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Finance & capitalFinanceNigeria

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.

Procedure
4steps
Coordination
3agencies
Category
Finance & capitalFinance
Task links

Go to the exact next page

Application, requirements, forms, fees, and tracking are labelled separately.

Form or guideOpen the official documentCentral Bank of Nigeria (CBN) · cbn.gov.ng
Routing map

Who you will deal with

Central Bank of Nigeria (CBN)CBNCAC; CBN
Procedure

The steps, in order

Each route below is scoped to the step it can actually complete.

  1. 01

    Choose the licence authorisation and capital band

    Agency
    Central Bank of Nigeria (CBN)
    What is required
    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.
    Documents
    Board resolution on licence type and capital
    Typical timeline
    Planning
    Use for this step
  2. 02

    Apply for Approval-in-Principle and deposit capital

    Agency
    CBN
    What is required
    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.
    Documents
    Feasibility study; draft MEMART; fit-and-proper filings; capital deposit
    Typical timeline
    Months
    Use for this step
  3. 03

    Incorporate and build out the bank

    Agency
    CAC; CBN
    What is required
    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.
    Documents
    CIC; systems, controls and premises
    Typical timeline
    Months
    Use for this step
  4. 04

    Final licence and commencement

    Agency
    CBN
    What is required
    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.
    Documents
    Final banking licence
    Typical timeline
    On inspection
    Use for this step
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