Fidelity, FCMB, 6 Banks Get CBN's Approval to Operate Internationally as Others Get National, Regional Status
- The CBN says there are eight commercial banks in Nigeria licensed to operate outside the country
- The apex bank also provided a breakdown of the type of licenses the banks were granted and areas of operation nationally and regionally
- In recent months banks have been working on upgrading their licenses and expanding their operations
According to information sourced from the Central Bank of Nigeria (CBN), there are at least 33 banks in Nigeria.
The licenses under which these banks operate vary, with some banks having national or regional licenses and others serving as merchant banks.
Among the 33 banks, the apex bank approved eight to operate as international banks.
Source: Facebook
List of banks CBN licensed to operate internationally
Here is a list of banks in Nigeria and their type of licenses as of December 2021.
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Banks allowed to open branches outside Nigeria
- Access Bank PLC
- Fidelity Bank PLC
- First City Monument Bank PLC
- First Bank Nigeria Limited
- Guaranty Trust Bank PLC
- Union Bank of Nigeria PLC
- United Bank of Africa PLC
- Zenith Bank PLC
How have the banks fared internationally
Since their approval, the banks have expanded their reach and facilitated trade, and investments between Nigeria and other African countries.
Here is how they have cemented their footprint in Africa:
Access Bank has operations in several African countries, including Ghana, Rwanda, Zambia, the Democratic Republic of Congo, and the latest Kenya.
Guaranty Trust Bank has subsidiaries in Cote d'Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Tanzania, Uganda, and the United Kingdom.
United Bank for Africa (UBA) operates in several African countries, including Benin, Burkina Faso, Cameroon, Chad, Congo Brazzaville, Cote d'Ivoire, Equatorial Guinea, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Niger, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.
Zenith Bank has subsidiaries in Ghana, Sierra Leone, Gambia, and the United Kingdom.
Fidelity Bank, aside from its over 250 branches in Nigeria, also has a presence in countries like Ghana.
Commercial banking license with national authorisation
• Citibank Nigeria Limited
• Ecobank Nigeria Plc
• Heritage Bank Limited
• Keystone Bank Limited
• Polaris Bank Plc
• Stanbic IBTC Bank Plc
• Standard Chartered Bank Limited
• Sterling Bank Plc
• Titan Trust Bank Ltd
• Unity Bank Plc
• Wema Bank Plc
Commercial banking license with regional authorisation
• Globus Bank Limited
• SunTrust Bank Nigeria Limited
• Providus Bank Plc
• Parallex Bank Ltd
• Premium Trust Bank Ltd
Non-interest banking license with national authorisation
• Jaiz Bank Plc
List of non-interest banks with regional authorisation
• Taj Bank Limited - Abuja
• Lotus Bank Limited - Lagos
List of merchant banks with regional authorisation
- Coronation Merchant Bank
- FBN Merchant Bank
- FSDH Merchant Bank
- Greenwich Merchant Bank
- Nova Merchant Bank
- Rand Merchant Bank
"Zenith *966*60#": Banks release codes for cardless cash withdrawal at ATMs
Meanwhile, in another report, Legit.ng revealed that commercial banks in Nigeria had introduced cardless ATM cash withdrawals.
To collect cash from an ATM without using a card, customers must generate a code on their mobile phones or through their mobile banking app.
The latest innovation in banking technology preaches convenience and comes when Nigerians are battling with cash scarcity.
Source: Legit.ng
