CBN Grants FMBN Commercial Banking License to Compete with Access Bank and Zenith Bank

The Central Bank of Nigeria (CBN) has granted a new commercial banking license to the Federal Mortgage Bank of Nigeria (FMBN), allowing it to compete with established giants like Access Bank and Zenith Bank. The FMBN, known for mortgage financing, will now offer mainstream commercial banking services starting in 2026.

The FMBN's managing director, Haayatudeen, emphasized the bank's commitment to supporting Nigerians in accessing affordable housing and financial empowerment. Despite receiving funding from the Federation Account for 20 years, the FMBN has remained stable and innovative.

The bank is preparing to expand its state offices across Nigeria, with its new head office complex located in Gwarimpa, the largest housing estate in Nigeria.