Cbn license 5 new banks
A significant development in the Nigerian banking industry!
On August 26, 2021, the Central Bank of Nigeria (CBN) granted licenses to five new banks, bringing the total number of licensed banks in the country to 25. Here are the details:
- GreenBank Plc: A new generation bank with a focus on digital banking and financial inclusion. Its shareholders include prominent Nigerian businessmen and entrepreneurs.
- Proptech Bank Limited: A bank that aims to leverage technology to provide innovative financial solutions to the real estate sector. Its founders have experience in the fintech and real estate industries.
- Africoin Bank Limited: A bank that plans to focus on digital payments, e-commerce, and financial inclusion. Its founders have a background in fintech and entrepreneurship.
- Kuda Bank Limited: A digital-only bank that aims to provide affordable and convenient banking services to the underserved segments of the population. Its founders have experience in fintech and entrepreneurship.
- VFD Microfinance Bank Limited: A microfinance bank that plans to provide financial services to small and medium-sized enterprises (SMEs) and low-income individuals. Its founders have experience in the financial services industry.
These new banks are expected to contribute to the growth and development of the Nigerian economy by increasing access to financial services, promoting financial inclusion, and providing innovative solutions to customers.
The CBN's decision to grant licenses to these new banks is a testament to the country's commitment to promoting financial inclusion and supporting the growth of the financial sector.