Nigeria’s banking sector is undergoing one of its most transformative periods in decades. In March 2024, the Central Bank of Nigeria (CBN) introduced new minimum capital requirements for banks, giving them until 31 March 2026 to raise additional capital. The aim is to create larger, more resilient banks capable of supporting major projects, strengthening the financial system, and driving Nigeria toward a $1 trillion economy.
It is important for customers, investors, and businesses to note that the new capital requirements are set at three levels: International, National, and Regional.
Banks That Have Secured International Licences
An international banking licence allows banks to operate beyond Nigeria’s borders and conduct cross-border transactions. To qualify, banks must meet a higher capital threshold of ₦500 billion in paid-up capital.
As of early 2026, the following banks have met this requirement and secured their international 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 That Have Secured National Licences
A national banking licence allows a bank to operate across Nigeria but limits international expansion. To qualify, banks must have ₦200 billion in paid-up capital.
Banks that currently hold national licences include:
- FCMB (First City Monument Bank) – currently working to raise additional capital for an international licence
- Wema Bank
- Standard Chartered Bank (Nigeria)
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
