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Nigeria’s Central Bank has approved licenses for three new Banks.
Posted by Editor One on 24th July 2019

The Nigerian Central Bank has has granted operational license to three new  banks in the country.

According to information newly made available on the Central Bank’s website, the three banks newly granted approval are 2  Commercial Banks and a non-interest bank.

The three newly licensed banks are TAJ Bank Limited, Titan Trust Bank Limited and Globus Bank Limited.

While TAJ Bank Limited is a non- interest bank, Titan Trust Bank Limited and Globus Bank Limited are deposit money banks i.e. Commercial Banks.

Globus Bank has Regional Banking authorisation, Titan is listed as having a National authorisation while the geographic disposition of TAJ Bank was not specified.

Except for TAJ Bank that is based in Abuja, the other two banks have their head office in Lagos.

With the new developments, Nigeria now has 29 banks and 2 Financial Holding Institutions.

Under the relevant regulations Nigerian Banks are expected to have minimum capital base of

N15 billion (US$49.10 million at exchange rate of USD/306) for Regional Licence, N25 billion (US$81.7m) for National License and N100 billion (US$326.60m) for International Licence.

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