The Central Bank of Nigeria (CBN) has published an updated list of deposit money banks and other financial institutions on its website as of April 26, 2024.
According to the updated list, there are:
Seven commercial banks with international authorization
Fifteen lenders with national authorization
Four commercial banking licenses with regional authorization
Four non-interest banking licenses with national authorization
Seven financial holding companies
One representative office, The Mauritius Commercial Bank Representative Office (Nigeria) Limited
In March 2024, the CBN raised the minimum capital base requirements for various categories of banks:
– Banks with international authorization now have a minimum capital base of N500 billion
– Commercial banks with national authorization must maintain a minimum capital base of N200 billion
– Commercial banks with regional authorization have a minimum capital base requirement of N50 billion
– Merchant banks are required to have a minimum capital of N50 billion
– Non-interest banks holding national authorization must meet a minimum requirement of N20 billion
– Non-interest banks with regional authorization must adhere to a minimum capital requirement of N10 billion
These updates reflect the CBN’s efforts to strengthen the banking sector and ensure financial stability in Nigeria.
