Central Bank of Nigeria (CBN) don direct Deposit Money Banks (DMBs) and financial institutions to suspend processing fee on deposits till 30 September, 2024.
Di apex bank give dis order for inside one circular on dia website on Wednesday, 8 May.
CBN direct financial institutions to suspend processing charges dem bin make compulsory on cash deposits above N500,000 for individuals and N3,000,000 for corporate organisations.
Di apex bank say make all financial institutions wey CBN dey regulate continue to dey accept cash deposits from di public witout any charge until 30 September 2024
Dis fresh directive dey come a day afta di CBN instruct deposit banks to begin charge 0.5% cybersecurity levy on transaction, one development wey pipo still dey para on top.
Re: Processing Fees on Cash Depositshttps://t.co/cr4OgG6key pic.twitter.com/YW6lkWOhhn
— Central Bank of Nigeria (@cenbank) May 8, 2024
List of licenced Deposit Money Banks for Nigeria – CBN
Forty-three licenced Deposit Money Banks (DMB) dey authorised to operate for Nigeria as at 26 April, 2024.
Dis na according to CBN wey publish di list of di banks for dia website on Tuesday, 8 May.
Di apex bank categorise dis banks based on di scope of dia banking licence wey include international, national and regional, wey show dia operational jurisdiction plus di services dem fit offer.
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DMB na financial institutions wey get licence from di CBN to collect money (deposit) from di public and to create credit (loan). Dem dey important to di banking system as dem dey in charge of savings and business investment.
List of Deposit Money Banks and Other Financial Institutions as of 26th April, 2024https://t.co/kBB505Ku0F pic.twitter.com/0j7voX49FC
— Central Bank of Nigeria (@cenbank) May 7, 2024
Breakdown of Deposit Money Bank and dia category
Seven banks for Nigeria fall under di category of commercial banking licence wit international authorisation.
Dis banks dey authorised to operate outside di boundaries of Nigeria, dem fit do international trade and finance.
Dem get large asset bases and plenty branches both for Nigeria and for abroad.
Dis banks include:
- Access Bank Limited
- Fidelity Bank Plc
- First City Monument Bank Limited
- First Bank Nigeria Limited
- Guaranty Trust Bank Limited
- United Bank of Africa Plc
- Zenith Bank Plc
Commercial banks wit national authorisation
Fifteen banks fall under dis category. Dem dey operate nationwide but dem no get di licence to operate outside Nigeria.
Dis banks primary focus na on national operations and dem no get di wahala and regulation of international finance.
Dem include banks like:
- Citibank Nigeria Limited
- Ecobank Nigeria Limited
- Heritage Bank Plc
- Globus Bank Ltd
- Keystone Bank
- Polaris Bank
- Stanbic IBTC Ltd
- Standard Chartered Bank Ltd
- Sterling bank Limited
- Titan Trust Bank Limited
- Union Bank of Nigeria Plc
- Unity Bank
- Wema Bank
- Premium Trust Bank limited
- Optimus Bank Limited
Commercial banks wit regional authorisation
Deposits banks for dis category fit only operate within specified regions for Nigeria.
Dem no fit operate outside dia region. Dia licence fit only provide financial services to di local needs and economic activities of pipo within dose regions.
Such banks include:
- Providus Bank Limited
- Parallex Bank Limited
- Suntrust Bank Nigeria Limited
- Signature Bank Limited
Non-interest banks wit National authorisation
Non-interest banks like Jaiz Bank PLC dey operate under di principles of Islamic banking and dem dey authorised to operate nationally.
Dem no dey do interest-based transactions and dia operations na base on Islamic finance principles, wey dey against interest on loans.
- Jaiz Bank Plc
- Taj Bank Limited
- Lotus Bank Limited
- Alternative Bank Limited
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