The countdown to March 31, 2026, has officially entered its final stretch. While you might have seen headlines claiming only 19 banks have met the mark, the reality on the ground is much more dynamic. In fact, as of January 2026, we have seen a surge of compliance, with approximately 22 out of 34 banks now having their licenses "secured" under the Central Bank of Nigeria’s (CBN) new rules.

If you are wondering where your money is or if your bank is safe, here is the fact-driven breakdown of the current banking landscape, correcting common misconceptions along the way.

Recapitalised banks

The CBN set a high bar of ₦500 billion for international banks and ₦200 billion for National banks. Crucially, this must be "paid-up capital", banks cannot count their saved profits (retained earnings) toward this goal.

These banks are recapitalised:

1. Access Bank, Zenith Bank, GTBank, UBA, First Bank and Fidelity: These banks have crossed the N500 billion finish line and have secured their international licence.
2. FCMB, Wema, Standard Chartered, Citibank: These banks have officially secured their national license, with FCMB in the final sprint to hit the ₦500 billion to secure its international banking licence.
3. Other secured banks: Stanbic IBTC, Sterling Bank, Providus Bank, Globus Bank, and Premium Trust Bank have all officially cleared the requirement.

Mergers and downgrades

The story of the 2026 recapitalization also featured mergers, acquisitions, and downgrades:

1. Unity Bank and Providus Bank are in the final stages of a merger that will create a top 10 Nigerian lender. Similarly, Titan Trust has completed its integration with Union Bank to solidify its capital base.
2. Nova Bank chose a Regional License (₦50 billion) to focus specifically on being a high-end niche player, a healthy business move.
3. Non-Interest banking: Islamic banks like Jaiz, Taj, and Lotus have all met their ₦20 billion requirement, proving that niche banking is stronger than ever.

For the few banks still in the "red zone," the next 80 days will involve final-hour mergers or private equity injections. For you, the customer, this means a banking sector that is tougher, more transparent, and better funded than ever before.