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.
Plus234Feed summary based on reporting from Legit NG. Read the original report below.
Read full article
Continue on Legit NG
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
CBN Grants Apices Finance License to Boost Credit Access in Nigeria
FHA Mortgage Bank Disburses N27 Billion to Nigerians, Plans National Expansion
Nigerian Banks Update Loan Rates Post CBN's MPR Cut for Economic Recovery
CBN Targets $1 Billion Diaspora Reserves by 2026 - Zenith, Access, Fidelity Lead Efforts
Nigerian Banks Update Lending Rates Amid CBN Policy Changes
Advancly MfB will deepen financial access – CEO
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
