What is Universal Banking?

Answer 1

it generally refers to the combination of commercial banking and investment banking.it is a supermarket for both wholesaler n retailer financial services as it offers awide range of financial servics

The business of receiving deposits on current, savings or other accounts;

paying or collecting cheques drawn or paid in by customers; provision of

finance, consultancy and advisory services relating to corporate and

investment matters; making or managing investment on behalf of any

person; and the provision of insurance marketing services and capital market business or such other services as the Governor of the Central Bank of Nigeria, may, by gazette, designate as banking business.

Under this concept banks are free to choose which activity or activities to undertake (money or capital market activities or insurance marketing services or a combination thereof) and are expected to comply with the guidelines specified for such activity or activities. Consequently, a bank will be regulated based on the type of activities it engages in. In view of the above, a single uniform licence will be issued to all conventional banks desirous of practising Universal Banking without delineation as to 'commercial' or 'merchant', after returning the old licence to the Central Bank for cancellation. Non-conventional banks like the development and other specialised institutions shall continue to perform their specialised roles.