Nigeria’s banking sector is undergoing a major transformation as banks work to meet new capital requirements set by the Central Bank of Nigeria (CBN). Introduced in March 2024, these requirements aim to create stronger and more resilient banks capable of supporting large projects and boosting the country’s economy toward a $1 trillion target. Banks were required to raise additional capital by March 31, 2026, to meet these new thresholds.

Banks that have secured international licences are now allowed to operate beyond Nigeria and engage in cross-border transactions. To qualify, banks must have at least ₦500 billion in paid-up capital. Leading Nigerian banks that have achieved this milestone include Access Bank, Fidelity Bank, First Bank of Nigeria, GTBank, UBA, and Zenith Bank.

Meanwhile, banks with national licences can operate across Nigeria but are restricted from international expansion. These banks must maintain a minimum of ₦200 billion in paid-up capital. Notable banks in this category include FCMB, Wema Bank, Standard Chartered Bank Nigeria, Citibank Nigeria, Stanbic IBTC, Sterling Bank, Globus Bank, and Premium Trust Bank. Some, like FCMB, are actively raising more capital to qualify for international licences.

Understanding which banks have secured these licences is important for customers, investors, and businesses. The move ensures a stronger financial system, improved customer confidence, and a foundation for future economic growth in Nigeria.