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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