FSDH Merchant Bank
“Can a Nigerian merchant bank become a full-service financial supermarket by layering embedded/API-driven distribution on top of its wholesale banking license?”
Founded1992
HQLagos Island, Lagos, Nigeria
Total raised$50M
IndustryBank / National
The story
Founded 1992 as First Securities Discount House, Nigeria's first discount house. After the CBN revoked universal banking licenses in 2009 and restructured the industry into commercial and merchant banking categories, FSDH transitioned and was granted a merchant banking license in 2012. Today the group operates as a full financial services supermarket with subsidiaries in asset management and capital markets, offering treasury, corporate banking, health-sector finance, prestige banking, business banking, global custody, and an API sandbox for embedded finance distribution.
Last 12 months
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Product timeline
1992
Incorporated as First Securities Discount House Limited, the first discount house in Nigeria.· founding
2012
Granted Merchant Banking License by the Central Bank of Nigeria.· banking
Regulated entities
1
regulatory licence held by FSDH Merchant Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in FSDH Merchant Bank’s embedded-finance stack
Payments / PSP
Banking / BaaS
in the full report
Lending
in the full report
FX & payouts
in the full report
Investing
in the full report
Accounting gap: significant
11 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.