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CHUKWUMAH KELECHUKWU
The Central Bank of Nigeria has issued licences to three new deposit money banks (DMBs), bringing the number of banks to 23.
An updated list of licensed banks posted on CBN website showed that the new deposit money banks are Titan Trust Bank Limited, Globus Bank Limited and TAJ Bank Limited.
While Titan Trust Bank Limited got a commercial banking licence to operate as a national entity, increasing the commercial banks to 11, Globus Bank Limited was granted a commercial banking licence with regional jurisdiction, increasing the commercial banking operators to three.
Taj Bank Limited was issued with a non-interest banking licence as the only lender in this category with regional authorisation.
Others were five merchant banks with national authorisation licence and four holding companies in the country.
The latest list from the banking regulator revealed there were currently eight commercial banking operators with international coverage, and one non-interest bank with national authorisation licence.
The apex bank approved TAJ Bank Limited as a non-interest bank on July 3, 2019.
The other two financial institutions, Titan Trust Bank Limited and Globus Bank Limited were registered in December 2018 and registered July 10, 201, respectively.
BADEJO ADEMUYIWA has 23 years experience as a Finance Writer, specialising in Insurance and Investigative Reporting.
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