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Friday,
July 03, 2020 / 11:39 AM / By CBN / Header Image Credit: Premium Times Nigeria
The Central Bank of Nigeria, pursuant to Section 8 (g)
of the CBN Scope, Conditions & Minimum Standards for Commercial Banks
Regulations No. [1] 2010 as revised on September 4, 2019; and in furtherance of
its objective to Promote financial inclusion, hereby prescribes additional
requirements for licensed regional banks (Commercial and non-interest).
Effective the date of this Circular, all banks with
regional authorization shall be required to operate from one additional
geo-political zone as may be prescribed for each institution by the CBN,
without prejudice to the existing requirement of minimum of two (2)
geo-political zones of the federation. The essence ts to promote spread and
balance of regional banks across the country.
The Compliance timeline to establish operational
footprint at the advised zone shall not exceed six (6) months from the issuance
of the regulatory advice to each regional bank by the CBN.
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