Greenwich Merchant Bank
“Can a Nigerian wholesale merchant bank successfully evolve into a full-service commercial bank serving retail and SME customers?”
Founded1992
HQLagos, Nigeria
Latest roundRights Issue and Private Placement (2025) - ₦22.6bn
IndustryBank / Merchant
The story
Greenwich began in 1992 as Greenwich Trust Limited, a Nigerian SEC-registered issuing house and financial adviser. It evolved over three decades into a CBN-licensed merchant bank serving corporates, HNWIs, and treasury/capital markets clients. In 2025 it met the recapitalized ₦50bn merchant bank threshold, and in 2026 press coverage signals a pursuit of a full commercial banking license — a strategic pivot from wholesale/institutional finance into retail and SME banking.
Product timeline
1992
Incorporated as Greenwich Trust Limited, an indigenous financial solutions provider.· founding
1994
Commenced operations as an SEC-registered Issuing House and Financial Adviser.· launch
2021
Obtained merchant bank license from the Central Bank of Nigeria, becoming Greenwich Merchant Bank Limited.· banking
2025
CBN approved ₦22.6bn fresh capital raise via Rights Issue and Private Placement, exceeding the ₦50bn merchant bank capital requirement.· capital
2026
Reportedly pursuing a commercial banking license to expand into retail and SME markets.· pivot
Regulated entities
2
regulatory licences held by Greenwich Merchant Bank
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
5 layers disclosed in Greenwich Merchant Bank’s embedded-finance stack
Payments / PSP
Greenwich Merchant Bank (self-operated)
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
9 more providers across 4 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.