Regional banks to operate from additional geo-political zone

THE Central Bank of Nigeria (CBN) has announced that Deposit Money Banks (DMBs) with regional authorization shall henceforth be required to operate from one additional geo-political zone in the country.

It should be noted that the number of commercial banks with regional authorization stands at three. These are DMBs having a capital base of N10 billion and restricted to operate within a geographical scope of a minimum of five and a maximum of 10 contiguous states.

Banks with national authorization are banks with a capital base of N25 billion and are allowed to operate in all states of the federation but barred from having offshore operations.

Also, with the licensing of Taj Bank Limited last year as a non-interest bank with regional authorization there are now two non-interest banks operating in the country.

But a  circular from the financial policy and regulation department of the CBN, signed by Mr. Kelvin Amigo stated that effective June 26, all banks with regional authorization shall be required to operate from one additional geo-political zone as may be prescribed for each institution by the apex bank, “without prejudice to the existing requirement of minimum of two (2) geo-political zones of the federation.”

This, according to the Central Bank of Nigeria, is pursuant to Section 8 (g) of the CBN Scope, Conditions & Minimum Standards for Commercial Banks Regulations No. [1] 2010 as revised on September 4, 2019; and in furtherance of its objective to promote financial inclusion.

It therefore prescribes additional requirements for licensed regional banks (commercial and non-interest), which essence is to promote spread and balance of regional banks across the country.

“The Compliance timeline to establish operational footprint at the advised zone shall not exceed six months from the issuance of the regulatory advice to each regional bank by the CBN,” the circular read in part.

 

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Nigeria Records 603 New COVID-19 Cases, Total Now 28,167
The Nigeria Centre for Disease Control (NCDC) has confirmed 603 new cases of COVID-19 in the country, bringing the total number of confirmed cases to 28,167… Read Full Story

COVID-19: Why govs, others are more at risk —Medical experts
MEDICAL experts have spoken on factors that are capable of putting governors and other key political leaders on the first line of the coronavirus pandemic in more danger. They, however, dispelled as untrue the notion that the incidence of COVID-19 is higher among political office holders or health workers as many people assume… Read Full Story

UN Suspends Air Services As Terrorists Attack Chopper In Borno
The United Nations (UN) on Saturday announced a suspension of humanitarian air services in the northeast following the latest attack on one of its helicopters in Borno… Read Full Story

Buhari Appoints Pam As Christian Pilgrims Commission Executive Secretary
President Muhammadu Buhari has approved the appointment of Rev Yakubu Pam as the Executive Secretary of Nigerian Christian Pilgrims Commission (NCPC)… Read Full Story

Appeal Court Upholds Yahaya Bello’s Election As Kogi Governor
The Court of Appeal, Abuja Division on Saturday affirmed the election of Yahaya Bello as the duly elected governor of Kogi State… Read Full Story

MFM To Begin Another 30 Days Prayer Retreat
The General Overseer of Mountain of Fire and Miracles Ministries (MFM), Dr Daniel Olukoya, has directed that members to extend the ongoing 30 Days Prayer Retreat which marks third session… Read Full Story

109,823 N-Power Beneficiaries Now Business Owners ― Minister
The Minister of Humanitarian Affairs, Disaster Management and Social Development, Hajiya Sadiya Umar Farouq, says no fewer than 109,823 beneficiaries of the N-Power Programme are now business owners… Read Full Story

Who Flies APC Flag In Ondo?
EXCEPT the leadership of the All Progressives Congress (APC) handles the primary election or selection of its candidate for the Ondo State governorship election carefully, the party in the state may be heading towards another round of crisis similar to the one that engulfed it in Edo State recently which may cause it to… Read Full Story

No Difference Between PDP, APC —Olateru-Olagbegi
Martins Kunle Olateru-Olagbegi is an aspirant of the Action Democratic Party (ADP) in the forthcoming governorship election in Ondo State. He speaks with HAKEEM GBADAMOSI on the preparedness of the party… Read Full Story

VOICE OF COURAGE:  E No Finish?
The controlling leadership of ACN got a casual job in 2015 and took it like a mega contract. They did more than a month’s job for a day’s pay. They pawned everything in exchange for nothing. All core values were thrown away. The ancient landmarks of the fathers were set aside. Many of the icons in the land were… Read Full Story

GIBBERS: Buhari Isn’t Judiciary’s Messiah (1)
In the last 12 years, salaries of Nigerian judges have not been reviewed. In a review of the development of inflation rates in Nigeria between 1979 and 2019, by Worlddata,the average inflation rate was calculated at 19.2 per cent. Now, hold your breath. The report added “overall, the price increase was 80,304.39 per cent… Read Full Story

Threatened Cooperation! Cooperative Societies In The Cloud Of COVID-19
ALL over the world, especially in Third World economies, one of the platforms through which peoples’ common business dreams and financial needs are crytalised is the cooperative society. A cooperative society is simply a voluntary association of individuals who have come together to pursue their economic goals… Read Full Story

COVID-19: The Church And The New Order
The Church is just one of the institutions that have been caught in the heat of the coronavirus pandemic following the ban on public gatherings for about three months as a way of controlling the spread of the virus by the federal and state governments… Read Full Story

40 Years After, Ayinla Omowura Remembered With Album
As part of the activities to mark the 40th year anniversary of the exit of Apala icon, Waheed Ayinla popular as Ayinla Omowura, an album entitled ‘Anigilaje has been released in his honour… Read Full Story

You might also like
Comments

This website uses cookies to improve your experience. We'll assume you're ok with this, but you can opt-out if you wish. AcceptRead More