CBN Updates List of Deposit Money Banks, Grants International Authorization to Fidelity Bank and FCMB

The Central Bank of Nigeria (CBN) has released an updated list of deposit money banks and other financial institutions as of April 26, 2024.

The updated list includes seven commercial banks authorized to operate internationally, 15 lenders with national authorization, four with regional authorization, and four non-interest banking licenses with national authorization. Additionally, the list features seven financial holding companies and one representative office, The Mauritius Commercial Bank Representative Office (Nigeria) Limited.

In March 2024, the CBN implemented changes to minimum capital requirements for banks, with those holding international authorization now required to have a minimum capital base of N500 billion.

Similarly, the minimum capital base for commercial banks holding national authorization was increased to N200 billion, and for those with regional authorization to N50 billion. Merchant banks must maintain a minimum capital requirement of N50 billion, while non-interest banks holding national and regional authorizations have new minimum requirements of N20 billion and N10 billion, respectively. These adjustments aim to strengthen the banking sector and enhance financial stability in Nigeria.

Source: Business Day