Titan Trust Bank Limited, Globus Bank Limited and Taj Bank Limited are the three new Financial Institutions that have recently secured Central Bank of Nigeria (CBN) license to operate in Nigeria.
This was confirmed on CBN website where the three banks has been updated as financial institutions licensed to operate in the country. Titan Trust and Globus Banks are to operate as commercial banks while Taj Bank Limited is to operate as a Non-Interest bank
The development brings to twenty three, the total number of commercial banks operating in the country while Non-interest banks are now two.
Titan Trust Bank Limited was established in December 2018 and started operations in April 2019 as a Commercial Bank with National Banking license, to operate as a commercial bank with national authorization.
Titan Trust Bank’s National banking license is the first National Banking license that the CBN has granted in the last ten years. And the bank said it was formed “to take advantage of the identified gaps in the banking sector and address the unmet needs of the retail mass market, SMEs and corporates”
A former governor of the CBN, Mr. Tunde Lemo is the chairman of Titan Trust Bank while Mr. Mudassir Amray is Managing Director and Chief Executive Officer (MD/CEO).
Globus bank limited obtained a regional banking license and began operations on May, 2019. While details about the structures and ownership of Globus Bank Limited is still sketchy for now, a former Executive director of Zenith bank and Access bank Mr. Elias Igbinakenzua is believed to be the promoter of Globus Bank.
There are no information yet on Taj Bank Limited. their office is however seen to be located in Abuja.
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