CBN grant banking licences to Titan Trust, Globus, Taj

The Central Bank of Nigeria (CBN) has added three new banks to the list of deposit money banks and financial holding companies operating in Nigeria.

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

This raised the number of lending institutions from 21 to 23 on its DMB’s list.

Titan Trust Bank Limited got a commercial banking licence with national authorisation, increasing the commercial banks to 11.

Globus Bank Limited was granted a commercial banking licence with regional authorisation, increasing the commercial banking operators to three.

Taj Bank Limited was issued with a non-interest banking licence as the only lender with regional authorisation.

The latest list from the banking regulator revealed there were currently eight commercial banking operators with international authorisation licence, and one non-interest bank with national authorisation licence.

Others were five merchant banks with national authorisation licence and four holding companies in the country.

According to a CBN source, licensing for banks follows certain stages. “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.”