Early 1990s, the Nigerian banking industry (NBI) comprised majorly of these four banks:

  • Union Bank,
  • First Bank,
  • UBA Bank
  • Afribank.

The Nigerian banking industry (NBI) has undergone many changes. One of which is the banking reform of 2004 which focused on bank consolidation through the mechanism of merger and acquisition. One of the effects of this is the rebasing of commercial banks from ₦2 billion to ₦25 billion.

This means that banks had to have an initial capital of ₦25 billion before it can begin operations. At the time, there were 89 existing commercial banks in the country and then the numbers dropped to 25. This article brings you the newest banks in the Nigerian banking industry and their histories.

Read more via https://naijafuturesng.com/10-newest-banks-in-nigeria-2020/