Among the 33 banks operating in the country, the Central Bank of Nigeria (CBN) approved eight to operate as international banks while others are to operate as national, regional banks among others categorizations.
Banks allowed to open branches outside Nigeria are: 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 .
Since their approval in 2021, the banks have expanded their reach and facilitated trade, and investments between Nigeria and other countries.
For instance, Access Bank has operations in several African countries, including Ghana, Rwanda, Zambia, the Democratic Republic of Congo, and the latest Kenya. 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) 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 has subsidiaries in Ghana, Sierra Leone, Gambia, and the United Kingdom. Fidelity Bank has subsidiary in Ghana
Here are banks with commercial banking license with national authorization: Citibank Nigeria Limited, Ecobank Nigeria Plc, Heritage Bank Limited, Keystone Bank Limited, Polaris Bank Plc., Stannic IBTC Bank Plc, Standard Chartered Bank Limited, Sterling Bank Plc, Titan Trust Bank Ltd, Unity Bank Plc, Wema Bank Plc,
Banks operating with commercial banking license with regional authorization are Globus Bank Limited, SunTrust Bank Nigeria Limited, Providus Bank Plc, Parallex Bank Ltd, Premium Trust Bank Ltd,
Jaiz Bank Plc is the only bank with non-interest banking license with national authorization. Other non-interest banks with regional authorization are Taj Bank Limited – Abuja, Lotus Bank Limited – Lagos,
Here are merchant banks with regional authorization Coronation Merchant Bank, FBN Merchant Bank, FSDH Merchant Bank, Greenwich Merchant Bank, Nova Merchant Bank, Rand Merchant Bank.