Afribank received its banking licence on October 20, 1959, and opened its first branch in the city of Kano on January 4, 1960. It was then known as Banque International Pour L'Afrique Occidenate (BIAO). The Bank's Headquarters was set up in 1960 in Lagos. On May 30, 1969, BIAO was incorporated in the country as a limited liability company under International Bank for West Africa (IBWA) the English equivalent of BIAO. Following the banking reform s announced in July 2004 by the Central Bank of Nigeria, the Bank in October 2004 acquired Assurance Bank plc.
