Fidelity and FCMB receive international banking licences from CBN

May 10, 2024 | International | 0 comments

The Central Bank of Nigeria (CBN) has recently updated the roster of deposit money banks operating within the country.

This information was made available by the apex bank on its official website under the title “List of Deposit Money Banks and Other Financial Institutions as at April 26, 2024.”

According to the latest update, seven commercial banks hold international authorization, 15 lenders have national approval, four entities with commercial banking licenses are granted for regional operations, and four non-interest banking licenses are issued at the national level.

Additionally, the updated list includes seven financial holding companies and one representative office, namely The Mauritius Commercial Bank Representative Office (Nigeria) Limited.

In March 2024, the CBN announced revised minimum capital requirements for various categories of banks. Banks holding international authorization are now required to maintain a minimum capital base of N500 billion. Similarly, commercial banks with national approval must have a minimum capital base of N200 billion, while those with regional authorization are mandated to maintain a minimum capital base of N50 billion.

Merchant banks are now required to maintain a minimum capital requirement of N50 billion, whereas non-interest banks holding national or regional authorizations must adhere to revised minimum requirements of N20 billion and N10 billion, respectively.

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