Nigeria's financial landscape is undergoing a seismic shift, driven by ambitious regulatory reforms designed to build a stronger economic future. In March 2024, the Central Bank of Nigeria (CBN) set a new course for the industry by announcing a significant increase in the minimum capital requirements for all commercial banks.
The CBN's Capital Directive: Building a $1 Trillion Economy
The central bank gave financial institutions a clear deadline of 31 March 2026 to raise the necessary additional capital. This strategic move aims to create larger, more resilient banks capable of financing major national projects, fortifying the financial system, and propelling Nigeria toward its goal of becoming a $1 trillion economy. For customers, investors, and businesses, understanding the new three-tier licensing structure—International, National, and Regional—is now crucial.
Banks That Have Secured International Banking Licences
An international banking licence grants a bank the authority to operate beyond Nigeria's borders and engage freely in cross-border transactions. To qualify for this top tier, banks must meet a stringent capital threshold of ₦500 billion in paid-up capital.
As of early 2026, a select group of six major financial institutions have successfully met this demanding requirement and secured their international operating 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 Operating With National Banking Licences
A national banking licence permits operations across all states in Nigeria but restricts international expansion. The capital requirement for this category is set at ₦200 billion in paid-up capital.
Several banks have secured their position at this level. Notably, some, like FCMB (First City Monument Bank), are actively working to raise additional capital to upgrade to an international licence. The list of banks with national licences includes:
- FCMB
- Wema Bank
- Standard Chartered Bank (Nigeria)
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
Implications for Nigeria's Financial Future
This ongoing recapitalisation exercise marks one of the most transformative periods for Nigerian banking in decades. The emergence of these well-capitalised banks is expected to increase the sector's capacity to support large-scale infrastructure and industrial projects. Ultimately, the CBN's policy is a foundational step towards achieving greater financial stability and stimulating broader economic growth, with the newly licensed banks positioned to play a pivotal role.
