List of eight banks CBN permits to operate internationally, while others operate national, regional status

By Coic Chibueze On Apr 4, 2023

There are at least 33 banks in Nigeria, according to data from the Central Bank of Nigeria. These banks’ operating licenses range; some have national or regional licenses, while others function as merchant banks. The Central Bank of Nigeria gave eight of the 33 banks permission to conduct business internationally.

Following is a list of Nigerian banks along with the types of licenses they hold as of December 2021.

Banks that are permitted to open branches in countries other than 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 have the banks performed globally?

The banks’ reach has grown since they were approved, facilitating investments and trade between Nigeria and other African nations.

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

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, it was 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.