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CBN To License More Banks Before 2013 - Business - Nairaland

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CBN To License More Banks Before 2013 by mukina2: 1:35am On Nov 26, 2012
THERE are strong indications that the Central Bank of Nigeria (CBN) would license more banks before the end of the year.

Director, Corporate Communications, CBN, Mr Ugochukwu Okoro-afor, who made this disclosure at a seminar organised by Finance Correspondents Association of Nigeria (FICAN), in Ijebu-Ode, Ogun State, at the weekend, said the interest of several investors, particularly foreign-based, to set up banks in the country was an indication of renewed confidence in the Nigerian economy.

He said the apex bank was currently encouraging investors to set up regional banks, stressing that the various interventions in the mortgage, discount houses, finance houses, microfinance and others were part of the financial inclusion policy

Only last week, CBN issued merchant banking licence to South Africa’s FirstRand and Nigeria’s First Securities Discount House Limited (FSDH).

The two banks, which would commence operation in the New Year, will focus on long term funding, make some assets in the economy bankable, while guarantying some international loans coming into the country.

The licensing of the two merchant banks is the first by the CBN since the regulatory distinction between merchant and commercial banking was axed 12 years ago.

The CBN spokesman maintained that Nigeria had recovered from the financial crisis and was witnessing huge inflow of foreign direct investments (FDI), adding that from South Africa alone, about N16 billion had entered the Nigerian economy.

He explained that the consistent increase in the nation’s foreign reserve, which now stands at $46 billion, coupled with the fact that Nigeria accounts for about 20 per cent of total investment coming to Africa, was a major consideration for Rand Merchant Bank’s entry into Nigerian banking space.

http://tribune.com.ng/index.php/news/51438-cbn-set-to-license-more-banks-before-2013
Re: CBN To License More Banks Before 2013 by manny4life(m): 1:49am On Nov 26, 2012
Well, issuing license to banks isn't the issue here, in as long as SLS keeps interfering rather than regulating, the financial market will be bad.

The CBN spokesman maintained that Nigeria had recovered from the financial crisis and was witnessing huge inflow of foreign direct investments (FDI), adding that from South Africa alone, about N16 billion had entered the Nigerian economy.

Nigeria hasn't recorded, STOP MISLEADING PEOPLE. SLS is bent on trying to cover his inefficiency and incapacity, his struggling to maintain the status quo, so he will achieve it at all cost. If at this time, all Nigeria can boast of is $100million (N16billion)FDI, and that's it? Compare that that to the outflows of what others are investing in other countries (Africa for instance), I think the outflow is greater than the inflow.

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Re: CBN To License More Banks Before 2013 by zangiff(m): 4:02am On Nov 26, 2012
policy day and night still the banking system sucks, why not introduce more atm terminals instead of more banks
Re: CBN To License More Banks Before 2013 by free2ryhme: 4:51am On Nov 26, 2012
set up d bank nahs ... the once wey una collapse and merge never reach
Re: CBN To License More Banks Before 2013 by ben4ever(m): 5:28am On Nov 26, 2012
i thought this man was trying to reduce the number of banks in Nigeria? Smelling smt fishy!
Re: CBN To License More Banks Before 2013 by Nobody: 5:45am On Nov 26, 2012
Please. When is this man tenure goin To expire??
Re: CBN To License More Banks Before 2013 by prost80(m): 5:51am On Nov 26, 2012
People please before jumping into conclusion, know what is happening. If you follow the banking industry SLS is doing the right thing. During Soludo's time in 2005, Nigerian banks were consolidated I.e both commercial and merchant banks were merged togther(like IBTC, investment bank and Stanbic, commercial) to follow the global trends in the US and Europe. However, the worldwide banking crisis in 2008 which led to the collapse of Lehman Brothers and other banks was as a result of commercial banks operating as Merchant Banks and risking people's saving.to make risky investment. As a result, the world started going back to the original way of Commercial banks I.e Retail banking and Merchant Banks being seperated. This is what SLS is doing now, he just issued 2 licenses to First Rand and FSDH to operate as Investment banking or merchant banking
Re: CBN To License More Banks Before 2013 by Wsdm: 6:09am On Nov 26, 2012
Ok now , it is an opportunity for the other religion to push for the type of banking that suits their religious financial transaction since the Muslims already have Jaiz Bank. At least equations will be balanced.
Re: CBN To License More Banks Before 2013 by fittty(m): 6:30am On Nov 26, 2012
Advantage= More Jobs
Disadvantage= collapsing with peoples fund
Re: CBN To License More Banks Before 2013 by asala1: 6:36am On Nov 26, 2012
manny4life:

Nigeria hasn't recorded, STOP MISLEADING PEOPLE. SLS is bent on trying to cover his inefficiency and incapacity, his struggling to maintain the status quo, so he will achieve it at all cost. If at this time, all Nigeria can boast of is $100million (N16billion)FDI, and that's it? Compare that that to the outflows of what others are investing in other countries (Africa for instance), I think the outflow is greater than the inflow.

N16billion FDI, from South Africa ALONE is what I saw. Go back and check. And STOP MISLEADING PEOPLE.
Re: CBN To License More Banks Before 2013 by stvids: 6:39am On Nov 26, 2012
let our government do what is right and stop bringing bad name to our dear country.any bank as strong and reliable like First bank is well to do.
Re: CBN To License More Banks Before 2013 by Nobody: 7:00am On Nov 26, 2012
[size=18pt] But i thought they were trying to reduce the banks ? so why do they wanna license more banks. something aint right about this oh. [/size]
Re: CBN To License More Banks Before 2013 by dnawah(m): 7:00am On Nov 26, 2012
stvids: let our government do what is right and stop bringing bad name to our dear country.any bank as strong and reliable like First bank is well to do.
yes o!but make them work on their network 1st and fill they empty ATM machines :-D
Re: CBN To License More Banks Before 2013 by Teejayphillip(m): 7:15am On Nov 26, 2012
Cbn 2 license more banks again? I SMH 4 dem..

Were dey nt d one's whu said,dey want jus only 2 Mega bank in d country,now dey wanna license sum oda ones..

Sumtimes I jus sit down n ponder Wat kinda leaders we gat.Mayb dey ® SANE or INSANE,alwayz makin foolish decisions ova9te n stupidly implementin den in a broad day lite..

Dey aint talkin or tinkin of ow inflation culd b curb or ow 2 balance d issue of Dollar n naira,all Wat we wakeup 2 ear is MUMU excuses all day...

Make dem kukuma render d whole economic system dead now.. Later d sametin dat happened in 2009/2010 wil surely repeat itsef
Re: CBN To License More Banks Before 2013 by Nobody: 7:23am On Nov 26, 2012
Really?
Re: CBN To License More Banks Before 2013 by acidtalk: 7:59am On Nov 26, 2012
Sure Jonathan one setup bank so he go dey launder money without stress.

Diezini Allison too go float her own bank.

Okonjo Iwealla sef go get to console herself in losing out in the President of worldbank.

Tompolo, Asari and Boyloaf sef go get Militant Bank to deposit all the billions jonathan dey pay them.

Association of Kidnappers Of Nigeria sef go get to enable their ransom paid into without hitch.











3years time, they will all collapse and thousands of workers will return to the labor market. Same mad circle.
Re: CBN To License More Banks Before 2013 by aglomar: 8:45am On Nov 26, 2012
I thought it was said that d fewer the better?
Re: CBN To License More Banks Before 2013 by Kx: 10:08am On Nov 26, 2012
License more banks?
Why the consolidations, M & A's in the first place?
Cant we just have consistency in our policies?
Re: CBN To License More Banks Before 2013 by Adesiji77: 10:24am On Nov 26, 2012
Take note of the expression [b]''There are strong indications....'' [/b]CBN has not outrightly said that. Tribune may just be speculating, afterall, I have read other newspapers who reported the same news and there was no mention of that except for FDSH and Rand Merchant Bank. Newspapers and their sensational headlines!
Re: CBN To License More Banks Before 2013 by 1laptopfeva(m): 7:17am On Nov 27, 2012
mobile banking is what we need just type "Reg Firstname Lastname" send to 08161232284 get N1000 instantly
Re: CBN To License More Banks Before 2013 by AkinDavid2: 5:34pm On Nov 27, 2012
The Directors are now cooperating abi Oga Sanusi..? undecided

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