BANKS IN NIGERIA NOW 26.


There are now 26 banks licensed to operate I'm Nigeria alongside three Financial holding companies.

According to an update to June 14 released by the Central Bank of Nigeria (CBN), the list includes three that may be new the customers: Rand Merchant bank, Suntrust bank ltd and Providus bank PLC.

Both SunTrust and Probidus are regional commercial banks. Right now they also happen to be the only regional banks since Wema bank upgraded to national much earlier.

In all there are now four merchant banks licensed to operate in the country, one Islamic non-interest bank and 9 with national license.

In addition, 10 of the licensed banks have authorisation to operate beyond Nigerian shores and three financial holding companies bring the list to 29 although each of the holding companies have flagship banks in operation.

Also, another update to June 14, put the total number of microfinance banks in Nigeria at 974.

Unlike the big commercial and merchant banks with only one or two with headquarters outside Lagos state, the micro finance banks were spread more across the country in terms of operational base.

They are far more spread out than was the case with Bureau de change that was dominated by Lagos, Kano and Abuja, and all other states came in for mention by exception.

However, Lagos still dominated the microfinance list since, for now, most manufacturing and commercial operations are based in Lagos.

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