I see people starting different companies or looking for different companies to invest on.
Like I have 2million, I have 10million.. looking for business to start and they be given suggestions.
But never have I see anyone wake up one morning to say he wants to open a bank.
Including millionaires
Because one can start a bank from his home and even from kiosk. Is it not to save people money and give it to them whenever they request for it and you take your 10naira or 20naira for every withdrawal.... it baffles me not to see people go through this route
I mean what's the thing to it?
Is there no money or profits?
Or is it created for some special individuals like tony elumelu ?
I need to know

Nlfpmod

The capital base to start a bank is beyond what a single individual can cough out.

With the new CBN guidelines, you will require 50B naira to set up a regional bank and 200B Naira for a national bank and if going international ever cross your mind, then be prepared to shell out 500B naira.

Tell me who can cough out such idle amount to be warehoused with CBN before you go about the acquisition of properties and staffing?

matify83:
The capital base to start a bank is beyond what a single individual can cough out.

With the new CBN guidelines, you will require 50B naira to set up a regional bank and 200B Naira for a national bank and if going international ever cross your mind, then be prepared to shell out 500B naira.

Tell me who can cough out such idle amount to be warehoused with CBN before you go about the acquisition of properties and staffing?

you answered rightly...the capital required for bank establishment is quite high....
If you want people to patronize your bank,you need to be under cbn regulations...CBN gives interest to every customers savings in bank,it's not the bank that credit you,it's CBN,while the bank takes their own percentage from whatever CBN gives as interest to your savings....that's why banks urges savings account,than current account... I stand to be corrected though..