{"id":2005,"date":"2020-04-03T10:45:10","date_gmt":"2020-04-03T10:45:10","guid":{"rendered":"https:\/\/kobotalk.com\/?p=2005"},"modified":"2024-12-17T16:27:44","modified_gmt":"2024-12-17T16:27:44","slug":"start-a-bank-in-nigeria","status":"publish","type":"post","link":"https:\/\/kobotalk.com\/BLOG\/start-a-bank-in-nigeria\/","title":{"rendered":"Want to Start A Bank In Nigeria? – These Are What You Should Know"},"content":{"rendered":"Reading Time: <\/span> 6<\/span> minutes<\/span><\/span>
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Are you desiring to start a bank in Nigeria?\u00a0 You can, if you know how to go about it.<\/p>\n\n

Nigeria has a vibrant banking industry.\u00a0 As a matter of fact, banks dominate the entire financial services spectrum.\u00a0 Prior to 2010, the universal banking model permitted banks to offer other ancillary financial services.<\/p>\n

Then we had banks that were involved in insurance, stockbroking, asset management and similar businesses. However, the repeal of the universal banking regime redefined the scope\u00a0 for banking business and allowed banks to focus on their core traditional service offering.<\/p>\n

The Nigeria banking industry is highly regulated.\u00a0 Thus starting a bank here takes a rigorous process and require that the promoters engage consultants to help in different aspects of the process.<\/p>\n

But the good news is that serious entrepreneurs, including foreign entities can obtain banking licenses.\u00a0 This is as long as they are patient enough to follow through the process and meet all regulatory requirements.<\/p>\n

This post among other things, shows how interested entrepreneurs\/investors can start a bank in Nigeria.<\/p>\n

Nigeria Banking Industry Regulatory Framework<\/h2>\n

To start a bank in Nigeria, you must get acquaint with the legal and regulatory framework within which banks operate.<\/p>\n

\"\"

This, along with the Central Bank of Nigeria Establishment Act, 2007 empowers the CBN to issue banking licenses, regulate and supervise banking institutions in Nigeria.<\/p>\n

In addition, banks are companies.\u00a0 Thus, they are also subject to the provisions of the Companies and Allied Matters Act 2020 (CAMA).\u00a0 CAMA is the primary law regulating the formation and operation of companies<\/a> in Nigeria.<\/p>\n

There are also other laws.<\/p>\n

These include:\u00a0 the Nigeria Deposit Insurance Corporation Act, the Securities and Investment Act, and the Foreign Exchange Provisions and Monitoring Act.<\/p>\n

The Central Bank of Nigeria is the Nigeria Banking Industry primary regulator.<\/p>\n

Other agencies whose activities have bearing on banks include: The Nigeria Deposit Insurance Corporation (NDIC),\u00a0 the Corporate Affairs Commission, Financial Reporting Council and the Securities and Exchange Commission (for banks whose shares are publicly traded).<\/p>\n

Types of Banks In Nigeria<\/strong><\/h2>\n

There are three categories of banks that operate in Nigeria in line with the prescription of the Banks and Other Financial Institutions Act (ACT).\u00a0 These are<\/p>\n

Commercial Banks<\/strong><\/span><\/h3>\n

These are banks that accepts demand and time deposits from the general public and give loans individuals and businesses. They maintain savings accounts, current accounts and fixed deposits on behave of their customers as well as give loans to fund businesses and investment.<\/p>\n

Recent development is in the categorization of commercial banks into International, National and Regional banks, according to their levels of capitalization and geographical coverage. In this regard, International banks are required to have a minimum capital of N50 billion and are allowed to have foreign branches in addition to operating in all the states of the federation.<\/p>\n

National banks are required to have a minimum capital of N25 billion and can have branches across the Nigerian federation but they are not open branches outside Nigeria.\u00a0 Regional commercial banks are licensed to operate within an identified geographical regions in Nigeria.\u00a0 Regional commercial banks are required to operate with a minimum capital of N10 billion.<\/p>\n

As at the time of writing this post, there are 22 commercial banks out of which eight are operating with international authorization, 10 operate with national authorization and four with regional authorization.<\/p>\n

Merchant Banks<\/strong><\/span><\/h3>\n

In 2010, the Central Bank of Nigeria abolished universal banking in Nigeria and reintroduced merchant banks.\u00a0 Merchant banks are wholesale banks which focuses on providing large corporates and high networth individuals with investment, funds management and trade finance services.<\/p>\n

These banks are more or less investment banking companies except that their deposits are insured by the NDIC.<\/p>\n

A typical merchant bank services include underwriting equity issues, funds raising, and financial advisory.\u00a0 They are also allowed to play in the foreign exchange market in line with prevailing regulations.<\/p>\n

The minimum capital requirement to start a merchant bank in Nigeria is N15 billion.\u00a0 At the moment there are five merchant banks operating in Nigeria.\u00a0 These are FSDH Merchant Bank, FBN Merchant Bank, Rand Merchant Bank, Coronation Merchant Bank and Nova Merchant Bank.<\/p>\n

Specialized Banks<\/strong><\/span><\/h3>\n

These are banks that focus on identified aspects of banking, economic activity, industry or development initiatives.<\/p>\n

We can easily identify the following types of specialized banks operating in Nigeria.<\/p>\n

Non Interest Banks<\/strong><\/em><\/span><\/h4>\n

These are commercial banks that function on non interest principles.\u00a0 In other words, the banks neither charge interest on the loans it gives to the general public nor pay interests on deposits.<\/p>\n

These banks operate in line with Islamic principles.\u00a0 Though these banks are faith based, they open their doors to non Muslim banking public as well.<\/p>\n

Four of such banks exist in Nigeria as at the time this post was updated in October, 2023.\u00a0 These are: Jaiz Bank, Taj Bank, Lotus\u00a0 Bank and The Alternative Bank.\u00a0 The Alternative Bank is a tech driven non-interest bank subsidiary of the Sterling Financial Holdings.<\/p>\n

Micro Finance Banks <\/strong><\/span><\/em><\/h4>\n

These banks exist to provide financial services to the economically active segment of the society.\u00a0 That’s those that the regular commercial banks find it difficult to serve.<\/p>\n

Micro finance banks are important in driving the financial inclusion programme of the government.\u00a0 This is because by their nature, these banks operate at the lowest rung of the society.<\/p>\n

Again the regulation classifies microfinance banks into Unit, State and National MFBs based on level of classifications. The minimum capital requirement for a Unit MFB is between N50 million and N200 million.\u00a0 For State MFB it is N1 billion and N5 billion for National micro finance banks.<\/p>\n

Mortgage Banks<\/strong><\/span><\/em><\/h4>\n

They are also known as Primary Mortgage Institutions (PMI).\u00a0 These are banks that focus on provision of mortgage loans to individuals and institutions.<\/p>\n

Mortgage banks exist to drive the real estate industry.<\/p>\n

Payment Service Banks<\/strong><\/span><\/em><\/h4>\n

The Central Bank of Nigeria recently released guidelines for the establishment of Payment Service Banks.\u00a0 The primary function of Payment Service Banks (PSBs) is to offer payment and remittance services, card services, deploy ATM and other technology enabled banking services.<\/p>\n

To obtain a PSB license from the CBN, investors\/entrepreneurs must provide a minimum capital of N5 billion.<\/p>\n

Three Payment Service Banks have obtained operating licenses in Nigeria.\u00a0 These include: 9 PSB Ltd, Hope PSB Ltd and Moneymaster PSB Ltd.<\/p>\n

How to Obtain a Banking License in Nigeria<\/strong><\/h2>\n

The CBN supervisory framework and guidelines<\/a> outlines the conditions that applicants must meet to qualify for the issuance of a banking license in Nigeria.<\/p>\n

Specifically, the processes are in three stages, namely:<\/p>\n

Approval in Principle<\/em><\/p>\n

Operating License<\/em><\/p>\n

Pre-commencement Inspection<\/em><\/p>\n

Approval In Principle<\/span><\/strong><\/h3>\n

The first step to establishing a bank in Nigeria is to obtain an Approval-In-Principle (AIP).\u00a0 The promoters shall submit an application for CBN to grant an Approval in Principle to establish the proposed bank.<\/p>\n

The following shall accompany the application:<\/p>\n

    \n
  1. A feasibility\/Business Plan;<\/li>\n
  2. A draft copy of the Memorandum and Articles of Association of the proposed Bank;<\/li>\n
  3. Standard Operating Manuals<\/li>\n
  4. A list of the shareholders, directors, and principal officers of the proposed Bank and their particulars;<\/li>\n
  5. The prescribed application fee; (at the moment, this is N500,000) and<\/li>\n
  6. Such other information, documents and reports as the CBN may, from time to time specify.<\/li>\n<\/ol>\n

    After the applicants have provided the foregoing documents and information, they shall deposit with the Bank a sum equal to the minimum paid-up capital as required for the class of banking license they seek to establish.<\/p>\n

    Upon the payment of the sum and satisfactory review of the application and documents submitted, the Governor of the CBN may issue an Approval in Principle with or without conditions.<\/p>\n

    On receipt of an AIP, the promoters shall immediately proceed to putting in place necessary structures in readiness for the grant of an operating license.<\/p>\n

    Operating License<\/strong><\/span><\/h3>\n

    Six\u00a0 months after the grant of AIP, the promoters, having put in place all necessary structures for the bank to take off, shall apply to CBN for a final license.<\/p>\n

    Accompanying the application for final license, are the\u00a0 following information and documents<\/p>\n

      \n
    1. Prescribed licensing fee<\/li>\n
    2. 3 certified true copies of Certificate of Incorporation of the Bank, Memorandum and Articles of Association, Form CAC 2 (Allotment of shares) and Form CAC 7 (Particulars of Directors) of the Bank;<\/li>\n
    3. Evidence of location of head office\/branch building for the take-off of banking business;<\/li>\n
    4. Evidence of strong room, loading bay and banking hall facilities;<\/li>\n
    5. Bullion lorries with necessary security gadgets;<\/li>\n
    6. Evidence of installation of I.T. facilities\/computerization;<\/li>\n
    7. Copies of letters of offer and acceptance of employment in respect of the management team<\/li>\n<\/ol>\n

      On satisfactory review of the above information and documents, the CBN shall send a team of inspectors to conduct a per-commencement inspection.<\/p>\n

      Pre-Commencement Activities
      \n<\/strong><\/span><\/h3>\n

      The board and management of the bank shall submit the following information and documents as evidence that the Bank is ready to commence banking business.<\/p>\n

        \n
      1. Evidence of admission into the clearing house;<\/li>\n
      2. Copy of Shareholders register;<\/li>\n
      3. Copy of share certificate issued to each investor;<\/li>\n
      4. Draft copy of opening statement of affairs signed by the directors and auditors;<\/li>\n
      5. Evidence of insurance coverage and the insurance policies;<\/li>\n
      6. Evidence of readiness of cheques and other security document;<\/li>\n
      7. Minutes of Pr-Commencement Board Meeting;<\/li>\n
      8. Evidence of adequate security arrangements.<\/li>\n<\/ol>\n

        This is in a nutshell is how to start a bank in Nigeria.<\/p>\n

        A duly licensed bank in Nigeria must operate in line with prevailing laws and guidelines by the Central Bank of Nigeria at all times.\u00a0 Contravention of these guidelines may lead to the withdrawal of the bank’s operating license.<\/p>\n

        FINAL WORDS<\/strong><\/p>\n

        As you can see, banking is a serious business and only serious investors or entrepreneurs can muster the patience to go through the rigorus process of setting up one.<\/p>\n

        It is also capital intensive.<\/p>\n

        The first step for entrepreneurs or investors who want to start a bank in Nigeria is to engage consultants with the expertise in different aspects of the start up process.\u00a0 Fund raising, legal and regulatory issues, technical advisory and documentation, are some of them.\u00a0 Kobotalk Management Services have worked with promoters to process and obtain banking licenses in all the categories.\u00a0 Feel free to talk to us.<\/p>\n

        \u00a0<\/strong><\/span><\/h5>\n

         <\/p>\n

         <\/p>\n

         <\/p>\n","protected":false},"excerpt":{"rendered":"

        Reading Time: <\/span> 6<\/span> minutes<\/span><\/span>Are you desiring to start a bank in Nigeria?\u00a0 You can, if you know how to go about it. Nigeria has a vibrant banking industry.\u00a0 As a matter of fact, banks dominate the entire financial services spectrum.\u00a0 Prior to 2010,…<\/p>\n","protected":false},"author":1,"featured_media":2020,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"_joinchat":[],"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[3],"tags":[165,44,20],"class_list":["post-2005","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-ideas","tag-banking-industry","tag-business-ideas","tag-entrepreneurship"],"a3_pvc":{"activated":true,"total_views":1486,"today_views":0},"yoast_head":"\nWant to Start A Bank In Nigeria? - These Are What You Should Know - KOBOTALK BLOG<\/title>\n<meta name=\"description\" content=\"The Nigeria Banking Industry is very vibrant and presents profitable investment opportunities for investment. 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Since the Central Bank of Nigeria (CBN) introduced the Agent Banking Regulatory Framework in 2013, the industry has\u2026","rel":"","context":"In "Business Ideas"","block_context":{"text":"Business Ideas","link":"https:\/\/kobotalk.com\/BLOG\/category\/business-ideas\/"},"img":{"alt_text":"","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/02\/IMG_20220605_1449033.jpg?fit=924%2C629&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/02\/IMG_20220605_1449033.jpg?fit=924%2C629&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/02\/IMG_20220605_1449033.jpg?fit=924%2C629&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2019\/02\/IMG_20220605_1449033.jpg?fit=924%2C629&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":5165,"url":"https:\/\/kobotalk.com\/BLOG\/payment-service-banks-psbs-in-nigeria-an-overview\/","url_meta":{"origin":2005,"position":2},"title":"Payment Service Banks (PSBs) in Nigeria: An Overview","author":"Buchi","date":"September 9, 2024","format":false,"excerpt":"Are you one of those who want to know a thing or two about payment service banks or PSBs?\u00a0 In this article, you will learn what PSBs are, their purpose, their services, and the key players currently operating in Nigeria. The introduction of Payment Service Banks in Nigeria in 2018\u2026","rel":"","context":"In "Money Talk"","block_context":{"text":"Money Talk","link":"https:\/\/kobotalk.com\/BLOG\/category\/money-talk\/"},"img":{"alt_text":"","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2024\/09\/Payment-Service-Banks.jpg?fit=300%2C200&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":5118,"url":"https:\/\/kobotalk.com\/BLOG\/online-banking-what-you-should-know\/","url_meta":{"origin":2005,"position":3},"title":"Online Banking: What You Should Know","author":"Buchi","date":"July 15, 2024","format":false,"excerpt":"What is Online Banking? It is the use of the internet to deliver banking services to customers.\u00a0 Online banking is also known as internet banking, e-banking, electronic banking, virtual banking, or digital banking.\u00a0 Common channels through which banks offer online banking include web portals, websites, and mobile apps. Beyond traditional\u2026","rel":"","context":"In "Business Ideas"","block_context":{"text":"Business Ideas","link":"https:\/\/kobotalk.com\/BLOG\/category\/business-ideas\/"},"img":{"alt_text":"online banks in Nigeria","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2024\/07\/online-banking.jpg?fit=900%2C600&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2024\/07\/online-banking.jpg?fit=900%2C600&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2024\/07\/online-banking.jpg?fit=900%2C600&ssl=1&resize=525%2C300 1.5x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2024\/07\/online-banking.jpg?fit=900%2C600&ssl=1&resize=700%2C400 2x"},"classes":[]},{"id":2689,"url":"https:\/\/kobotalk.com\/BLOG\/side-income-for-bank-workers\/","url_meta":{"origin":2005,"position":4},"title":"Side Income Ideas for Professionals in Financial Services","author":"Buchi","date":"October 15, 2020","format":false,"excerpt":"In this post I highlight those side income ideas\u00a0 suitable for people employed in the banking and finance industry.\u00a0 \u00a0I am talking about professionals and non-professionals who work in banks, investment firms, insurance companies and finance companies similar organizations. 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They send money\u2026","rel":"","context":"In "Money Talk"","block_context":{"text":"Money Talk","link":"https:\/\/kobotalk.com\/BLOG\/category\/money-talk\/"},"img":{"alt_text":"send money to Nigeria","src":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/07\/Money-transfer.jpg?fit=682%2C384&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/07\/Money-transfer.jpg?fit=682%2C384&ssl=1&resize=350%2C200 1x, https:\/\/cdn.shortpixel.ai\/spai\/q_lossy+ret_img+to_webp\/i0.wp.com\/kobotalk.com\/BLOG\/wp-content\/uploads\/2022\/07\/Money-transfer.jpg?fit=682%2C384&ssl=1&resize=525%2C300 1.5x"},"classes":[]}],"jetpack_shortlink":"https:\/\/wp.me\/p96205-wl","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/posts\/2005","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/comments?post=2005"}],"version-history":[{"count":2,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/posts\/2005\/revisions"}],"predecessor-version":[{"id":5550,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/posts\/2005\/revisions\/5550"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/media\/2020"}],"wp:attachment":[{"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/media?parent=2005"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/categories?post=2005"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/kobotalk.com\/BLOG\/wp-json\/wp\/v2\/tags?post=2005"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}