If your bank is on this CBN list, your money is safe
The Central Bank of Nigeria (CBN) has released the list of banks operating in Nigeria, as at the 30th of September, 2018.
The report which was released on Monday is titled The List of Deposit Money Banks and Financial Holding Companies Operating In Nigeria. The report includes the list banks and the addresses of heir operating head offices.
The CBN report groups commercial banks into three categories:
- Nine commercial banks are licensed with international authorisation and they include Access Bank, Diamond Bank, Fidelity, FCMB, First Bank, Guaranty Trust Bank Plc, Union Bank, UBA and Zenith Bank.
- 10 other commercial banks along with the first 9 are licensed with only national authorization for commercial banking. They are Citibank, Ecobank, Heritage Bank, Keystone Bank, Polaris Bank and Stanbic IBTC. Others include Standard Chartered Bank, Sterling Bank, Unity Bank and Wema Bank.
- The last categories of commercial banks are those licensed with regional authorization and they are Suntrust Bank and Providus Bank Plc.
The report shows that there are only five licensed merchant banks operating in Nigeria with national authorization, as at the end of September, 2018: Cornonation Merchant Bank, FBN Merchant Bank and FSDH Merchant Bank. Other Merchant Banks operating in Nigeria include Rand Merchant and Nova Merchant Bank.
Financial Holding Companies and Non-interest Banks
According to CBN, only three companies are licensed for financial holdings in Nigeria as September 30, 2018. They are FBN Holdings PLC, FCMB Group PLC and Stanbic IBTC Holdings Plc.
Meanwhile, Jaiz Bank Plc remains the only company with non-interest banking licence that has national authorization in Nigeria.
It will be recalled that CBN a few weeks ago revoked the operating licence of Skye Bank Plc with AMCON taking over all the assets and liabilities of the defunct Skye Bank. The name was immediately changed to Polaris Bank.
The apex bank later cited the bank’s urgent need for capitalization, as shown by the results of its examinations and forensic audit, as the reason for revoking its licence.
You can read the full report here.
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