Nigeria to Abolish Universal Banking Licenses
Udo, B.

The Central Bank of Nigeria (CBN) has said that it will soon stop the issuance of universal banking licenses to operators in the nation’s banking industry. According to the director of banking operations, Samuel Oni, the new banking system structure is in line with the ongoing reforms in the banking sector aimed at supporting the stability recorded so far.

Under the new arrangement, operators will be expected to apply for and get separate licenses for each model of banking operations, including commercial banking, microfinance banking, mortgage banking and investment banking. The Central Bank introduced the universal banking license scheme in 1999. Under the scheme, banks were allowed to operate in all sectors without differentiation as merchants, commercial or mortgage banks.

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