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Nigeria’s banking sector is undergoing one of its most significant transformations in decades following new regulatory measures introduced by the Central Bank of Nigeria (CBN).
In March 2024, the CBN announced revised minimum capital requirements for banks, directing financial institutions to raise additional capital by 31 March 2026. The objective is to build stronger and more resilient banks capable of funding large-scale projects, improving financial stability, and supporting Nigeria’s long-term ambition of becoming a $1 trillion economy.
For customers, investors, and businesses, it is important to understand that the new capital framework is structured across three licence categories: International, National, and Regional. Each category comes with different capital thresholds and operating scopes.
Banks With International Banking Licences
An international banking licence permits banks to operate beyond Nigeria’s borders and engage in cross-border financial activities. To qualify, banks are required to meet a minimum paid-up capital of ₦500 billion.
As of early 2026, the following banks have met the requirement and secured international banking licences:
- Access Bank Plc
- Fidelity Bank Plc
- First Bank of Nigeria Ltd
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- Zenith Bank Plc
Banks With National Banking Licences
A national banking licence allows banks to operate across Nigeria but limits international expansion. The minimum paid-up capital required for this category is ₦200 billion.
Banks that have secured national licences include:
- First City Monument Bank (FCMB), which is currently raising additional capital in pursuit of an international licence
- Wema Bank
- Standard Chartered Bank Nigeria
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
The ongoing recapitalisation exercise is expected to reshape Nigeria’s banking landscape, with possible mergers, acquisitions, and licence upgrades ahead of the 2026 deadline.
