CBN Governor, Olayemi Cardoso
To strengthen the resilience of Nigeria’s banking sector, the CBN introduced a recapitalisation exercise starting in 2024, aimed at ensuring banks maintain robust capital bases and risk-management frameworks. This initiative created clearer boundaries between licence categories and encouraged consolidation and strategic capital planning among banks.
Otherwise, the 2024 regime of banks recapitalization powered by the Central Bank of Nigeria (CBN), which issues licences to financial institutions based on capital strength, operational scope, and regulatory compliance, about 20 banks have secured their stay in the Nigerian market.
As of early 2026, the following banks hold international licences:
Access Bank Plc
Fidelity Bank Plc
First Bank of Nigeria Ltd
Guaranty Trust Bank (GTBank)
United Bank for Africa (UBA)
Zenith Bank Plc
These institutions are among Nigeria’s largest and most systemically important banks, with extensive branch networks domestically and presence across multiple African and global markets.
- Banks with National Licences
Banks in this category can operate across all states of Nigeria, serve retail and corporate customers, and partake in major economic activities, though they do not carry full international authorisation.
Examples include:
FCMB (First City Monument Bank) – recently secured a national licence and is pursuing stronger capital to qualify for international status.
Wema Bank Plc
Standard Chartered Bank (Nigeria)
Citibank Nigeria Limited
Stanbic IBTC Bank Limited
Sterling Bank Limited
Globus Bank Limited
remium Trust Bank Plc
(This list is not exhaustive, as CBN’s published list features more national banks like EcoBank, Unity Bank, Keystone Bank, Polaris Bank, Titan Trust Bank, Union Bank, Optimus Bank, etc.)
- Banks with Regional Licences
These banks focus on specific regional markets within Nigeria. Their licences allow limited geographical operations compared to national banks. Common examples include:
Providus Bank Ltd
Parallex Bank Ltd
Suntrust Bank Nigeria Ltd
Signature Bank Ltd
Regional banks often position themselves as agile, customer-centric players targeting local businesses and consumers.
- Other Licensed Banking Institutions
Besides the main commercial banks, the Nigerian financial system also includes:
Non-Interest (Islamic) Banks
These banks operate in accordance with Islamic banking principles and possess CBN licence authority to serve compliant customers. Examples historically included Jaiz Bank Plc, Taj Bank Ltd, etc.
Merchant Banks
These institutions primarily focus on corporate finance, investment banking, and wholesale activities rather than broad retail services. Examples include Coronation Merchant Bank, FBN Merchant Bank, FSDH Merchant Bank, etc.
Financial Holding Companies
Some large banking groups are structured as holding companies that own one or more operating-licensed banks. Examples are Access Holdings Plc, FBN Holdings Plc, Guaranty Trust Holding Company Plc, etc.
Summary Table – Licence Categories (Simplified)
Licence Type Scope of Operations Examples
International Licence Domestic + cross-border Access Bank, GTBank, UBA, Zenith, FirstBank, Fidelity
National Licence Nationwide FCMB, Wema, Stanbic IBTC, Standard Chartered, Citibank, Sterling, Globus, Premium Trust
Regional Licence Selected regions Providus Bank, Parallex Bank, Suntrust, Signature Bank
Merchant & Other Licences Corporate/Investment Coronation Merchant Bank, FBN Merchant Bank, etc.
