Keystone Bank Reacts to Alleged Plans by CBN to Revoke Its Operating Licence
- Keystone Bank has debunked rumours that the Central Bank of Nigeria plans to revoke its operating licence
- The bank clarified in a statement that its retail banking operations remain solid and resilient
- The bank’s CEO said the claims were fake news as the bank remains vibrant amid accolades by KPMG
Legit.ng’s Pascal Oparada has reported on tech, energy, stocks, investment and the economy for over a decade.
One of Nigeria’s commercial banks, Keystone Bank, has reacted to reports of an alleged plan by the Central Bank of Nigeria to withdraw its operating license.
The bank said that the apex bank has no such plans and is still as solid as ever.
Source: Getty Images
Report of licence revocation is fake news
The bank's chief executive officer, Hassan Imam, said on Tuesday, October 22, 2024, that the clarification became necessary due to the spread of fake news on instant messaging platforms such as WhatsApp and other social media platforms.
The CBN disclosed in June that there were no plans to revoke the licences of Unity, Polaris, or Keystone banks.
Online reports claimed that the financial institutions’ regulator would halt the operating licences of the three banks after revoking Heritage Bank’s licence.
Keystone bank flaunts award
TheCable reports that the Keystone Bank boss said the bank’s retail services remain resilient. The bank maintained second place in the banking industry and was recognised as the Retail Bank of the Year in KPMG’s 2023 report.
CBN stresses banks’ resilience
According to the statement, the bank’s retail banking services have also been recognised in the industry and emerged as the Retail Bank of the Year at the Africa Industrial and Development Conference and Awards 2024.
Imam disclosed that CBN's recent appointment of a board of directors comprising experienced bankers and professionals from various fields has boosted its governance structure.
Considering concerns about banks’ downtime, the statement further strengthens depositors’ belief and trust in the Nigerian banking sector, which CBN said remains solid.
FG secures funding to establish new bank
Legit.ng earlier reported that the Africa Development Bank (AfDB) has approved $100 million to establish a new youth bank in Nigeria.
AfDB President Akinwunmi Adesina disclosed this on Friday, October 18, 2024, while delivering a keynote address at a public lecture to celebrate the 90th birthday of Nigeria’s former Head of State, Yakubu Gowon.
Adesina disclosed that the new bank would support youth businesses in the country.
Proofread by Kola Muhammed, journalist and copyeditor at Legit.ng
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