• The CBN says there are eight commercial banks in Nigeria licensed to operate outside of Nigeria
• The apex bank also provided a breakdown of the type of licenses for banks and areas of operation both national and regional
• In recent months banks have been working to upgrade their licenses and expand their operations

According to information sourced from the Central Bank of Nigeria (CBN), there are a minimum of 33 banks in Nigeria.

The licenses under which these banks operate vary, with some banks having national or regional licenses and others operating as merchant banks.

Among the 33 banks, the apex bank approved eight to operate as international banks.

List of banks CBN licensed to operate internationally

Here is a list of banks in Nigeria and their type of licenses as of December 2021.

Banks allowed to open branches outside Nigeria

• Access Bank PLC
• Fidelity Bank PLC
• First City Monument Bank PLC
• First Bank Nigeria Limited
• Guaranty Trust Bank PLC
• Union Bank of Nigeria PLC
• United Bank of Africa PLC
• Zenith Bank PLC

How has the banks far internationally

Since their approval, the banks have expanded their reach and facilitated trade, and investments between Nigeria and other African countries.

Here is how they have cemented their footprint in Africa:

Access Bank – Access Bank has operations in several African countries, including Ghana, Rwanda, Zambia, the Democratic Republic of Congo, and the latest Kenya.

Guaranty Trust Bank – Guaranty Trust Bank has subsidiaries in Cote d’Ivoire, Gambia, Ghana, Kenya, Liberia, Rwanda, Sierra Leone, Tanzania, Uganda, and the United Kingdom.

United Bank for Africa (UBA) – UBA operates in several African countries, including Benin, Burkina Faso, Cameroon, Chad, Congo Brazzaville, Cote d’Ivoire, Equatorial Guinea, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Niger, Senegal, Sierra Leone, Tanzania, Togo, Uganda, and Zambia.

Zenith Bank – Zenith Bank has subsidiaries in Ghana, Sierra Leone, Gambia, and the United Kingdom.

Fidelity Bank aside its over 250 branches in Nigeria also has a presence in countries like Ghana

Commercial banking license with national authorization

• Citibank Nigeria Limited

• Ecobank Nigeria Plc

• Heritage Bank Limited

• Keystone Bank Limited

• Polaris Bank Plc

• Stanbic IBTC Bank Plc

• Standard Chartered Bank Limited

• Sterling Bank Plc

• Titan Trust Bank Ltd

• Unity Bank Plc

• Wema Bank Plc

Commercial banking license with regional authorization

• Globus Bank Limited

• SunTrust Bank Nigeria Limited

• Providus Bank Plc

• Parallex Bank Ltd

• Premium Trust Bank Ltd

Non-interest banking license with national authorization

• Jaiz Bank Plc

List of non-interest banks with regional authorization

• Taj Bank Limited – Abuja

• Lotus Bank Limited – Lagos

List of merchant banks with regional authorization

• Coronation Merchant Bank
• FBN Merchant Bank
• FSDH Merchant Bank
• Greenwich Merchant Bank
• Nova Merchant Bank
• Rand Merchant Bank

“Zenith *966*60#”: Banks release codes for cardless cash withdrawal at ATMs

Meanwhile, in another report, Legit.ng revealed that commercial banks in Nigeria had introduced cardless ATM cash withdrawals.

To collect cash from an ATM without using a card, customers must generate a code on their mobile phones or through their mobile banking app.

The latest innovation in banking technology preaches convenience and comes when Nigerians are battling with cash scarcity.

Source: Legit.ng