CBN Licences Three New Banks

Must Read

Jumia is battling with $17 million fraud alongside several US lawsuit

Jumia has revealed some shocking revelations this week, Africa’s largest e-commerce operator has suspended some staff over an $18m...

How ₦50 Entry Strategy impacted Oride Bike Hailing Success in Ibadan

One would have thought that the introduction of ORide, a bike hailing system backed by its specialized application (Opay...

Africa’s fastest train line completely operational

Africa’s fastest train line is fully operational. Railway infrastructure constructor Colas Rail, who built the project announced the reports. Al Boraq...
- Advertisement -
- Advertisement -

The Central Bank of Nigeria (CBN) has expanded the banking space in the country with the issuance of banking licenses to three new players in the industry. 

With the additional licenses, the numbers of banks operating in the country have increased to 24 from the previous 21, according to a report on the regulatory bank’s website.

The new operators are; Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited. 

While two of the newly licensed banks will operate as commercial lenders, the third one, TAJ Bank Limited was licensed to operate as a non-interest bank.

Before the banking reform of 2005, instituted by ex-governor of the CBN, Charles Soludo, Nigeria has as many as 89 banks operating as commercial and merchant banks. With the reform, which hikes minimum capital base to 25 billion naira from 2 billion naira, the number reduced to 24 universal banks.

Read:  Emirates Announces Attractive Offers to Dubai

However, subsequent alignment and take over by the regulators led to further consolidation in the operations of the banks, leading to a downward reduction in the number of operators.

The newly licensed TAJ Bank Limited has joined Jaiz Bank as only two operating as a non-interest bank in the country.

- Advertisement -

Subscribe to BrandSpur Ng

Subscribe for latest updates. Signup to best of brands and business news, informed analysis and opinions among others that can propel you, your business or brand to greater heights.

2 COMMENTS

LEAVE A REPLY

Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Jumia is battling with $17 million fraud alongside several US lawsuit

Jumia has revealed some shocking revelations this week, Africa’s largest e-commerce operator has suspended some staff over an $18m...

Jumia reports Q2 2019 Results: Continued strong growth of top-line drivers and 94% increase in Gross profit

Jumia Technologies AG (NYSE: JMIA) ("Jumia" or the Company) announced today its financial results for the quarter ended June 30, 2019. "We continue to deliver...

Prices Of Tomatoes, Rice, Yam reduce in July – NBS

The average price of major food items in Nigeria, like yam, rice and tomatoes, reduced in July, the National Bureau of Statistics (NBS) has...

Nimbus Media introduces new “in-house” digital screen technology

Nimbus Media, a frontline in-house advertising company has introduced a new look digital screen display technology saying that the new innovation is targeted at...

Kano, Zamfara and Cross River residents paid highest transport fares in July – NBS

Residents of Kano, Zamfara and Cross River paid the highest intra-city bus journey fares in Nigeria in July, the National Bureau of Statistics (NBS)...

More Articles Like This