2 new banks approved

Two new banks have been granted licence to operate in the country. The new banks are Trans-International Bank owned by Oyo State government and a private-owned Country Merchant Bank.
The new banks are to join the existing 50 commercial and merchant banks in the country.
Financial sources disclosed that the two new banks have been granted licences by the authorities but are yet to take off.
The entry of the two banks brings the total number of banks licenced this year to 12.
Those licenced this year include four merchant banks made up of Financial Merchant Bank, Nigbel Merchant Bank, First Interstate Merchant Bank and Abacus Merchant Bank.
The commercial banks licenced this year include Lion Bank, Premier Bank, Trade Bank, Gateway Bank, Eko Interntional Bank and Orient Bank.
CBN sources disclosed that several other applications for licences are still pending as they are being scrutising.
The licensing of new banks is being welcomed as a healthy development to the economy since Nigeria is grossly under bank when compared to developed and some developing countries.
There are about 200,000 Nigerians to one branch bank whereas there are about 25,000 persons to one bank in places like India and other developing countries statistics have revealed.
It also hoped that some of the banks are state owned that will encourage rural banking.