What is universal banking in nigeria?

Universal banking is a type of banking that allows a single financial institution to offer a wide range of financial services, including commercial banking, investment banking, and insurance. Universal banking is different from traditional banking, which is limited to offering only basic financial services such as checking and savings accounts, loans, and mortgages.

In Nigeria, universal banking was introduced in 2004 as a way to modernize the country's financial sector and make it more competitive. The goal of universal banking is to allow financial institutions to offer a wider range of services to their customers, thereby reducing the need for customers to use multiple banks. This is expected to lead to greater efficiency and convenience for customers, as well as increased competition among banks.

The Central Bank of Nigeria (CBN) is the regulatory body responsible for overseeing universal banking in Nigeria. The CBN has issued guidelines for the operation of universal banks, including capital requirements, risk management, and corporate governance.

Currently, there are over 10 universal banks operating in Nigeria. These include some of the largest banks in the country, such as First Bank of Nigeria, Zenith Bank, and Guaranty Trust Bank. Universal banks offer a variety of financial services, including checking and savings accounts, loans, mortgages, credit cards, investment banking services, and insurance.