According to a statement by First Bank Holdings on Monday, the capital raise can be issued via a public offering, private placement or rights issue in the Nigerian or international capital markets or a combination of the listed methods. 

The move to shore up additional capital can be attributed to a directive by the banking regulator to all banks— commercial, merchant and non-interest banks—to increase their minimum capital requirements within 24 months, to enhance the stability of the financial system. 

Commercial banks with international spread will increase their capital by as much ₦500 billion to be licensed to operate in the country. While national and regional banks will raise ₦200 billion and ₦50 billion respectively. 

Many banks have recently had to consider raising additional capital to meet the CBN requirements, especially with a deadline at the end of April 2024 looming on their backs. Access Holdings, the parent company of Nigeria’s biggest bank by assets, previously planned to raise as much as ₦365 billion ($257 million) by selling shares to existing investors. Investors believe their capital raise is in response to this directed by the apex bank.

The affected banks committed various breaches of the foreign exchange market regulations, including submitting fraudulent documentation in their forex operations, the apex bank said in a statement on Monday. 

In a statement issued on Tuesday, Guaranty Trust Bank said it is “actively collaborating with the Bank of Ghana to swiftly address the trade-related issues leading to the suspension.” The bank also reassured customers that all other business operations remained unaffected as the suspension was limited to its foreign exchange segment. 

The suspension is in line with Section 11 (2) of the Foreign Exchange Act 2006,  which gives the Bank of Ghana the power to suspend a license for a period instead of revoking it. 

The Bank of Ghana said in a statement that it would restore the banks’ licenses after one month if it is satisfied that the banks “put in place effective controls” to ensure strict adherence to regulations. The apex bank also warned other financial institutions and called for strict adherence to forex market regulations and guidelines. 

Last week, the Central Bank of Nigeria revoked the license of more than 4,000 Bureau De Change operators (BDCs) for failing to pay necessary fees, render returns or comply with anti-money laundering and terrorism financing regulations. 

At the end of Tuesday, the banking index gained 8.2% or ₦6.1 trillion, welcoming the trio of Access Bank, UBA and First Bank to the trillion naira club, joining old timers like GTCO and Zenith that closed trading at a market cap of ₦1.42 trillion and ₦1.49 trillion respectively. 

The three new bank stocks all appreciated an average of 10% to attain their new status this week. Some analysts have previously expressed worries the NGX has been primarily driven by seven trillion naira firms, which represent 66% of the market capitalization of the NGX. Some of those fears may abate now that more banking stocks have attained the trillion naira mark.

Nigeria’s stock market is riding a new wave like never before, giving credence to tech startups to consider listing their stocks on the market. The All Share Index, a metric that tracks the movement of share prices on an exchange, hit a 7-month high of 83,191.84 at the end of yesterday’s trading, leaving more to be desired as trading could close today at another all-time high. 

Yet, other analysts warned that the bullish trend of the stock exchange will not last forever, predicting a possible dip later this month.  “Investors may begin to take profit towards the later part of the month,” Oyekanmi warned. Investors may want to take their chances as trading commences today. In 2024 alone, the NGX has grown by 11.26%, as it looks to surpass last year’s growth of 45.90%.

Emefiele delivered the hammer in twenty minutes. Not via tweet or a memo (those are for fintechs) but on live television.

In his role as Governor of the Central Bank of Nigeria, Emefiele gets a lot of flak. 

His off-the-cuff justifications of money printing give him away as a partisan bureaucrat leading a body that should be politically independent. He’s been accused of turning the CBN into a distracted (and dictatorial) jack of all trades. What he said about cryptocurrency – “it is created out of thin air” – continues to confound.

But on Thursday Night Live, Emefiele earned his April salary with his scripted performance. He added another example to a developing tradition of CBN Governors taking the nuclear option against leadership at Nigerian banks, when foul play morphs into potentially explosive rots.

Oceanic, Intercontinental and the Class of 2009

If we go back only 12 years, there was the sack of MD/CEOs and executive directors of five banks on one August evening. Governor Sanusi Lamido Sanusi was the executioner. 

The CEOs’ offence? ₦1.1 trillion in bad loans, at least. 

Union Bank is the only surviving member of that infamous Class of 2009. Afribank, Finbank, Intercontinental Bank and Oceanic Bank are now footnotes in banking and finance textbooks. 

Like Emefiele, Governor Sanusi invited journalists for the momentous dethronement. While Emefiele reinstated the hastily-retired Adesola Adeduntan to the First Bank CEO-ship, Sanusi hired five new leaders to replace the CEOs he fired. 

Sanusi was flanked at his Lagos press conference by his CBN deputies. Emefiele was a lone hitman in Abuja, perhaps due to COVID-19 restrictions.

Can a CBN Governor really fire bank MDs? A court decided this in 2010 when an ousted Wema Bank boss (who tried to retake his office with the help of armed policemen) sued Chukwuma Soludo, the CBN Governor before Sanusi. Jeremiah Omoyeni, the MD in question, argued that firing him was “not in the best interest of the public.”

The Federal High Court in Abuja dismissed Omoyeni by relying on Sections 32 and 33 of the Banks and Other Financial Institutions Act (BOFIA) 1991 as amended. The revised BOFIA of 2020 further empowers the CBN to take such actions, including against entire board members whether they be kings or princes. 

No wonder Emefiele was decisive on Thursday, donning his typical green tie with patriotic pride. But this wasn’t his first time executing this aspect of his powers.

This Skye is the limit

On July 4, 2016, the CBN fired Skye Bank’s management team and board. 

Emefiele announced the dismissal himself, citing Skye Bank’s inability to meet requirements for capital adequacy ratio (CAR) – a measure of how much capital banks have to protect customers’ deposits. Skye Bank is now the significantly less popular but stable Polaris Bank.

Which brings us back to First Bank, established in 1894 and one of Nigeria’s top five banks by metrics that matter; assets, deposits, customer base, revenue, credit and branch footprint. It is “systemically important” to Nigeria’s financial system but is it significantly in good shape?

In his Thursday address, Emefiele admitted something; banks don’t really have to call the CBN in before choosing their leaders. Here are his words:

“Ordinarily, the board of a bank is vested with the authority to make changes in the management team subject to the Central Bank of Nigeria’s approval. After such changes, the board applies to the CBN for approval and no-objection.”

“However…” and this is the catch; the above applies to banks that are in a regular state of health. First Bank, as Emefiele explained and financial reports show, has been sickly and under close watch since 2016.

“…the CBN considers itself a key stakeholder in management changes involving First Bank of Nigeria due to the forbearances and close monitoring by the bank over the last five years, aimed at stemming the slide [and] growing concern [over] the status of First Bank.”

And so when First Bank removed and replaced a CEO within a week, it inevitably raised eyebrows. 

Banks typically announce such seismic moves months ahead, followed by a detailed dance of succession engagements. 

To flip the executive switch in days is dodgy enough; doing it while under intensive care and without the resident doctor’s say-so? Juvenile.

It’s not a perfect 10

Thursday’s events give the impression that the CBN is committed to enforcing the code of corporate governance revised for banks in 2017:

“We have the Code of Corporate Governance and Code for Bank Directors. You sign these codes before you become a director.” 

“It is part of the employment terms. One of the things in these codes is that if you are having a non-performing loan, it is a ground to remove you from being a director.”

We now know that Oba Otudeko, Chairman of First Bank of Nigeria Holdings, has a bad bill of insider loans to clear. But it is possible that the CBN would not have punished him or any director this week.

Towards the end of his press conference, Emefiele said he repeatedly called Otudeko on the phone, asking him not to remove Adeduntan (whose first five-year tenure as CEO expires December 31, 2021) without the CBN’s involvement. Otudeko did not budge, convincing the board to proceed. 

As such, this week’s sensational dismissal is partly the result of a clash of personalities. It is not fully a strict adherence to sacred statutes or non-negotiable tradition. By his own admission, Emefiele took action because a regulatory line was crossed but also because he was crossed.

But he took action. For a day, his office took itself seriously and fulfilled a responsibility in the public interest.

The announcement comes on the heels of the CBN’s ultimatum to First Bank to call in a credit facility extended to Honeywell Flour Mills, as reported by TechCabal earlier today.

While there has been no official statement naming exactly who was sacked, here’s the composition of the board of First Bank of Nigeria: The Executive director, corporate banking, Remi Oni, Executive director/Public sector group, Abdullahi Ibrahim, Deputy Managing director, Olugbenga Francis Shobo, and the Chairman of the board, Ibukun Awosika.

As at the time of this article, we understand that U.K Eke, the group MD of FBN holdings will retain his position so at first glance, it appears that some of the firing is selective.

Nevertheless, one of the important points in the CBN’s announcement this evening is the return of Dr. Sola Adedutan as the MD/CEO of FirstBank of Nigeria. Yesterday, the board of First Bank had announced Adedutan’s retirement and appointed Gbenga Shobo in his place.

The CBN had also warned FirstBank in a separate memo that Adedutan’s removal was improper because his tenure had not elapsed. The Apex Bank also said that it received no notification of the entire process.

Also, the CBN has announced a new board of directors for FirstBank.

More details soon…

In the letter seen by TechCabal dated April 26, 2021, the CBN stated, “Consequently, the company (Honeywell Flour Mills) is required to fully repay its obligations to the bank within 48 hours, failing which the CBN will take appropriate regulatory measures against the insider borrower and the bank.”

Insider lending is when a bank makes a loan to one or more of its own officers or directors.

Oba Otudeko serves as the chairman of FBN Holdings PLC, the holding company which owns First Bank. Otudeko also served as Chairman of First Bank until 2010 and is also the Chairman of the Honeywell Group. 

While insider borrowing is legal, it is subject to several regulations. One such regulation is that insiders do not get any special treatment, incentive rates, or other benefits not offered to regular bank customers.

But the CBN is alleging that First Bank gave special treatment to Honeywell Flour Mills in restructuring its loan facility.

Oba Otudeko FBN’s Shares as collateral

In the same memo seen by TechCabal, the CBN said that it has previously written to First Bank about its interests in the Honeywell Group. One big regulatory concern was Honeywell Flour Mill’s collateral for the loan facility.

According to the memo, “We further noted that in four years, the bank is yet to perfect its lien on the shares of Mr Oba Otudeko in FBN Holdco which collateralised the restructured credit facilities for Honeywell Flour Mills contrary to the conditions precedent for the restructuring of the company’s credit facility.” 

In simple terms, First Bank does not have a binding document filed with the CBN that will allow it legally claim the collateral if there’s a default on the loan.

One report from 2017 claims that the loan facility is in the region of ₦75 billion and was non-performing before a recent restructuring. Yet, the apex bank is concerned that First Bank may not have performed its due diligence in securing the collateral for the credit facility. 

The apex bank has also asked First Bank to divest its interests in Honeywell Flour Mills Group and Bharti Airtel Nigeria Ltd. Otudeko was named Chairman of Bharti Airtel Nigeria after the Group acquired Zain around 2010. 

This order to divest from the apex bank has its roots in yet another bank loan involving Ecobank, Oba Otudeko and some Airtel shares used as a collateral.

A long winding issue over Airtel shares

In 2013, a N5.5 billion loan facility given to Oba Otudeko’s Honeywell Flour Mills by Ecobank became the subject of litigation and is in fact still ongoing at the Supreme Court.

According to news reports, Otudeko’s Airtel shares were used as collateral for Honeywell’s Ecobank loan. Yet, in an interesting turn of events, those same Airtel shares as well as some Honeywell assets were also used as collateral for the credit facility from First Bank.

According to one banking insider, “In a round about way, First Bank now owns the assets pledged to Ecobank.”

“So the same asset (Honeywell and Airtel) is allegedly pledged to Ecobank and none of the banks can move in on these assets. First Bank has an equity position while Ecobank has a debt position.”

But Otudeko and Honeywell’s loan are not the only issues at First Bank this week. In a separate memo, the CBN has also taken issues with First Bank over its recent announcement of a new MD/CEO.

Shabby transition process?

On Wednesday, the Board of Directors of First Bank of Nigeria Limited said that it had appointed Gbenga Shobo as its Managing Director/Chief Executive Officer (CEO). Shobo’s appointment followed the news that the former MD/CEO, Dr Adesola Adeduntan, had retired.

But the CBN has now flagged that transition process and said it has no justification because Dr Adeduntan’s tenure has not yet run out, and there was no notification from First Bank to the CBN over the transition.

In a memo seen by TechCabal dated April 28, 2021, the CBN stated, “The attention of the Central Bank of Nigeria (CBN) has been drawn to media reports that the Board of Directors has approved the removal of the current Managing Director of the bank, Dr Sola Adeduntan, and appointed a successor to replace him. The CBN notes with concern that the action was taken without due consultation with the regulatory authorities, especially given the systemic importance of First Bank Ltd.”

However, Nairametrics quoted a source within First Bank who said that the bank “followed its corporate governance framework in its leadership change and appointed new executive directors. No Managing Director in the 127 years history of FirstBank has ever attempted a tenure extension. Why now?”

Given the pace at which the CBN reacted to these developments and demanded action on a 4-year case, one has to wonder how many more systemic infractions the regulator has overlooked and managed all this while.

“I will go [to the bank myself] because they are supposed to write to me or inform me,” Chijindu says.

At least GTBank responded to him and gave a reason. Chijindu admits that he had indeed traded cryptocurrency with the bank account. But he did not do so with his First Bank. His First Bank account officer did not respond to his call that evening.

“I am confused. Did they use my BVN to block my accounts?”

It’s a valid question; one bank verification number (BVN) can be used to connect multiple accounts belonging to the same customer. It remains to be seen whether more account holders will suffer same fate.

Where GTBank and First Bank closed Chijindu’s account without notification, at least one bank has sent account closure mails with some explanation.

In a screenshot of an email received by an Access Bank customer and seen by TechCabal, the bank said it reviewed the customer’s account activities and “observed that transactions therein have been linked to cryptocurrency trading.”

The email goes on to say “Due to the unregulated nature of Cryptocurrency trading and the further directive from the CBN, we are unable to serve as your organisation’s financial partner going forward.

We have therefore proceeded on the closure of your account and a draft will be issued to you for the equivalent sum in your account.”

Though the language of Access Bank’s email refers to this customer as an organisation, the closed account belonged to an individual, not a business.

The account closure email advised the affected customer to visit any of the lender’s branches around to request for a draft of his account balance. Chijindu was also advised to do the same by the GTBank officer he spoke to.

TechCabal sent several requests for comments to communication representatives at Access Bank and GTBank, but had gotten no reply as at the time of this report.

The accounts closure appears to be the enforcement of a new law on activities that were not illegal when they were performed. Until the CBN’s recent circular, it was okay for people to trade crypto with their bank accounts. 

CBN’s 2017 circular did not illegalize crypto transactions through Nigerian banks. Instead, it advised banks to be alert to any dangers that may be inherent in facilitating crypto transactions.

In response to the order, crypto exchanges have mostly moved their funds from Nigerian commercial banks. 

While the CBN’s main reason is that cryptocurrency trades grant anonymity to people who may have malicious or fraudulent intentions, some observers have pointed out that most crypto exchanges do in fact have Know Your Customer procedures aimed at discouraging fraud.

However, banks like Access and GTB presumably feel pressed to start enforcing the CBN’s recent policy as a directive to close all crypto-related accounts.

One of Nigeria’s top five banks, Access Bank operates in 12 countries and is planning an expansion to 8 African countries: Morocco, Algeria, Egypt, Ivory Coast, Senegal, Angola, Namibia and Ethiopia. 

GTBank is adopting a holding company structure, to consolidate its banking gains and accelerate growth in payments. A billion-dollar IPO is on CEO Segun Agbaje’s roadmap. The bank has typically positioned itself to appeal to Nigeria’s younger population, especially people in tertiary institutions and at the early stages of their careers. 

That campaign enticed people like Bolu* who has been a GTBank customer since she was a university student 6 years ago.

When she noticed that her account was closed, she called her account officer to find out how to reopen it and was told to write a letter promising to no longer trade cryptocurrencies. She has written the letter and will probably continue banking with them because she “really likes GTB” and it’s “just easier” than opening a new bank account elsewhere.

But Chijindu, a 30-year old business development manager, is not impressed by this account closure experience and will not be banking with GTBank again. 

The loss of one customer will probably not affect the bank but with many young Nigerians trading or having traded cryptocurrency, it is expected that more accounts will be closed. Then, the bank may just have a sizable problem on their hands.

Edwin Madu contributed to this report. *Name changed to protect identity.  

—

At 7:03pm on Tuesday, Zenith Bank put out a short statement on its official Twitter account.

The Nigerian bank confirmed that as a customer you have “unfettered access to your domiciliary account balances for withdrawal or transfer purposes in line with existing regulatory guidelines.”

Earlier that day, there were reports that a memo from the Central Bank of Nigeria (CBN) contained new rules for how domiciliary account holders fund and withdraw from their accounts. Screenshots spread quickly from Twitter to WhatsApp groups, sparking anxiety that the CBN would be seizing dollars from accounts and forcibly converting them to naira.

This isn’t the first time in 2020 where communication on domiciliary accounts causes mass apprehension. In February, the CBN had to clarify that it had not prohibited banks from accepting foreign currency cash deposits. 

But then it stated that “Only electronic fund transfers into domiciliary accounts can be transferred from such accounts while cash deposits into such accounts can only be withdrawn in cash also.”

Keeping track of Nigeria’s stance on domiciliary accounts can be a dizzying affair. The CBN refers everyone who wishes to understand how ordinary domiciliary accounts work in Nigeria to the provisions of the CBN Foreign Exchange Manual Memorandum 25. 

That document isn’t available on the internet. But after gleaning from multiple sources and speaking to bank staff, here’s what I think you should know about the status of domiciliary accounts in Nigeria and how they differ from the foreign exchange features provided by fintech apps.

Solving a need

A domiciliary account is for any individual or corporate body that receives or makes payments in foreign currencies. Nigerian banks offer varying features but the central functionality is having a store for money denominated in dollars, pounds and euros.

You may be in a business that requires regular dollar payments to a supplier outside Nigeria. To avoid frequent conversions from a naira account every time a payment needs to be made, a domiciliary account is a steady base for such operations.

Domiciliary accounts can be savings or current accounts. According to the CBN’s January 2020 guidelines on bank charges, either mode is eligible to receive interests but there are no fixed rates. CBN places a 0.05% or $10 (whichever is lower) benchmark for commissions on withdrawals from domiciliary accounts.

But on scouring through their websites, banks vary in the charges they impose on these accounts. For example, First Bank’s domiciliary account brands are differentiated both by the minimum opening balance required for each and the withdrawal charges.

For their ‘FirstDom Plus’ account, which requires a minimum of $5000 (same among for euros or pounds), there are no charges on withdrawals. However, the lower-tier ‘Domiciliary account’ requires a minimum of $500 and a 1% charge when withdrawing cash inflows.

Most banks offering domiciliary accounts issue debit cards denominated in foreign currencies. The CBN sets a $10 charge per annum as maintenance fee.

These cards cannot be used in Nigerian naira-denominated ATMs. The cards are mostly useful for travellers who, while abroad, can visit cash dispensing machines denominated in the relevant currency and withdraw according to their needs. They wouldn’t need to buy dollars with their naira, a transaction that can often be costly when exchange rates are high as is currently the case.

While in Nigeria, withdrawals in dollars (or other foreign currency) can only be done over the counter. Other than the lack of access to ATMs, domiciliary accounts operate almost like regular naira accounts with respect to deposits and transfers. 

Like regular bank accounts, some functions normally carried out by foreign currency accounts have started appearing on fintech apps. In the realms of payments, savings and investing, fintechs have created features that question the continued relevance of domiciliary accounts.

The rise of virtual dollar accounts

ALAT, the digital bank created by Wema bank, introduced a virtual dollar card in February 2018. It features a 16-digit card number, cardholder’s name, 3-digit CVV number, and expiration date. 

Being non-physical, it is only accessible on the ALAT app. It is funded by converting naira in the user’s account at bank rate. Dollar-to-naira conversions are just as straightforward.

A year later, Flutterwave partnered with VISA to create Barter virtual dollar cards. Users sign up for an account online and are able to pay for subscriptions on services like Netflix, Amazon, and Spotify. 

By attaching their card details to the Barter app profile, Visa cardholders can make payments within the app. Essentially, any platforms that support VISA cards also support Barter Virtual dollar cards.

Wallets and Eyowo (operated by Softcom) have rolled out their virtual dollar products. Consumer appetite for easy banking with a regular Nigerian consciousness about naira devaluation has encouraged fintechs to channel their energies into these dollar features. And it’s not just in payments.

In August 2019, Cowrywise introduced dollar investments. Two months later, Piggyvest turned on both dollar savings and investment features to help users preserve and grow the value of their savings (at an interest rate of up to 5% per annum). Within this period, at least three micro-investing apps for stocks and bonds in foreign currencies began gaining traction.

Fintechs pitch their dollar features as more accessible alternatives to bank accounts. For example, Piggyvest frames the Flex Dollar as more convenient for users to get started with, compared to domiciliary accounts which require high minimum opening balances.

Banks retain the upper hand

But these virtual foreign currency features are early-stage developments in Nigeria’s financial system. 

Despite the attention they attract online for their trendiness and suitability to young users, they are a long way from making a dent on the hegemony of domiciliary accounts operated by commercial banks. Think about the Nigerian man in the US building a house back home; domiciliary accounts are still his way of sending dollars regularly to his Nigerian-resident sibling overseeing the project.

Not only do domiciliary accounts facilitate online payments, the physical cards issued by banks remain at an advantage especially for travellers. When shopping at a location with a POS, it is very convenient to whip out a card and slot through a machine.

Banks are also superior, at least for now,  in terms of transfers to and from accounts. Piggyvest and Cowrywise disable transfers to any accounts other than the one registered to the user’s app. 

We might well see increased competition in this space soon, especially if the CBN and banks fail to nail down their communication with users. At the time of this writing, the CBN has yet to respond to the reports (either on Twitter or its website) and only Zenith Bank has put out a reassuring statement on the matter.

Responsive communication has been fintechs’ hope of eating into the financial services industry and occasions like this will give them confidence.

Uber Nigeria announced today that it is partnering with First Bank of Nigeria to offer low-interest, used-vehicle loans to its top-rated driver-partners.

With this new initiative, Uber driver-partners with good performance records will be able to access used-car financing from First Bank at an interest rate of 20% per annum over a 24-month payment period.

Uber is making this move in continuation of its stated commitment to constantly developing partnerships that benefit its driver-partners. Alternative offers for used-vehicle finance on the Uber Vehicle Solutions Programme are also available but will attract 22% per annum with a maximum payment term of 36 months.

Uber Nigeria General Manager, Ebi Atawodi says, “We are absolutely committed to making it as easy as possible for our driver-partners to start and maintain their own successful and profitable businesses and these used vehicle finance options make it possible for those with a demonstrable performance commitment to build sustainable businesses without incurring the high costs often associated with new vehicle purchases.”

L – R: Adebimpe Ihekuna, Head Banking Products, FirstBank; Gbenga Shobo, Deputy Managing Director, FirstBank; Ebi Atawodi, General Manager, Uber Nigeria; and Babatunde Lasaki, Head Media and External Relations, FirstBank

According to Bloomberg, First Bank will offer qualified driver-partners loans of up to N2.5 million out of its N10 billion auto-credit facility. First Bank of Nigeria (FBN) Insurance, a unit of FBN Holdings Plc, will also offer the driver-partners comprehensive insurance cover at favourable premium.

Uber driver-partners will be able to apply for the loan based on their driver performance records. They will need to be able to demonstrate an average driver performance rating of higher than 4.5 and have earned more than N2.4million in the preceding 6 months.

The MD/CEO of First Bank Nigeria, Adesola Adeduntan said the move is in keeping with the Bank’s commitment to supporting entrepreneurs to build sustainable businesses which are pivotal in stimulating economic development.

In his words, “It remains our business to foster the growth and development of small and medium scale businesses in Nigeria as the No1 SME Bank. This is the reason why we have partnered with Uber by empowering operators to own vehicles and build profitable businesses.”

These offerings are an addition to Uber’s existing range of innovative business-building solutions. An example is Uber Marketplace, a one-stop shop designed to help new and existing driver-partners finance and purchase vehicles offering special discounts and offers. Uber Momentum Partner Rewards Programme is another offering that delivers localised discounts, preferential deals and rewards exclusively to driver-partners and small business owners.

Get ready for more “Aunty, can I get five stars?”

Banking has evolved interestingly since the days bank patrons had to pick a place number when they visit banking halls because of human traffic. They would spend hours waiting their turn to meet the teller or whoever would attend the affair that brought them into the banking hall in the first place.

Human traffic began to ebb inside banking halls with the introduction of automatic teller machines (ATM) and introduction of mobile banking applications that allow Bank patrons run basic transactions without seeing the brick and mortar have only sent this back-snapping and sweat-pooling time further down our banking history.

Nigerian commercial banks have seen the good in this and are catching on. Here is a list of 19 that have mobile banking apps out of the 21 commercial banks in Nigeria.

Access Bank

Diamond Bank

Ecobank Nigeria

Enterprise Bank

First City Monument Bank

Fidelity Bank Plc

First Bank of Nigeria

Guaranty Trust Bank

Heritage Bank

Keystone Bank

Mainstreet Bank

Skye Bank Plc

Stanbic IBTC

Sterling Bank

UBA Plc

Union Bank

Unity Bank Plc

WEMA Bank

Zenith Bank

CitiBank Nigeria and Standard Chartered Bank do not have mobile banking apps as at the time of writing this article.

This post is brought to you in partnership with gidiapps.com, an app store that curates locally developed applications and applications Nigerians use the most. Discover great apps to use in Nigeria at Gidiapps.com.

Image: Skitterphoto Via Pixabay