Regulatory Alerts2020-06-29 | FPR/DIR/GEN/CIR/07/057CIRCULAR ON THE EXPANSION OF THE SCOPE OF REGIONAL BANKS IN NIGERIA
The Central Bank of Nigeria is expanding the scope of regional banks to promote financial inclusion. All banks with regional authorization must now operate in one additional geopolitical zone, bringing the total to a minimum of two zones. The compliance timeline for banks to establish a presence in the advised zone is six months from the regulatory advice issuance.
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09 - 46237401 E-mail:fprd@cbn.gov.ng CENTRAL BI Financial Policy and Regulation Departmer Central Business District P.M.B. 0187 Garki, Abuja.
FPR/DIR/GEN/CIR/07/057 June 26, 2020 CIRCULAR TO ALL REGIONAL BANKS EXPANSION OF THE SCOPE OF REGIONAL BANKS IN 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) geopolitical zones of the federation. The essence is 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.
Please be guided accordingly.
KEVIN N. AMUGO, FINANCIAL POLICY AND REGULATION DEPARTMENT