Skye Bank Plc
“Legacy Nigerian universal bank whose franchise was absorbed by Polaris Bank after CBN intervention — no active embedded-finance strategy under the Skye brand.”
Founded2006
HQLagos, Nigeria
IndustryBank / National
The story
Skye Bank Plc was one of Nigeria's largest tier-2 banks, formed in 2006 through the consolidation of five legacy institutions. After years of governance and asset-quality issues, the Central Bank of Nigeria revoked Skye Bank's operating licence in September 2018 and transferred its business to a newly incorporated bridge bank, Polaris Bank Limited. As a going concern the Skye Bank brand no longer exists — its embedded finance footprint should be assessed via Polaris Bank rather than skyebankng.com.
Last 12 months
—
Product timeline
2006
Formed via consolidation of Prudent Bank, EIB International Bank, Bond Bank, Cooperative Bank, and Reliance Bank during Nigeria's banking consolidation exercise.· pivot
2015
Received EUR 40m EIB line of credit for SME onlending in Nigeria under the Nigeria Private Enterprise Finance Facility.· lending
2018
Skye Bank license revoked by CBN; assets and liabilities assumed by newly formed Polaris Bank Limited (bridge bank).· acquisition
Regulated entities
1
regulatory licence held by Skye Bank Plc
Licence types, jurisdictions and registered entities are in the Embedded Finance Index report.
The stack
3 layers disclosed in Skye Bank Plc’s embedded-finance stack
Banking / BaaS
Skye Bank Plc (in-house)
Lending
in the full report
FX & payouts
in the full report
Accounting gap: none
7 more providers across 2 layers, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.