Finance · Nigeria
Obtain a commercial/merchant bank licence (CBN)
License a deposit money bank with the Central Bank of Nigeria: choose the licence authorisation (regional, national or international) → deposit the minimum paid-up capital → Approval-in-Principle → final licence. Capital floors were reset in March 2024 with a 31 March 2026 compliance deadline.
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Who you will deal with
The steps
- Choose the licence authorisation and capital band
- Central Bank of Nigeria (CBN)
- Under the March 2024 recapitalisation the minimum paid-up capital (share capital + share premium only) is: commercial bank - international ₦500bn, national ₦200bn, regional ₦50bn; merchant bank (national) ₦50bn; non-interest bank - national ₦20bn, regional ₦10bn. Existing banks had until 31 March 2026 to comply.
- Board resolution on licence type and capital
- Planning
- Apply for Approval-in-Principle and deposit capital
- CBN
- Submit the application with a feasibility study/business plan, draft MEMART, shareholder and proposed-director details (fit-and-proper), and deposit the minimum capital with the CBN. Capital may be raised via fresh equity (private placement, rights issue, public offer), M&A, or a licence downgrade.
- Feasibility study; draft MEMART; fit-and-proper filings; capital deposit
- Months
- Incorporate and build out the bank
- CAC; CBN
- On Approval-in-Principle, incorporate the bank, install the board and management, put the banking application/IT infrastructure, internal controls and risk framework in place, and open the premises for CBN inspection.
- CIC; systems, controls and premises
- Months
- Final licence and commencement
- CBN
- CBN inspects and, if satisfied, grants the final banking licence. The bank may then commence business, subject to ongoing prudential returns, CRR/liquidity requirements and the CBN's supervisory regime.
- Final banking licence
- On inspection
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The numbers behind the decision
Knowing the process is half of it. ONYX also tracks the operating environment you are entering — daily grid generation, official FX, state-level input prices and inflation, and sector output — each figure source-linked and dated.