The banking landscape in Nigeria is currently undergoing one of its most significant transformations in many years. In March 2024, the Central Bank of Nigeria (CBN) declared a new minimum capital requirement for financial institutions, necessitating them to gather additional funds by the date of 31 March 2026. The primary objective of this initiative is to develop larger and more robust banks capable of supporting major projects, fortifying the financial system, and steering Nigeria toward a $1 trillion economy.
It is crucial for individual customers, investors, and businesses to comprehend that the updated capital requirements differ at various tiers: International, National, and Regional.
Banks That Have Obtained International Licenses
An international banking license permits banks to function outside the borders of Nigeria and to undertake cross-border transactions. To qualify, banks are required to achieve a minimum paid-up capital of ₦500 billion.
As of early 2026, the following banks have successfully fulfilled this criterion and secured their international operating licenses:
\- 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 Licenses
A national banking license allows institutions to operate throughout Nigeria but prohibits international activities. Achieving this license requires banks to maintain a paid-up capital of ₦200 billion.
The following banks have obtained national licenses, with some currently working to raise the necessary capital for international licenses:
\- FCMB (First City Monument Bank) – actively seeking to increase its capital for international licensing.
\- Wema Bank
\- Standard Chartered Bank (Nigeria)
\- Citibank Nigeria
\- Stanbic IBTC Bank
\- Sterling Bank
\- Globus Bank
\- Premium Trust Bank
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