Commercial banks(Check out the functions of commercial banks in Nigeria) provides the medium for retail banking, assets management, and loan services. In Nigeria there is a wide variety of commercial banks each with its own type of operating license.
Some banks have license to operate internationally, while some can only operate within the country. This post will provide details about all the commercial banks in Nigeria.
1. Access Bank
Access Bank plc, also known as Access Bank, is a Nigerian multinational commercial bank, founded by the Access Bank Group. It has a full license from Nigeria’s apex banking regulator, the Central Bank of Nigeria.
Access Bank is currently one of the biggest banks in Nigeria in terms of customers, loans, deposits, and branches. In 2019, Access Bank merged with Diamond Bank Plc making it the largest bank in Africa.
Industry Type: Banking
Established: 1989
Leaders: Dr. Ajoritsedere Awosika, Group Managing Director and Chief Executive Officer, Chairperson; Herbert Wigwe
Products and Services: Loans, Credit Cards, Savings, Investments, Mortgages
Total Annual Revenue: US$1,418 million
Employees: 28,121
Headquarters 14, Prince Alaba Abiodun Oniru Road, Victoria Island, Lagos, Lagos State, Nigeria
Official Website: www.accessbankplc.com
2. Fidelity Bank Plc
Fidelity Bank, also called Fidelity Bank Plc, is a multinational commercial bank in Nigeria licensed by the Central Bank of Nigeria. It has won several awards for excellence in the banking sector such as; 7th most capitalized bank in Africa; the 4th best bank in Nigeria etc.
Industry Type: Financial Services
Established: 1988
Headquarters: Lagos State, Nigeria
Key Leaders: Mustapha Chike-Obi – Chairman, Nneka Onyeali-Ikpe – Managing Director & Chief Executive Officer
Products and Services: Investments, Mortgages, Loans, Credit Cards, Savings
Total assets: US$4.2 billion
Official Website: www.fidelity bank.ng
3. First City Monument Bank Limited
First City Monument Bank (FCMB) Ltd is a commercial banking group, with headquarters in Lagos, Nigeria. The bank has a total asset of N1.7 Trillion as of 2019.
Industry type: Financial Services
Established: 20th April 1982
Founder(s): Oloye Subomi Balogun
Headquarters: Lagos Island, Lagos State, Nigeria
Key Leaders: Oladipupo Jadesimi; Chairman, Ladi Balogun; Group Chief Executive
Annual revenue: US$473.3 million
Employees: 3,896
Official Website: www.fcmb.com
4. First Bank of Nigeria Limited
First Bank Plc formally called Bank of British West Africa is the oldest bank in Nigeria. The bank has the highest number of employees in the banking sector with about 16,000 employees across its hundreds of branches in Nigeria.
Nigeria. The bank has a total asset of N1.7 Trillion as of 2019.
Industry type: Financial Services
Established: 1894
Founder(s): British rulers
Headquarters: 35, Marina, Lagos, Nigeria
Key Leaders: Ibukun Awosika; Chairman, Adesola Adeduntan; MD/CEO
Employees: 3,896
Official Website: www.firstbanknigeria.com
5. Guaranty Trust Bank Plc
Guaranty Trust Holding Company PLC also called GTCO PLC is an international financial services company that offers financial services and products.
GT Bank is the biggest bank in Nigeria in terms of market value, as of 2020, GT Bank has a market value of about N900 Billion
Industry type: Financial services
Established: 17th January 1990
Key Leaders: Hezekiah Oyinlola – Chairman, Segun Agbaje, -Group CEO
Products and services: Retail banking, Payments, pension management, asset management
Annual revenue: ₦ 455.23 billion
Employees: 11,320
Headquarters: 635 Akin Adesola Street, Victoria Island, Lagos, Nigeria
Website: www.gtbank.com
6. Union Bank of Nigeria Plc
Union Bank of Nigeria Plc is a licensed commercial bank in Nigeria, established in 1917. Union Bank is currently one of the oldest banks in Nigeria.
Industry Type: Financial services
Established: 1917
Headquarters: 36 Marina, Lagos Island, Lagos, Lagos State, Nigeria
Key Leaders: Cyril Akporuere Odu; Chairman, Emeka Okonkwo; Chief Executive Officer
Official Website: http://www.unionbankng.com
7. United Bank for Africa Plc
United Bank for Africa Plc also known as UBA is an African financial services company with its headquarters in Nigeria’s commercial capital – Lagos. It also has branches in more than 20 African countries, and in New York, Dubai, and London. The Group Chairman and co-founder of UBA are Chief. Tony Elumelu, while the GMD is Kennedy Uzoka.
Industry Type: Financial services
Established: 1949
Key Leaders: Tony O. Elumelu; Group Chairman, Kennedy Uzoka; Group Managing Director & Group CEO
Total assets: ₦7.8Trillion
Number of employees: 18,000 +
Official Website: ubagroup.com
8. Zenith Bank Plc
Zenith Bank Plc is a CBN licensed financial service and products provider with its head office in Nigeria. It also has a presence in all the Anglophone countries of West Africa. Zenith Bank PLC is listed in both the Nigerian stock exchange and the London Stock Exchange.
Industry Type: Financial Services
Established: 1990
Founder: Jim Ovia
Key Leaders: Ebenezer Onyeagwu (CEO)
Revenue: $852 million
Total assets: $16bn
Official Website: www.zenithbank.com
9. Eco Bank
Ecobank Nigeria Limited popularly referred to as Eco Bank is a commercial bank in Nigeria. It is one of the commercial banks with full license by the Central Bank of Nigeria, Nigeria’s apex banking regulator.
Industry Type: Financial services
Established: 1989
Headquarters: Lagos, Nigeria
Key Leaders: John Aboh; Chairman, Patrick Akinwuntan; Managing Director
Products and Services: Debit and credit cards, mortgages, loans, savings, investments,
Official Website: ecobank.com/ng/
10. Heritage Bank Plc
Heritage Bank Plc. also called Heritage Bank or simply HB is a financial services company. It is one of the commercial banks licensed by the Central Bank of Nigeria with a national license to operate. The bank offers services such as retail banking, Internet banking, and financial management services.
Company Type: Public company limited by shares
Industry Type: Financial services
Established: 2012
Key Leaders: Jani Ibrahim; Acting Chair, Ifie Sekibo; MD/CEO
Products and Services: Banking and financial services
Total assets: US$1.7 billion
Number of employees: 4200
Headquarters: Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria
Official Website: www.hbng.com
11. Keystone Bank
Keystone Bank Limited, also called Keystone bank is a commercial bank licensed by the Central Bank of Nigeria, Nigeria’s apex banking sector regulator.
Industry Type: Banking
Established: 2011
Key people Umaru H. Modibbo
Head Office: Victoria Island, Lagos, Lagos State, Nigeria
Key Leaders: Chairman; Olaniran Olayinka
Products Investments, Mortgages, Loans, Credit Cards, Savings,
Total assets: USD1.916 billion
Official Website: www.keystonebankng.com
12. Polaris Bank
Polaris Bank Limited is a commercial bank based in Nigeria. Polaris Bank is licensed by the Central Bank of Nigeria, the apex banking regulator In Nigeria.
Industry Type: Financial services
Established: September 24, 2018
Headquarters: No. 3 Akin Adesola Street, Victoria Island, Lagos.
Key Leaders: Muhammad K. Ahmad; Chairman, Adetokunbo Mukhail Abiru; CEO/MD
Website: www.polarisbanklimited.com
13. Stanbic IBTC Bank Plc
Stanbic IBTC Holdings, also known as Stanbic IBTC is a financial service company with headquarters in Lagos State, Nigeria. It has subsidiaries in Stock Brokerage, Investment management, Assets management, Venture capital, Insurance, and Pension management, Stanbic Bank is the largest bank in Africa in terms of assets and earnings. It is found in more than 20 African countries and has more than 13 branches outside Africa.
Industry Type: Financial services
Established: 1989
Head Office: Walter Carrington Crescent, Victoria Island, Lagos State, Nigeria
Key Leaders: Demola Sogunle; Chief Executive Officer; Basil Omiya
Products: insurance, asset management, investments, debit and credit cards, mortgages, business advisory, pensions, stockbroking, Loans, savings, and financial advisory services.
Total assets: N2.49 Trillion
Employees: 4,340
Official Website: www.stanbicibtc.com
14. Sterling Bank Plc
Sterling Bank Plc, also known as Sterling Bank is a commercial bank with a national license by the Central Bank of Nigeria. It trades under the Nigerian Stock Exchange with the name STERLNBANK.
The bank serves small businesses – SMEs, Individuals, and large firms. As of December 2019, the bank has a total of 165 branches distributed across Nigeria, with a total asset of about NGN 1 trillion and equity of NGN 119.8 billion.
Industry Type: Banking services
Established: 1960
Key Leaders: Asue Ighodalo; Chairman, Abubakar Suleiman; GMD/CEO
Total assets: ₦ 1.20 trillion
Number of workers: 3000
Official Website: www.sterling.ng
15. Unity Bank Plc
Industry Type: Financial services
Established: 2006
Key leaders: CEO/MD; Thomas Ethuh; Chairman; Tomi Some fun
Products and services: Savings, Investments, Mortgages, Loans, Credit Cards.
Head Office: Victoria Island, Lagos, Nigeria
Total assets: $2.45 billion
Number of employees: 2,564
Official Website: www.unitybank.com
16. Wema Bank Plc
Wema Bank Plc, also known as Wema bank is a Nigerian commercial bank with a national license. The bank has branches across Nigeria. Its ALAT platform is one of the best digital banking apps.
Industry Type: Financial services
Established: 2nd May 1945
Headquarters: 54 Marina, Lagos Island Lagos State, Nigeria
Key leaders: Ademola Adebise; MD/CEO, Babatunde Kasali; Chairman
Products and Services: Corporate banking, Retail banking, Commercial banking,
Total assets: $1.3billion
Employees: 3500+
Official Website: www.wemabank.com
How many banks are there in Nigeria?
As of 2024, there are about 25 commercial banks in Nigeria.
How many banks are there in Nigeria in 2024?
According to data available with the Central Bank of Nigeria, there are about 25 banks in Nigeria.
How many commercial banks do we have in Nigeria and list them?
The following are the list of commercial banks in Nigeria;
Which banks in Nigeria is have a presence in other parts of the world?
United Bank for Africa has a presence in more than 25 African countries, and subsidiaries in New York, Canada, London, and Dubai.
Which bank is first in Nigeria?
First Bank of Nigeria Plc., was established in the year 1904, making it the oldest bank in Nigeria.
What is the name of the richest bank in Nigeria?
Guaranty Trust Bank is also known as GT Bank is the most valuable bank in Nigeria with a total operating value of about N850 billion as of 2021.
Which bank in Nigeria is the best?
Access Bank Plc was awarded the best customer-friendly bank in Nigeria in 2020.
Which bank uses PayPal in Nigeria?
UBA’s Mastercard is accepted internationally for transactions on Paypal and other payment processing platforms.
What are the 3 good banks in Nigeria?
- Guaranty Trust Bank Plc
- First Bank Plc
- Access Bank Plc
Which bank is the most secure in Nigeria?
The most secure bank in Nigeria is Zenith Bank. Zenith Bank uses the services of Mobile Police officers instead of the conventional security organizations.
Which bank is best for savings in Nigeria?
Guaranty Trust Bank is also known as GT Bank provides several savings options for its customers with few or little charges, therefore, it is the best savings bank in Nigeria.
What is the maximum amount in a current account in Nigeria?
A current account doesn’t have a transaction limit; however, regulators require reporting a transaction above 10 million Naira for Individuals and 100 million Naira for corporate bodies.
Which bank is the best for a student in Nigeria?
Guaranty Trust Bank Plc is the best student-friendly bank in Nigeria. The bank has many products and services that are tailored just for the needs of the students, apart from that, student accounts enjoy free banking and transactions across all platform thanks to it student banking scheme known as the GT Crea8.
How much cash can you carry legally in Nigeria?
There is no official law limiting how much cash one can carry legally, however, for security sake, if there’s a need to move bulk cash, it is required you liaise with a commercial bank for delivery. With the evolution of FinTech and digital banking, carrying physical is old-fashioned.
How much is a student account in Nigeria?
To open a student account in Nigeria is free. However, you will need some means of Identification like your student ID card or your admission letter.
What is the maximum amount in GT Bank savings account?
Depending on either the account is Tier 1 or Tier 2. You can make a single deposit of about N500,000 in a GT Bank savings account.
Author
Abbey Johnson has a Masters degree as an engineer and has over 3 years of teaching and research experience. He is happiest when on a bike and is also interested in electric energy and computer Science.