The Central Bank of Nigeria (CBN) has officially identified a significant number of financial institutions that are currently prohibited from establishing branches or conducting business outside the country's borders. This clarification comes amidst the banking sector's ongoing mandatory recapitalisation exercise, which has a deadline of March 2026.
The Seven Banks with Global Reach
According to the regulatory framework released by the apex bank, only a select group of seven tier-1 lenders currently hold the coveted authorisation for international operations. These banks are permitted to engage in cross-border banking activities and establish a presence offshore.
The seven banks with full international authorisation are: Access Bank Limited, Fidelity Bank Plc, First City Monument Bank Limited, First Bank Nigeria Limited, Guaranty Trust Bank Limited, United Bank for Africa (UBA) Plc, and Zenith Bank Plc.
This designation means that every other licensed deposit money bank in Nigeria operates with either a national or a regional license, confining their business primarily to the domestic market.
Recapitalisation: The Road to a Stronger Banking Sector
The CBN initiated a crucial two-year recapitalisation programme in 2024, aimed at bolstering the financial resilience of the banking industry. The policy sets clear minimum capital requirements based on the type of license a bank wishes to hold.
Under the new rules: Banks aiming for international authorisation must have a minimum capital base of N500 billion. Those seeking to operate nationwide as national banks require N200 billion, while regional banks are mandated to have at least N50 billion in capital.
The CBN has confirmed that 16 banks have already met their recapitalisation targets, with another 27 in the process of raising the required capital. The central bank is closely monitoring the exercise to ensure it stays on track to strengthen the overall financial system.
Full List of Banks Without International Operating Licences
The CBN's breakdown shows that at least 28 banks fall into the categories of national, regional, non-interest, or merchant banks, and thus are not authorised for offshore operations. It is important to note that this list is subject to change upon the successful completion of the recapitalisation process by March 2026.
National Banks (Require N200bn Capital):
- Citibank Nigeria Limited
- Ecobank Nigeria Limited
- Heritage Bank Plc
- Globus Bank Limited
- Keystone Bank Limited
- Polaris Bank Limited
- Stanbic IBTC Bank Limited
- Standard Chartered Bank Limited
- Sterling Bank Limited
- Union Bank of Nigeria Plc
- Unity Bank Plc
- Wema Bank Plc
- Premium Trust Bank Limited
- Optimus Bank Limited
Regional Banks (Require N50bn Capital):
- Providus Bank Limited
- Parallex Bank Limited
- Suntrust Bank Nigeria Limited
- Signature Bank Limited
Non-Interest Banks:
- Jaiz Bank Plc
- Taj Bank Limited
- Lotus Bank Limited
- Alternative Bank Limited
Merchant Banks:
- Coronation Merchant Bank Limited
- FBN Merchant Bank Limited
- FSDH Merchant Bank Limited
- Greenwich Merchant Bank Limited
- Nova Merchant Bank Limited
- Rand Merchant Bank Limited
The CBN's move is designed to create a more robust, well-capitalised, and clearly segmented banking industry capable of supporting Nigeria's economic growth ambitions. Banks on the national and regional list must now decide whether to raise capital to ascend to an international license or consolidate their positions within the domestic market.
