Currency Watch

CBN confirms 980 MFBS, 3147 BDCs, 71 finance companies, 11 foreign banks

by Hope Moses-Ashike

January 11, 2017 | 12:15 pm
  |     |     |   Start Conversation

… BDCs list rises by 183 new operators

The Central Bank of Nigeria (CBN) has updated the lists of licensed financial institutions operating in Nigeria including Microfinance Banks (MFBs), Finance Companies, BDCs and list of representative offices of foreign banks.

The list as pasted on the CBN website show that the number of Bureau De Change (BDC) operators increased by 183 to 3,147, which is 6.2 percent higher than 2,964 in 2016.
According to the updated lists, there are 71 finance companies and 11 representative offices of foreign banks currently operating in the country.
The updated lists also revealed that there are 980 Microfinance banks, which serve the low income earners in the country. This is further broken down to 8 MFBs with national license, 103 MFBs with state lincence and 869 MFBs with unit lincence.
According to the CBN’s guidelines for Microfinance banks, a Unit Microfinance Bank is authorized to operate in one location and shall be required to have a minimum paid-up capital of N20 million and is prohibited from having branches and/or cash centres.
A State Microfinance Bank is authorized to operate in one State or the Federal Capital Territory (FCT) and shall be required to have a minimum paid-up capital of N100 million and is allowed to open branches within the same State or the FCT, subject to prior written approval of the CBN for each new branch or cash centre.
While, National Microfinance Bank is authorized to operate in more than one State including the FCT and shall be required to have a minimum paid-up capital of N2 billion and is allowed to open branches in all States of the Federation and the FCT, subject to prior written approval of the CBN for each new branch or cash centre.
The licensed representative offices of foreign banks include Absa Capital representative office Nigeria Limited, Bank of Beirut and the Arab countries representative office Niger, Bank of Beirut representative office (Nigeria) limited, Banque Libano-Francaise representative office, Barclays group representative office Nig Limited, Byblos Bank representative office Nigeria limited, Commerzbank representative office, Deutsche Bank representative office, HSBC representative office Nigeria, JP Morgan chase representative office Nigeria limited, UBS (Nig) representative office.

 

Tags: , ,

by Hope Moses-Ashike

January 11, 2017 | 12:15 pm
  |     |     |   Start Conversation

Big Read |  

Analysis

African economy: the limits of leapfrogging

KotiogoNg’usilo vividly remembers the first time he saw a car. It was the 1950s and Mr Ng’usilo, a hunter-gatherer from...


MTN Banner ADS 2

BRIU

Diamond

Election Banner