The Central Bank of Nigeria (CBN) has updated the number of deposit money banks operating in the country.
This was disclosed by the apex bank on its website with the title, “List of deposit money banks and other financial institutions as of April 26, 2024’.
From the updated list, there are seven commercial banks with international authorisation, 15 lenders with national authorisation, four commercial banking licenses with regional authorisation and four non-interest banking licenses with national authorisation.
The updated list also includes seven financial holding companies and one representative office, The Mauritius Commercial Bank Representative Office (Nigeria) Limited.
In March 2024, the CBN raised the minimum capital base for banks with international authorisation at N500 billion. The apex bank also increased the minimum capital base for commercial banks holding national authorization to N200 billion, and for those with regional authorization to N50 billion.
Merchant banks now have a minimum capital requirement of N50 billion, while non-interest banks holding national and regional authorizations must adhere to new minimum requirements of N20 billion and N10 billion, respectively.
