CBN Names 28 Banks Not Allowed to Open Branches Outside Nigeria
- The CBN has released a list of banks not authorised for international operations amid ongoing recapitalisation process
- Under the recapitalisation rules, national banks must have N200 billion, while regional banks require N50 billion
- Only a few first-tier banks currently hold international authorisation to operate offshore
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
A breakdown of Nigerian banks by licence class obtained from the Central Bank of Nigeria shows that at least 28 banks in the country are currently not authorised to operate internationally.
Under CBN’s regulatory framework, banks with international authorisation are permitted to operate beyond Nigeria’s borders and engage in cross‑border banking activities.
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Only seven banks currently hold that status: Access Bank, Fidelity Bank, First City Monument Bank, First Bank Nigeria, Guaranty Trust Bank, United Bank for Africa (UBA), and Zenith Bank.
This means all other licensed banks in Nigeria do not have international operation clearance. Instead, they hold national or regional licences and focus primarily on domestic business.
CBN recapitalisation programme
In an effort to strengthen the banking sector, the CBN, in 2024, launched a two-year recapitalisation exercise, with a deadline set for March 2026.
According to CBN, banks with a N200 billion recapitalised base can operate across Nigeria but cannot operate abroad, while those with N50 billion are limited to regional operations.
International banks are expected to have a minimum capital base of N500 billion.
The policy affects national and regional banks, as well as institutions in the non-interest and merchant banking sectors.
Below is the list of banks the Central Bank of Nigeria doesn’t authorize for offshore Operations. The list could change when the recapitalisation process is completed.
Breakdown of banks and their current license
National Banks:
- Citibank Nigeria Limited
- Ecobank Nigeria Limited
- Heritage Bank Plc
- Globus Bank Limited
- Keystone Bank Limited
- Polaris Bank Limited
- Stanbic IBTC Bank Limited
- Standard Chartered Bank Limited
- Sterling Bank Limited
- Union Bank of Nigeria Plc
- Unity Bank Plc
- Wema Bank Plc
- Premium Trust Bank Limited
- Optimus Bank Limited
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Regional Banks:
- Providus Bank Limited
- Parallex Bank Limited
- Suntrust Bank Nigeria Limited
- Signature Bank Limited
Non-Interest Banks:
- Jaiz Bank Plc
- Taj Bank Limited
- Lotus Bank Limited
- Alternative Bank Limited
Merchant Banks:
- Coronation Merchant Bank Limited
- FBN Merchant Bank Limited
- FSDH Merchant Bank Limited
- Greenwich Merchant Bank Limited
- Nova Merchant Bank Limited
- Rand Merchant Bank Limited
International authorisation:
- Access Bank Limited
- Fidelity Bank Plc
- First City Monument Bank Limited
- First Bank Nigeria Limited
- Guaranty Trust Bank Limited
- United Bank for Africa Plc
- Zenith Bank Plc
CBN confirms 16 banks meet recapitalisation target
Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) announced that 16 banks fully met the recapitalisation.
CBN governor Cardoso also revealed that another 27 banks were in the process of raising capital.
He noted that the CBN is closely monitoring developments to ensure the exercise stays on track and strengthens the financial sector.
The apex bank urged lenders to continue implementing policies and initiatives that will drive the successful completion of the recapitalisation process.
Proofreading by Funmilayo Aremu, copy editor at Legit.ng.
Source: Legit.ng
