Nigeria’s banking sector is undergoing one of its most significant reforms in decades following new capital requirements introduced by the Central Bank of Nigeria (CBN).

In March 2024, the CBN announced revised minimum capital thresholds for banks, directing lenders to raise additional funds by March 31, 2026. The policy is aimed at creating stronger, better-capitalised banks capable of financing large-scale projects, strengthening financial stability and supporting Nigeria’s ambition of building a $1 trillion economy.

Under the new framework, banks are categorised by licence type—international, national and regional—with each tier requiring a different level of paid-up capital.

Banks with international licences are permitted to operate beyond Nigeria’s borders and engage in cross-border transactions. To qualify, they must maintain a minimum paid-up capital of ₦500 billion.

As of early 2026, several lenders have met this requirement and secured international banking licences. They include Access Bank Plc, Fidelity Bank Plc, First Bank of Nigeria Limited, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and Zenith Bank Plc.

National banking licences allow institutions to operate across Nigeria but limit international expansion. Banks in this category are required to maintain at least ₦200 billion in paid-up capital.

Banks that have secured national licences include Wema Bank, Standard Chartered Bank Nigeria, Citibank Nigeria, Stanbic IBTC Bank, Sterling Bank, Globus Bank and Premium Trust Bank.

First City Monument Bank (FCMB) currently operates with a national licence but is raising additional capital as it seeks to upgrade to an international banking licence.

The CBN’s recapitalisation drive is expected to accelerate consolidation, improve banks’ capacity to absorb shocks and enhance their ability to fund economic growth, while reshaping competition within the financial sector.