How much does it cost to start a bank in Nigeria?

Deposit of minimum capital requirement for commercial banks in Nigeria (25 billion Naira) with the Central Bank of Nigeria on the application, with evidence of deposit by each shareholder. Bank Examiners would subsequently verify the source of capital contribution by each shareholder/ subscriber.

How much will it cost to start a bank?

Banks generally need between $12 to $20 million in starting capital. If you start a local community bank, you might be able to raise that money locally. Otherwise, you may have to solicit investors. Once the capital is raised, you must apply to regulatory agencies.

How much is a banking license in Nigeria?

REQUIREMENTS FOR GRANT OF FINAL LICENCE – Non-refundable licensing fee of N5,000,000 in bank draft payable to CBN.

Can one person own a bank in Nigeria?

Now there are two ways you can own a bank in Nigeria; You can either decide to buy a controlling stake in an already existing bank, whether a publicly quoted bank or a private owned bank; or. To start your own bank from scratch and build it according to your own plans.

How much money do I need to buy a bank?

First, buying a bank is similar to buying any company. You invest in the stock or buy the assets and become owners. Today, the required investment can be as high as $50 million — but a group of investors can pool their money to get there.

How do bank earn money?

Banks also earn money from interest they earn by lending out money to other clients. The funds they lend comes from customer deposits. However, the interest rate paid by the bank on the money they borrow is less than the rate charged on the money they lend.

How can I get CBN Licence?

These are the capital requirements to become a Super Agent Licence

1. N50,000,000.00 (shareholders’ funds unimpaired by losses)
2. Preceding 3-years audited financial statements of the company (If applicable)
3. Escrow of refundable N50m into CBN PSP Share Capital Deposit Account No. 1000014009.