10 Major Trends That Defined Nigerian Banking Sector in 2024 [Video]

Legit.ng journalist Victor Enengedi has over a decade’s experience covering Energy, MSMEs, Technology and the Stock Market.

2024 was a transformative year for Nigeria’s banking industry, marked by significant regulatory shifts, technological advancements, operational adjustments and shifting customer preferences.

Stakeholders, including the Central Bank of Nigeria, the banks, and customers, have all played major roles in directing the sector’s evolution in the year under review.

Here’s a rundown of the top trends that shaped the sector in 2024.

As Nigeria’s banking sector evolves, the changes of 2024 set the stage for a more robust and inclusive financial system.Photo credit – Zenith Bank, CBN, Access BankSource: UGC

1. CBN increases capital base for banks

In a bid to strengthen the banking sector, the CBN mandated an increase in the minimum capital requirement. This move aims to bolster resilience against economic shocks and align Nigeria’s banks with global standards.

According to the CBN, commercial banks with international licenses must now have a minimum capital base …