Commercial banks play a central role in Nigeria’s financial system. They accept deposits, offer loans, and support businesses and individuals with financial services. This article lists 20 commercial banks in Nigeria, with key facts about each bank. Whether you’re looking to open an account, get a loan, or understand Nigeria’s banking system, this guide will help.
We focus on clarity, simplicity, and direct information. Each bank listed is licensed by the Central Bank of Nigeria (CBN) and insured by the Nigeria Deposit Insurance Corporation (NDIC).
1. Access Bank Plc
Access Bank is one of the largest banks in Nigeria. It offers retail, business, and corporate banking services. In 2019, Access Bank merged with Diamond Bank, increasing its customer base and branch network.
Headquarters: Lagos
Website: www.accessbankplc.com
2. Zenith Bank Plc
Zenith Bank is a well-known Nigerian bank. It serves both individuals and businesses. It also operates in several African countries and the UK.
Headquarters: Lagos
Website: www.zenithbank.com
3. Guaranty Trust Bank (GTBank)
GTBank is known for its strong online banking platform and customer service. It provides retail, SME, and corporate banking services.
Headquarters: Lagos
Website: www.gtbank.com
4. First Bank of Nigeria Limited
First Bank is Nigeria’s oldest commercial bank. It has a strong nationwide presence and a reputation for reliability.
Headquarters: Lagos
Website: www.firstbanknigeria.com
5. United Bank for Africa (UBA)
UBA operates in over 20 African countries and has offices in New York, London, and Paris. It serves individuals, small businesses, and large corporations.
Headquarters: Lagos
Website: www.ubagroup.com
6. Fidelity Bank Plc
Fidelity Bank offers savings, loans, and other financial products for individuals and businesses. It is known for promoting SME financing.
Headquarters: Lagos
Website: www.fidelitybank.ng
7. Union Bank of Nigeria
Union Bank is one of Nigeria’s oldest banks. It offers simple, reliable banking for individuals, small businesses, and corporations.
Headquarters: Lagos
Website: www.unionbankng.com
8. First City Monument Bank (FCMB)
FCMB provides financial services across Nigeria. It focuses on retail banking, SME support, and investment banking.
Headquarters: Lagos
Website: www.fcmb.com
9. Polaris Bank Limited
Polaris Bank was formed in 2018 after the takeover of Skye Bank by the Central Bank of Nigeria. It provides retail, commercial, and internet banking.
Headquarters: Lagos
Website: www.polarisbanklimited.com
10. Stanbic IBTC Bank Plc
Stanbic IBTC is part of the Standard Bank Group of South Africa. It offers personal and corporate banking, as well as investment services.
Headquarters: Lagos
Website: www.stanbicibtcbank.com
11. Sterling Bank Plc
Sterling Bank focuses on retail banking, digital solutions, and innovation. It has a growing online and mobile presence.
Headquarters: Lagos
Website: www.sterling.ng
12. Ecobank Nigeria
Ecobank Nigeria is part of the Ecobank Group with operations across Africa. It offers banking services to individuals and businesses.
Headquarters: Lagos
Website: www.ecobank.com/ng
13. Keystone Bank Limited
Keystone Bank offers banking services to public institutions, SMEs, and large corporations. It also provides digital banking options.
Headquarters: Lagos
Website: www.keystonebankng.com
14. Unity Bank Plc
Unity Bank serves individuals and businesses across Nigeria, especially in the agricultural and rural sectors.
Headquarters: Abuja
Website: www.unitybankng.com
15. Wema Bank Plc
Wema Bank is the pioneer of Nigeria’s first fully digital bank, ALAT. It supports digital banking and has physical branches nationwide.
Headquarters: Lagos
Website: www.wemabank.com
16. Titan Trust Bank Limited
Titan Trust Bank is a newer player in Nigeria’s banking sector. It focuses on technology-driven banking and customer satisfaction.
Headquarters: Lagos
Website: www.titantrustbank.com
17. Globus Bank Limited
Globus Bank is a relatively new bank in Nigeria. It aims to provide modern financial services using technology and customer support.
Headquarters: Lagos
Website: www.globusbank.com
18. SunTrust Bank Nigeria Limited
SunTrust Bank offers online-focused banking services. It promotes fast, efficient digital banking for individuals and small businesses.
Headquarters: Lagos
Website: www.suntrustng.com
19. Providus Bank Limited
Providus Bank serves SMEs, professionals, and corporate clients. It offers customized banking and digital solutions.
Headquarters: Lagos
Website: www.providusbank.com
20. Parallex Bank Limited
Parallex Bank is one of the newest commercial banks in Nigeria. It began as a microfinance bank and later received a commercial banking license from the CBN.
Headquarters: Lagos
Website: www.parallexbank.com
Regulatory Oversight
All the banks listed above are regulated by the Central Bank of Nigeria. You can view the full list of licensed deposit money banks on the CBN website: CBN List of Commercial Banks
They are also insured by the Nigeria Deposit Insurance Corporation (NDIC). This means that customers’ deposits are protected up to a certain amount. You can view the NDIC’s official list of insured commercial banks here: NDIC List of Commercial Banks
For a quick overview and comparison of banks in Nigeria, you can also check: Wikipedia List of Banks in Nigeria
FAQs
1. What is a commercial bank in Nigeria?
A commercial bank in Nigeria is a financial institution licensed by the Central Bank of Nigeria to accept deposits, provide loans, and offer basic banking services to individuals and businesses.
2. How many commercial banks are in Nigeria?
There are over 20 licensed commercial banks in Nigeria. These include large banks like Access Bank, Zenith Bank, and GTBank. The full list is available on the CBN official website.
3. Which bank is the oldest commercial bank in Nigeria?
First Bank of Nigeria is the oldest commercial bank in the country. It was established in 1894 and still operates nationwide today.
4. Which bank in Nigeria gives instant loans?
Some banks offer fast loans through mobile apps, but users often prefer digital lenders. If you’re looking for quick access to cash, check out this loan app that gives 100k instantly.
5. Who regulates commercial banks in Nigeria?
The Central Bank of Nigeria (CBN) regulates all commercial banks. The CBN sets financial policies, issues licenses, and ensures financial stability.
6. Who is the current governor of the Central Bank of Nigeria?
To find out who the current CBN governor is, read this update: Who is the new governor of the Central Bank of Nigeria?
7. Who was the first governor of the Central Bank of Nigeria?
The first governor was Roy Pentelow Fenton. You can learn more from this resource: Who is the first governor of Central Bank of Nigeria?
8. Which commercial bank in Nigeria has the best digital banking?
GTBank, Access Bank, and Wema Bank (ALAT) are popular for their user-friendly mobile apps and online platforms.
9. How safe are commercial banks in Nigeria?
Commercial banks are regulated by the CBN and insured by the NDIC, which protects depositors’ funds up to a certain limit.
10. Which bank is best for opening a savings account in Nigeria?
Access Bank, Zenith Bank, and First Bank offer good savings options with low opening requirements and nationwide accessibility.
11. Can I receive money from the USA through a Nigerian commercial bank?
Yes, many banks support international remittance. For easy transfer options, see this guide on best apps to send money to Nigeria from the USA.
12. Which commercial bank supports small business loans in Nigeria?
Fidelity Bank, First Bank, and FCMB offer small business financing. You can also explore ideas in this guide on business to start with 3k in Nigeria.
13. Which commercial bank has the most branches in Nigeria?
First Bank and Access Bank have the widest branch networks across Nigeria, covering both urban and rural areas.
14. How can I check my bank balance in Nigeria?
You can check your balance via mobile banking apps, USSD codes, or by visiting a branch. Most banks support easy mobile access.
15. Which commercial bank in Nigeria has the best mobile app?
Wema Bank’s ALAT app, GTWorld by GTBank, and AccessMore by Access Bank are widely rated for ease of use and speed.
16. How many people in Nigeria use internet banking?
With over 100 million internet users in Nigeria, digital banking has grown fast. See the number of internet users in Nigeria for context.
17. Which bank offers free online account opening in Nigeria?
Wema Bank, Zenith Bank, and Stanbic IBTC offer free online account registration with minimal documentation.
18. Do commercial banks in Nigeria offer forex services?
Yes, most commercial banks offer foreign exchange services, including USD, GBP, and EUR transactions.
19. Can I access banking services without visiting a branch?
Yes. With strong internet infrastructure and mobile banking, many services are now digital. Learn more from this list of top internet providers in Nigeria to support your access.
20. Who is considered the best CBN governor in Nigeria’s history?
There have been several notable governors. Find expert analysis in this article: Best CBN Governor in Nigeria
Final Thoughts
Nigeria has a vibrant banking sector with both old and new commercial banks offering a wide range of services. From digital-first banks like Wema (ALAT) and Parallex to traditional giants like First Bank and Zenith, customers have many choices.
If you’re looking for personal banking, SME support, or corporate financial services, these banks provide a solid foundation. Use the official links above to visit each bank’s site and explore the services they offer.
