In March 2024, the Central Bank of Nigeria (CBN) introduced new minimum capital requirements, giving banks until March 31, 2026, to meet the target.
The move is designed to build stronger institutions capable of financing large-scale projects, stabilising the financial system, and supporting Nigeria’s ambition of becoming a $1 trillion economy.
The new rules set different capital thresholds for banks depending on their licence category: International, National, and Regional.
International Licence Banks
Banks with international licences can operate across borders and handle cross-border transactions. To qualify, they must hold at least ₦500 billion in paid-up capital.
So far, six banks have met this requirement:
- Access Bank Plc
- Fidelity Bank Plc
- First Bank of Nigeria Ltd
- Guaranty Trust Bank (GTBank)
- United Bank for Africa (UBA)
- Zenith Bank Plc
National Licence Banks
National licences allow banks to operate across Nigeria but not internationally. The requirement here is ₦200 billion in paid-up capital.
Banks in this category include:
- FCMB (currently raising funds to upgrade to international licence)
- Wema Bank
- Standard Chartered Bank Nigeria
- Citibank Nigeria
- Stanbic IBTC Bank
- Sterling Bank
- Globus Bank
- Premium Trust Bank
For customers, investors, and businesses, the recapitalisation drive signals a stronger banking sector with more capacity to fund growth.
For the banks, it is a race against time to meet the deadline and secure their place in Nigeria’s evolving financial landscape.
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