CBN issues licences to three newly emerged banks

The Central Bank of Nigeria (CBN) has issued operating licence to three new banks to operate in Nigeria.

The new banks are Titan Trust Bank Limited, TAJ Bank Limited and Globus Bank Limited, according to Sahara Reporters.

According to the apex bank, Titan Trust and Globus Bank will operate as commercial lenders while TAJ Bank Limited was licensed to operate as a non-interest bank.

TAJ Bank would join Jaiz Bank as the two banks operating as a non-interest bank in the country.

Before the banking reform of 2005, instituted by ex-governor of the CBN, Charles Soludo, Nigeria has as many as 89 banks operating as commercial and merchant banks.

With the reform, which hike minimum capital base to 25 billion naira from 2 billion naira, the number reduced to 24 universal banks.