New Bank Begins Operation in Nigeria After CBN's Approval
- Teerus Microfinance Bank Limited has received its operating licence from the Central Bank of Nigeria
- The bank said it would provide inclusive financial solutions to individuals, SMEs, and underserved communities
- Teerus MFB also disclosed plans to roll out digital-driven services in phases across Nigeria
Legit.ng journalist Dave Ibemere has experience in business journalism, with in-depth knowledge of the Nigerian economy, the stock market, and broader market trends.
Teerus Microfinance Bank Limited has officially received its operating licence from the Central Bank of Nigeria (CBN) to commence microfinance banking operations in Nigeria.
In a statement issued on Monday, March 2, 2026, the lender described the licence as a major milestone in its vision to provide accessible financial solutions to individuals, small and medium-sized enterprises, and underserved communities across the country.
Source: Getty Images
The bank said the regulatory approval positions it to promote financial inclusion while delivering efficient and customer-focused banking services, Punch reports.
Teerus MFB outlines vision
Speaking on the development, the managing director and chief executive officer of Teerus Microfinance Bank Limited, Chukwuemeka Onwuedo, said the licence represents both regulatory approval and a responsibility to drive economic empowerment.
Onwuedo said:
"The licence is more than regulatory approval; it is a duty and we are happy to provide accessible financial services that empower people, support small enterprises, and foster economic growth.
"Teerus Microfinance Bank is dedicated to creating a reliable financial partnership focused on efficiency, transparency, and meeting customer needs."
He added that the bank is positioned to offer a broad range of financial products and services, including savings and deposit accounts, micro and SME loans, working capital financing, local purchase order financing, digital banking services, and financial advisory services.
The bank stated that with innovation and operational efficiency, it will use technology to streamline banking, enhance customer experience, and expand financial access, especially for micro-entrepreneurs and small businesses.
Source: Getty Images
Teerus Microfinance Bank Limited noted that its operational framework is built on sound corporate governance, strict regulatory compliance, disciplined risk management, and a customer-first philosophy.
The lender disclosed that it will roll out its services in phases, with digital channels forming a key part of its growth strategy.
The bank said:
"As Nigeria’s financial system develops, Teerus Microfinance Bank says it will work closely with businesses, communities, and key stakeholders to drive sustainable growth and support the country’s economic progress."
Banks that can't open branches outside Nigeria
Earlier, Legit.ng reported that a breakdown of Nigerian banks by licence class obtained from the Central Bank of Nigeria showed that at least 28 banks in the country are currently not authorised to operate internationally.
Under CBN’s regulatory framework, banks with international authorisation are permitted to operate beyond Nigeria’s borders and engage in cross‑border banking activities.
Only seven banks currently hold that status: Access Bank, Fidelity Bank, First City Monument Bank, First Bank Nigeria, Guaranty Trust Bank, United Bank for Africa (UBA), and Zenith Bank.
This means all other licensed banks in Nigeria do not have international operation clearance.
Proofreading by James Ojo, copy editor at Legit.ng.
Source: Legit.ng
