The completion of the Central Bank of Nigeria’s (CBN) 24-month Banking Sector Recapitalisation Programme has triggered fresh expectations across the financial services industry, with analysts predicting a new phase of reforms focused on credit expansion, customer protection, and regional growth.
On Wednesday, the apex bank confirmed that 33 banks successfully met the revised minimum capital requirements, marking a significant milestone in efforts to strengthen Nigeria’s financial system amid ongoing macroeconomic reforms.
According to the CBN, the exercise raised a total of N4.65 trillion, pushing capital adequacy ratios across the sector above Basel benchmarks and reinforcing banks’ ability to absorb shocks and support economic growth.
The regulator also disclosed that 72.55 per cent of the funds were sourced from domestic investors, reflecting strong local participation and growing confidence in the banking sector.
The total capital raised represents an increase of N560 billion compared to the N4.05 trillion earlier disclosed in February 2026.
Dr. Jerry Igwilo, former banker and Chief Executive Officer of Wynk Limited, argued that the industry must now pivot towards customer protection and accountability.
“More importantly, banks need to be mindful of the customer protection side of their business,” Igwilo said.
He criticised Nigeria’s complaint management framework, describing it as underdeveloped and insufficient for early detection of systemic risks.
“I think the complaint management system we have in banking today is very poor. There needs to be a consolidated, digital system that allows the central bank to monitor, in real time, what customers are complaining about,” he explained.
According to him, such a system would democratise banking by placing customer satisfaction at the centre of performance evaluation.
“I look forward to a system where banks are not evaluated solely on their capital base, but also on how well they comply with regulations, how they treat their customers, how their products are supervised, and ultimately, how they impact their customers,” he added.
Olubunmi Ayokunle, Head of Financial Institutions Ratings at Augusto & Co., projected that the strengthened capital base would likely translate into expanded lending and broader geographic ambitions.
“We anticipate more deployment of the funds into supporting the risk sector and expansion in the loan book,” Ayokunle said.
He noted that banks with international licences are expected to scale operations across the continent in the coming months.
“Some of them want to scale across the continent, particularly those with international banking licenses. We anticipate some announcements in the next few weeks or months,” he stated.
Ayokunle also predicted increased innovation in deposit products and stronger technology investments.
“We’re going to see more deposit products, and some banks will strengthen their technology platform. SMEs will also be a target segment for deploying funds. Over 70 per cent of registered businesses in Nigeria are SMEs, so it makes sense for banks to focus on them,” he added.