CBN extends operations of regional banks to 3 geo-political zones -

The Central bank of Nigeria (CBN) on Friday extended the operations of all banks with regional authorisation to three geo-political zones from two geo-political zones of the federation.

The move according to the regulator is in furtherance of its objective to promote financial inclusion in the country.

In a circular dated June 26, 2020 and signed by Kevin Amugo, director, financial policy and regulation department, the compliance timeline to establish operational footprint at the advised zone shall not exceed six months from the issuance of the regulatory advice to each regional bank by the CBN.

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The circular reads: “effective the date of this circular, all banks with regional authorisation 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 geo-political zones of the federation. The essence is to promote spread and balance of regional banks across the country”.

Commercial banking license with regional authorisation include Globus Bank Limited, Suntrust Bank Nigeria Limited and Providus Bank Pl. Non-interestbanking lisence with regional authorisation is Taj bBank Limited.

Hope Moses-Ashike

Hope Moses-Ashike is an Associate Editor, Banking and Finance, with more than a decade of experience reporting on Nigeria’s financial system and broader economy. She closely tracks market movements, monetary policy decisions, company disclosures, regulatory actions, economic indicators, and global developments, and interprets what they mean for businesses, investors, policymakers, and households. Her reporting helps readers understand complex issues such as inflation trends, foreign exchange market dynamics, interest rate decisions, bank performance, and investment risks. She also covers major international events and periodically travels to Washington, D.C., to report on the World Bank/IMF Spring and Annual Meetings. Her dedication to financial journalism has earned her multiple recognitions and invitations to high-level professional development programmes. She is an alumna of the International Visitors Leadership Programme (IVLP) in the United States and holds an Advanced Financial Journalism Certificate from the Press Association Training in London, UK. Her other notable achievements include completing the Lagos Business School CMC Programme, the Bloomberg Media Africa Initiative Programme, and a Master Class in Journalism at Rhodes University in South Africa.