Licensed Micro-finance Banks

The Central Bank of Nigeria (CBN) has just released a list of licensed Micro-finance Banks (MFBs) in Nigeria as of June 30th, 2019.

According to the list which was released on Monday, only 908 micro-finance banks have licenses to operate in the country. If your Micro-finance Bank is not on this list, you may need to start considering jumping ship.

With the latest list released by the Central Bank, it means ten more microfinance banks were licensed between March and June 2019. Earlier in March, the apex bank disclosed that only 898 microfinance banks were licensed.

The number of MFB Banks in States: In the latest list of licensed microfinance banks (MFB), Lagos State recorded the highest number of microfinance banks with 174, followed by Anambra with 78 Microfinance banks.

[ALSO READ: CBN mandates microfinance banks to get 64 new customers per month]

Other states with more than twenty microfinance banks include – Oyo (55), Abuja (51), Ogun (48), Kano (47), Imo (37), Osun (30), Niger (26), Katsina (24), Enugu (24), Kaduna (23), Edo (22) and Kwara (21) respectively.

Some of the listed Microfinance Banks:

  • AACB MFB
  • AB MFB
  • ABC MFB
  • ABESTONE MFB
  • ABIA STATE UNIVERSITY MFB
  • ABIGI MFB
  • ABOVE ONLY MFB
  • ABUBAKAR TAFAWA BALEWA UNIVERSITY (ATBU) M
  • ABUCOOP MFB
  • ABULESORO MFB LTD
  • ACCION MFB
  • ACE MFB
  • ACHINA MFB
  • ACTIVE-POINT MFB
  • ADA MFB
  • ADAZI NNUKWU MFB
  • ADAZI-ENU MFB
  • ADDOSSER MFB
  • ADEYEMI COLLEGE STAFF MFB
  • AFEKHAFE MFB

[Download the full list here: Licensed Microfinance Banks in Nigeria as at June 2019]

Deposit Money Banks: In the latest list of deposit money banks (DMBs) in Nigeria released by the CBN, there are 27 DMBs in Nigeria as of June 30th 2019. Only Six commercial banks have international banking licenses. They are:

  • Access Bank Plc
  • Fidelity Bank Plc
  • First City Monument Bank Plc
  • Guaranty Trust Bank Plc
  • Union Bank of Africa Plc
  • Zenith Bank Plc

On the other hand, eleven commercial banks are licensed with regional authorization, and they include-

  • Keystone Bank Limited
  • EcoBank Nigeria Plc
  • Polaris Bank Plc
  • Stanbic IBTC Bank Plc
  • Citibank Nigeria limited
  • Standard Chartered Bank Limited
  • Titan Trust Bank Limited
  • Unity Bank Plc
  • Wema Bank  Plc

Meanwhile, Suntrust Bank Nigeria Limited and Providus Bank Plc are licensed with only national authorization.

[ALSO READ: CBN is set to recapitalise Nigerian banks again]

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