The Central Bank of Nigeria has directed all regional banks in the country to expand their operations within six months.
The apex bank said this in a circular, which was signed by the Director, Financial Policy and Regulation Department, Kelvin Amugo, dated June 26, 2020.
The apex bank said the move was in furtherance of its objective to promote financial inclusion.
It said banks with regional authorisation were required to operate from one additional geo-political as it might prescribe to them.
The circular stated, “All banks with regional authorisation shall be required to operate from one additional geo-political zone as may be prescribed for each institution by the CBN, without prejudice to the existing minimum of two geo-political zones of the federation.
“The compliance timeline to establish operational footprint at the advised zone shall not exceed six months from the issuance of the regulatory advice to each regional bank by the CBN.”
The apex bank added that the move would promote the spread and balance of regional banks across Nigeria.
