CBN Capital Reform: Nigerian Banks Secure Licences Under New Rules
Nigeria’s banking industry is undergoing a major shake-up following new capital requirements introduced by the Central Bank of Nigeria (CBN).
In March 2024, the apex bank directed commercial lenders to significantly increase their paid-up capital by March 31, 2026. The policy aims to build stronger, more resilient financial institutions capable of funding large-scale projects, stabilising the economy, and supporting Nigeria’s ambition of becoming a $1 trillion economy.
Under the new framework, banks are classified into three categories based on their operational scope: international, national and regional. Each category comes with its own capital threshold.
Banks With International Licences
Banks operating with international licences are permitted to carry out cross-border transactions and establish operations outside Nigeria. To qualify, lenders must maintain a minimum paid-up capital of ₦500 billion.
As of early 2026, the banks that have successfully met this requirement and secured international licences include:
- Access Bank Plc
- Fidelity Bank Plc
- First Bank of Nigeria Limited
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- Zenith Bank Plc
These institutions now have regulatory approval to expand their footprint beyond Nigeria and deepen their presence in global markets.
Banks With National Licences
National licence holders are allowed to operate across Nigeria but are restricted from full international banking activities. To qualify, banks must maintain at least ₦200 billion in paid-up capital.
Banks that have secured national licences include:
- First City Monument Bank (FCMB) – currently raising funds to upgrade to an international licence
- Wema Bank
- Standard Chartered Bank Nigeria
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
The capital reforms have triggered aggressive fundraising across the sector, with banks tapping equity markets, private placements and strategic investors to meet the deadline.
Financial analysts say the policy could reshape Nigeria’s banking landscape, potentially leading to mergers, acquisitions and stronger institutions capable of supporting economic growth.
The CBN has maintained that the reforms are necessary to align Nigeria’s banking sector with global standards and ensure long-term stability.
