As of April 26, 2024, the Central Bank of Nigeria (CBN) has published an updated directory of Deposit Money Banks (DMB) operating within the country….READ THE FULL ARTICLE HERE
The latest list released by the CBN contains 43 deposit money banks and categorizes these banks based on the scope of their banking license—international, national, and regional—reflecting their operational jurisdiction and the services they are permitted to offer.
DMB are financial institutions licensed by the CBN to accept deposits from the public and create credit. They are fundamental to the banking ecosystem, impacting everything from individual savings to business investments.
Breakdown of DMB
Commercial Banks with International Authorization
These banks are authorized to operate beyond the national boundaries of Nigeria, facilitating international trade and finance.
Institutions such as Access Bank Limited and Zenith Bank PLC are prominent players in this category.
They are well-known for their large asset bases and extensive branch networks, both domestically and internationally.
• ACCESS BANK LIMITED
• FIDELITY BANK PLC
• FIRST CITY MONUMENT BANK LIMITED
• FIRST BANK NIGERIA LIMITED
• GUARANTY TRUST BANK LIMITED
• UNITED BANK OF AFRICA PLC
• ZENITH BANK PLC
Commercial Banks with National Authorization
Banks like Citibank Nigeria Limited and Standard Chartered Bank Limited fall into this category. They operate nationwide but do not have the authorization to operate as international banks.
This license type is typical for banks that focus primarily on national operations without the extended complexity and regulation of international finance.
• CITIBANK NIGERIA LIMITED
• ECOBANK NIGERIA LIMITED
• HERITAGE BANK PLC
• GLOBUS BANK LIMITED
• KEYSTONE BANK LIMITED
• POLARIS BANK LIMITED
• STANBIC IBTC BANK LIMITED
• STANDARD CHARTERED BANK LIMITED
• STERLING BANK LIMITED
• TITAN TRUST BANK LIMITED
• UNION BANK OF NIGERIA PLC
• UNITY BANK PLC
• WEMA BANK PLC
• PREMIUM TRUST BANK LIMITED
• OPTIMUS BANK LIMITED
Commercial Banks with Regional Authorization
Regional banks, such as Providus Bank Limited and Suntrust Bank Nigeria Limited, are restricted to operating within specified regions within Nigeria. This limitation often allows these banks to provide tailored financial services that cater specifically to the local needs and economic activities of those regions.
• PROVIDUS BANK LIMITED
• PARALLEX BANK LIMITED
• SUNTRUST BANK NIGERIA LIMITED
• SIGNATURE BANK LIMITED
Non-interest banking with National Authorization
Non-interest banks like Jaiz Bank PLC operate under the principles of Islamic banking and are authorized to operate nationally. They do not engage in interest-based transactions and have their operations based on Islamic finance principles, which prohibit earning interest on loans.
• JAIZ BANK PLC
• TAJ BANK LIMITED
• LOTUS BANK LIMITED
• ALTERNATIVE BANK LIMITED
Merchant Banks with National Authorization
Merchant banks such as FBN Merchant Bank Limited and Coronation Merchant Bank Limited are specialized institutions focusing on corporate finance, asset management, and serving the investment needs of high-net-worth individuals. These banks do not usually offer retail banking services like checking accounts or personal loans.
• CORONATION MERCHANT BANK LIMITED
• FBN MERCHANT BANK LIMITED
• FSDH MERCHANT BANK LIMITED
• GREENWICH MERCHANT BANK LIMITED
• NOVA MERCHANT BANK LIMITED
• RAND MERCHANT BANK LIMITED
Financial Holding Companies in Nigeria
Entities such as FBN Holdings PLC and Access Holdings PLC are included in the list as financial holding companies. These companies hold stakes in various financial institutions across banking, insurance, and asset management sectors, providing a diversified financial services offering.
• ACCESS HOLDINGS PLC
• FBN HOLDINGS PLC
• FCMB GROUP PLC
• FSDH HOLDING COMPANY LIMITED
• GUARANTY TRUST HOLDING COMPANY PLC
• STANBIC IBTC HOLDINGS PLC
• STERLING FINANCIAL HOLDINGS LIMITED
This categorization by the CBN not only helps potential customers understand the services these banks can offer based on their licensing terms but also aids in regulatory clarity, ensuring that each bank is supervised according to the specific services it offers.
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