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CBN Releases List of Authorised Banks in Nigeria

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Central Bank of Nigeria (CBN) has released the list of deposit money banks and financial holding companies operating in Nigeria, meaning that anybody who transacts banking business outside the list is at his or her own risk.

CBN Releases List of Authorised Banks in Nigeria

According to the report, eight commercial banks with international authorisation that were operational as of December 31, 2019, included Access Bank Plc, Fidelity Bank Plc, First City Monument Bank Plc (FCMB), First Bank Nigeria Limited, Guaranty Trust Bank Plc, Union Bank of Nigeria Plc, United Bank of Africa Plc (UBA) and Zenith Bank Plc.

It also showed that 11 commercial banks have national authorization and they were Citi Bank Nigeria Limited, Eco Bank Nigeria Plc, Heritage Bank Limited, Keystone Bank Lmited, Polaris Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Plc, Sterling Bank Plc, Titan Trust Bank Limited, Unity Bank plc and Wema Bank Plc.

The CBN listed only three commercial banks with regional authorisation that were operational in Nigeria as of December 31, 2019. These banks included Suntrust Bank Nigeria Limited, Providus Bank Plc and Globus Bank.

However, Jaiz Bank Plc is the only non-interest bank with national authorisation on the list while Taj Bank Limited is listed as the only non-interest bank with regional authorisation.

For the merchant banks dealing with commercial loans and investments, CBN said five were operational as at the close of 2019.

They included Coronation Merchant Bank, FBN Merchant Bank, FSDH Merchant Bank, Nova Merchant Bank and Rand Merchant Bank.

As for institutions that have license to offer non-banking financial services such as insurance underwriting and investment advisory services which are the financial holdings companies, CBN said four were operational as at the close of 2019 which were FBN Holdings Plc, FCMB Group Plc, FSDH Holding Company and Stanbic IBTC Holdings Plc.

The apex bank in August 2016, warned Nigerians against patronising unregistered international money transfer operators.

 


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E-Financial

Lagos State Appoints MoneyMaster as Payment Partner for “Ounje Eko” Programme

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“Ounje Eko”, the food price discount initiative of the Lagos State Government, has appointed leading payment service bank, MoneyMaster Payment Service Bank Limited (MMPSB), as its collaborator in the bid to ensure ease of payments at the market.

MoneyMaster is one of the Central Bank of Nigeria-licensed Payment Service Banks (PSBs) to promote financial inclusion across Nigeria.

Under the partnership, MMPSB will apply its cutting-edge payment solution to engender easy payment and reconciliation in order to make   the experiences of Lagosians who will be getting their food supplies from the markets pleasurable. Its payment solution is also all-encompassing and ensures real time value to payment destinations.

The mobile bank was appointed as the collection and payment partner for “Ounje Eko” Food Markets programme which is a government initiative serving the five divisions of Lagos State. Consequent on this, MoneyMaster Payment Service Bank will collect payments in 57 LCDAs in the state.

The partnership gives credence to the quality of payment solutions that MoneyMaster is reputed for in its services to its growing business clientele in private and public sectors.

 


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CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

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Central Bank of Nigeria (CBN), is investigating irregular foreign exchange transactions and forward contracts valued at approximately $2.4 billion.

CBN, EFCC Probe Banks, Firms over Alleged Forex Racketeering

The  inquiry follows an extensive audit by Deloitte, which scrutinized $7 billion in dollar debts accumulated under the bank’s previous leadership.

In the aftermath of the 294th Monetary Policy Committee meeting in Abuja, Yemi Cardoso, governor of CBN,  disclosed to journalists that the investigation, supported by the Economic and Financial Crimes Commission, among other security bodies, aims to clarify the legitimacy of these FX allocations identified as problematic by the audit.

“It was determined that a number of these transactions did not qualify…they were outright illegal. The law enforcement agencies are now looking into those transactions that as far as we are concerned, are not valid to be paid,” Cardoso detailed, emphasizing the unlawful nature of these forex deals.

The crux of the investigation lies in the audit findings that a significant portion of the scrutinized transactions lacked proper documentation and, in many instances, were deemed outright illegal.

However, the unfolding investigation has raised concerns within the organized private sector, with some entities contemplating legal action against commercial banks for unresolved forex bids.

Despite these tensions, Governor Cardoso reassures that the foreign exchange market remains open and transparent, inviting stakeholders to address their forex needs through the official channels.

Furthermore, Cardoso clarified the distribution of fertilizers to farmers as a one-off measure and not indicative of a shift back to direct interventions by the CBN, underscoring a commitment to strategic, regulatory governance rather than direct market involvement.

 

 

 

 

 

 

 

 


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CBN Urges Banks to Expedite Action on Recapitalisation

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Central Bank of Nigeria (CBN) has directed deposit money banks in the country to expedite action to increase their capital base from the current ₦25bn.

CBN Urges Banks to Expedite Action on Recapitalisation

Olayemi Cardoso, governor of CBN

Olayemi Cardoso, governor of CBN, stated this during the apex bank’s 294th meeting of the Monetary Policy Committee (MPC) on Tuesday in Abuja, when the MPC hiked the interest rate by 22.75% to 24.75%.

The apex bank chief said the MPC examined developments in the banking sector and expressed satisfaction that the industry remained stable. The committee, however, said to guard against risk, commercial banks in the country should accelerate their recapitalisation efforts.

Cardoso said, “The MPC also reviewed developments in the banking system and noted that the industry remains safe, sound, and stable. The committee thus called on the bank to sustain its surveillance and ensure compliance of banks with existing regulatory and macro-potential guidelines.

“The MPC also enjoined the banks to expedite actions on the recapitalisation of banks to strengthen the system against potential risks in an increasingly globalised world.”

 

 

 

 


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