Nigeria’s banking sector is undergoing a significant transformation, driven by the Central Bank of Nigeria’s (CBN) introduction of a new minimum capital requirement for banks. Announced in March 2024, the regulation aims to create larger, more resilient banks capable of supporting major projects and contributing to the country’s economic growth, with a target of achieving a $1 trillion economy.
The new capital requirement is tiered, with different levels for international, national, and regional banking licenses. To operate internationally, banks must meet a higher capital threshold of ₦500 billion in paid-up capital. As of early 2026, several banks have secured their international licenses, including Access Bank Plc, Fidelity Bank Plc, First Bank of Nigeria Ltd, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA), and Zenith Bank Plc.
Banks that have secured national licenses, which allow operations across Nigeria but restrict international expansion, must have ₦200 billion in paid-up capital. The list of banks with national licenses includes FCMB (First City Monument Bank), which is currently working to raise additional capital to secure its international license, as well as Wema Bank, Standard Chartered Bank (Nigeria), Citibank Nigeria, Stanbic IBTC Bank, Sterling Bank, Globus Bank, and Premium Trust Bank.
The CBN’s move to increase the minimum capital requirement is intended to strengthen the financial system and enhance the ability of banks to support large-scale projects. The introduction of the new capital requirement is a significant development in Nigeria’s banking sector, and its impact will be closely watched by industry stakeholders, investors, and customers. As the banking sector continues to evolve, it is essential for customers, investors, and businesses to understand the implications of the new capital requirement and the different licensing tiers. With the deadline for banks to raise additional capital set for 31 March 2026, the sector is expected to undergo further changes, shaping the future of Nigeria’s banking landscape.
