CBN Headquarters, Abuja

To enhance transparency and clarify the banking landscape in Nigeria, the Central Bank of Nigeria (CBN) has unveiled a comprehensive list of licensed Deposit Money Banks operating within the country.

The list, which was disseminated via the CBN’s official website on Tuesday, sheds light on the diverse array of financial institutions catering to the needs of Nigerians.

Among the banks granted international authorization are Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank of Africa Plc, and Zenith Bank Plc. These institutions are pivotal in facilitating cross-border transactions and fostering global financial connectivity.

Meanwhile, commercial banks holding national authorization include 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, and Optimus Bank Limited. This category encompasses banks serving the domestic market with a wide range of banking services.

Commercial banks operating with regional licenses include Providus Bank Limited, Parallex Bank Limited, Suntrust Bank Nigeria Limited, and Signature Bank Limited. These institutions cater to specific geographic regions within Nigeria, contributing to financial inclusion and economic development at the regional level.

In non-interest banking, players holding national authorization comprise Jaiz Bank Plc, Taj Bank Limited, Lotus Bank Limited, and Alternative Bank Limited. These banks offer Sharia-compliant financial products and services, catering to customers seeking ethical and interest-free banking solutions.

Furthermore, the merchant banking category includes Coronation Merchant Bank Limited, FBN Merchant Bank Limited, FSDH Merchant Bank Limited, Greenwich Merchant Bank Limited, Nova Merchant Bank Limited, and Rand Merchant Bank Limited. These institutions specialize in providing corporate and investment banking services and supporting businesses and investors in achieving their financial objectives.

Notably, the list also features financial holding companies such as Access Holdings Plc, FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company Limited, Guaranty Trust Holding Company Plc, Stanbic IBTC Holdings Plc, and Sterling Financial Holdings Limited. These holding companies play a strategic role in overseeing the operations of their subsidiary banks and financial institutions.

The Mauritius Commercial Bank Representative Office (Nigeria) Limited was also listed as the sole representative office, serving as a liaison between the Mauritius Commercial Bank and its stakeholders in Nigeria.