5. Nova Merchant Bank Limited, and
6. Rand Merchant Bank Limited.

Here are the financial holding companies listed

1. Access Holdings Plc,
2. FBN Holdings Plc,
3. FCMB Group Plc,
4. FSDH Holding Company Limited,
5. Guaranty Trust Holding Company Plc,
6. Stanbic IBTC Holdings Plc, and
7. Sterling Financial Holdings Limited.

Here is a bank representative’s office

1. The Mauritius Commercial Bank Representative Office (Nigeria) Limited was listed as the sole representative office.