Nigeria: CBN Releases List of Licensed Deposit Money Banks in Nigeria

8 May 2024
Leadership (Abuja)
By Nafisat Abdulrahman

The Central Bank of Nigeria (CBN) has published a comprehensive list of licensed Deposit Money Banks operating across the country, providing valuable insights into Nigeria's dynamic banking sector.

The list, released on the CBN's official website on Tuesday, is

categorised by the types of licenses held by each institution.

LEADERSHIP gives a breakdown of the Nigerian banking landscape as released by the apex bank below:

1. Banks with International Authorisation:

- Access Bank Limited

- Fidelity Bank Plc

- First City Monument Bank Limited

- First Bank Nigeria Limited

- Guaranty Trust Bank Limited

- United Bank for Africa Plc

- Zenith Bank Plc

These banks operate beyond Nigeria's borders thereby showcasing the international reach of the nation's financial sector.

2. Banks with National Authorisation:

- Citibank Nigeria Limited

- Ecobank Nigeria Limited

- Heritage Bank Plc

- Globus Bank Limited

- Keystone Bank Limited

- Polaris Bank Limited

- Stanbic IBTC Bank Limited

- Standard Chartered Bank Limited

- Sterling Bank Limited

- Titan Trust Bank Limited

- Union Bank of Nigeria Plc

- Unity Bank Plc

- Wema Bank Plc

- Premium Trust Bank Limited

- Optimus Bank Limited

Banks in this category are authorised to provide banking services nationwide.

3. Banks with Regional Licenses:

- Providus Bank Limited

- Parallex Bank Limited

- Suntrust Bank Nigeria Limited

- Signature Bank Limited

Regional banks offer services within specific regions of Nigeria.

4. Non-Interest Banks with National Authorisation:

- Jaiz Bank Plc

- Taj Bank Limited

- Lotus Bank Limited

- Alternative Bank Limited

These banks provide non-interest banking services, catering to the

diverse needs of customers.

5. Merchant Banks:

- Coronation Merchant Bank Limited

- FBN Merchant Bank Limited

- FSDH Merchant Bank Limited

- Greenwich Merchant Bank Limited

- Nova Merchant Bank Limited

- Rand Merchant Bank Limited

Merchant banks focus on investment banking and related services.

6. Financial Holding Companies:

- Access Holdings Plc

- FBN Holdings Plc

- FCMB Group Plc

- FSDH Holding Company Limited

- Guaranty Trust Holding Company Plc

- Stanbic IBTC Holdings Plc

- Sterling Financial Holdings Limited

These companies control multiple financial subsidiaries, expanding their influence across various financial services.

7. Representative Office:

- The Mauritius Commercial Bank Representative Office (Nigeria) Limited

The sole representative office provides a liaison point for The Mauritius Commercial Bank.

Read the original article on Leadership.

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