CBN lists 28 Nigerian banks barred from opening branches outside the country
The Central Bank of Nigeria (CBN) has released a list of 28 banks that are not authorised to operate outside the country, as the banking sector undergoes an ongoing recapitalisation exercise scheduled to end in March 2026.
Under the CBN’s regulatory framework, only banks with international operating licences are permitted to open branches abroad and engage in cross-border banking activities. At present, just seven lenders meet that requirement: Access Bank, Fidelity Bank, First City Monument Bank (FCMB), First Bank of Nigeria, Guaranty Trust Bank (GTB), United Bank for Africa (UBA) and Zenith Bank.
All other licensed banks operate under national or regional licences, which restrict them to domestic or limited regional activities within Nigeria.
The apex bank introduced the recapitalisation programme in 2024 to strengthen the financial system. Under the new rules, banks with a minimum capital base of N200 billion qualify for national licences, allowing them to operate across Nigeria but not internationally. Regional banks require at least N50 billion in capital, while banks seeking international authorisation must meet a N500 billion minimum capital threshold.
The policy also applies to non-interest and merchant banks, many of which remain ineligible for offshore operations pending the completion of the recapitalisation process.
Banks without international operating licences include:
National banks:
Citibank Nigeria, Ecobank Nigeria, Heritage Bank, Globus Bank, Keystone Bank, Polaris Bank, Stanbic IBTC Bank, Standard Chartered Bank Nigeria, Sterling Bank, Union Bank of Nigeria, Unity Bank, Wema Bank, Premium Trust Bank and Optimus Bank.
Regional banks:
Providus Bank, Parallex Bank, SunTrust Bank Nigeria and Signature Bank.
Non-interest banks:
Jaiz Bank, Taj Bank, Lotus Bank and Alternative Bank.
Merchant banks:
Coronation Merchant Bank, FBN Merchant Bank, FSDH Merchant Bank, Greenwich Merchant Bank, Nova Merchant Bank and Rand Merchant Bank.
The CBN noted that the list could change once the recapitalisation exercise is concluded. The bank recently confirmed that 16 lenders have already met the new capital requirements, while 27 others are still in the process of raising funds.
The apex bank said it is closely monitoring developments to ensure the exercise strengthens the resilience and stability of Nigeria’s banking sector.
