CBN Unveils List of Licensed Banks in Nigeria

By Iyojo Ameh

The Central Bank of Nigeria (CBN) has release a comprehensive list of 44 licensed Deposit Money Banks authorized to operate within the country. This announcement, made on Tuesday, May 7, 2024, via the CBN’s X verified handle.

According to the CBN’s statement, seven prominent banks – Zenith Bank, Access Bank, First Bank, First City Monument Bank, United Bank of Africa, Fidelity, and Guaranty Trust Bank – hold commercial banking licenses with international authorization.

This recognition underscores their capacity to engage in global financial transactions.

Furthermore, the report reveals that 15 banks possess commercial banking licenses with national authorization, indicating their mandate to operate within the Nigerian market.

Additionally, four banks have been granted commercial banking licenses with regional authorization, emphasizing their focus on specific geographical areas within the country.

In line with efforts to diversify the banking sector, four non-interest banks have received national authorization, reflecting Nigeria’s commitment to accommodating various banking models to cater to diverse customer needs.

Moreover, the report highlights the presence of six merchant banks licensed with national authorization, showcasing the role of specialized banking institutions in serving specific sectors or clienteles within the economy.

In a bid to strengthen regulatory oversight and governance, the CBN identifies seven financial holding companies operating within the country. These entities play a crucial role in overseeing multiple financial institutions and promoting stability within the banking sector.

Additionally, the report mentions the presence of a Mauritius commercial bank representative office in Nigeria, highlighting the country’s attractiveness as a destination for international financial institutions seeking to establish a presence in the region.

Overall, the release of this comprehensive list underscores the CBN’s commitment to promoting transparency, accountability, and stability within Nigeria’s banking sector. By providing stakeholders with clear information on licensed banks and their respective authorizations, the CBN aims to foster trust and confidence in the country’s financial system.

Banks with international authorisation are:

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.

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 licenses:

1. Providus Bank Limited,

2. Parallex Bank Limited,

3. Suntrust Bank Nigeria Limited, and

4. Signature Bank Limited.

Non-interest banks with national authorisation

1. Jaiz Bank Plc,

2. Taj Bank Limited,

3. Lotus Bank Limited, and

4. Alternative Bank Limited.

Marchant banks 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.

Financial holding companies

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.

Bank Representative Office

1. Mauritius Commercial Bank Representative Office (Nigeria) Limited