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Banking: Central Bank Of Nigeria Licences Three New Banks, Banks Increase To 23

Central Bank Of Nigeria Licences Three New Banks, Banks Increase To 23
The Central Bank of Nigeria has issued banking licenses to three new players in the industry, increasing the number of banks from 21 to 23.
The new operators are the Titan Trust Bank Limited, the TAJ Bank Limited and the Globus Bank Limited.
TAJ Bank Limited was licensed to operate as a non-interest bank, while the other two will operate as commercial banks.
Prior to the 2005 reform, instituted by CBN ex-governor, Charles Soludo, Nigeria had as many as 89 banks operating as both commercial and merchant banks.
The reform however hiked the minimum capital base from ₦25 billion to ₦2 billion, reducing the total number of banks to 24 universal banks.

Subsequent alignments and take-overs by the regulators further led to the 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.
We all hope these turn out to be the best. What about you? Kindly drop us a comment and share to your friends.

Before you leave, also check out our next article on the 5 richest bankers in Nigeria 2019. Nos 4 and 5 will surely surprise you!
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