CBN suspends deposit processing fee and lists the number of licensed banks for the account

The Central Bank of Nigeria (CBN) is waiving direct deposits with banks and financial institutions to suspend deposit processing fee until September 30, 2024.

Di Apex Bank issued an order to insiders in a circular on Dia website on Wednesday, May 8.

CBN directs financial institutions to suspend mandatory processing fees for cash deposits above N500,000 for individuals and N3,000,000 for corporate organizations.

We say that all financial institutions governed by CBN will be allowed to continue accepting cash deposits from the public free of charge until September 30, 2024

This new directive comes a day after CBN directed deposit banks to impose a 0.5% cybersecurity levy on transactions, a development that is yet to be finalized.

As of April 26, 2024, there were 43 Licensed Deposit Banks (DMBs) approved to operate in Nigeria.

According to the Central Bank of Nigeria (CBN), we will publish a list of banks on its website on Tuesday, May 8th.

Di Apex Bank categorizes these banks based on the scope of their banking license – international, national and regional – and displays the operating jurisdiction and corresponding service offering.

Deposit banks and financial institutions are licensed by the CBN to collect money (deposits) from the public and make credit (loans). They are important to the banking system because they are responsible for savings and business investment.

Seven banks for Nigeria fall under this category Commercial banking license with international approval.

These banks are authorized to operate outside the borders of Nigeria to conduct international trade and finance.

They have a large asset base and numerous branches both in Nigeria and abroad.

15 banks fall into this category. They operate nationwide but are not licensed to operate outside Nigeria.

These banks focus primarily on domestic operations and focus on regulating international finance.

Deposit banks in this category only operate in certain regions for Nigeria.

They are not suitable to operate outside the Dia region. Dia License Fit only provides financial services for Pipo’s local needs and economic activities in the DOS region.

Non-interest banks such as Jaiz Bank PLC operate on the principles of Islamic banking and are authorized to operate at the national level.

They do not carry out interest-based transactions and slide operations based on Islamic financial principles, but rather in exchange for interest on loans.