CBN Approves Three New Banks

• CBN Approves Three New Banks

The Central bank of Nigeria has granted three new banks licences to commence operation in Nigeria.

The three new banks are Titan Trust Bank Limited, Globus Bank Limited and Taj Bank Limited.

Titan Trust Bank Limited was granted a commercial banking licence with national authorisation, raising the number of commercial banks in the country to 11.

Globus Bank Limited received CBN approval to operate a commercial bank with regional authorisation, taking regional commercial banking operators to three.

Tah Bank Limited received non-interest banking licence, the only lender with regional authorisation.

A CBN source said, “The stages of licensing a bank are that you apply, your application will be acknowledged and you are given an approval in principle.

“They will search your funds to ensure that they are not illicit funds or laundered money you are bringing to Nigerian banks.

“There is the due diligence they will conduct. And they will conduct diligence on your proposed directors and promoters.

“These are stages considered before they are finally approved.”