The commercial banking sector in Nigeria plays a significant role in the country’s economy by providing access to financial services, facilitating trade and investment, and supporting economic growth.
There are 24 commercial banks in Nigeria. They were up to 89 before the consolidation of the banking industry.
The banking industry in Nigeria is regulated by the Central Bank of Nigeria (CBN), which is responsible for issuing licenses to banks, setting monetary policy, and overseeing the stability of the financial system.
1. Access Bank Plc
Access Bank is a large commercial bank in Nigeria. It was founded in 1989 as a medium-sized bank and has since grown to become one of the most recognizable and respected financial institutions in the country.
The bank has a network of branches and ATMs across Nigeria, as well as a presence in other African countries and the United Kingdom. Access Bank offers a range of banking and financial services, including retail banking, corporate banking, investment banking, and wealth management.
2. Citibank Nigeria Limited
Citibank Nigeria Limited is a foreign bank in Nigeria that is a subsidiary of Citigroup, a global financial services company based in the United States.
Citibank Nigeria offers a range of banking and financial products and services to individuals, small and medium-sized enterprises, and large corporations. These include checking and savings accounts, credit cards, loans, mortgages, investment products, and more.
The bank has a network of branches and ATMs in major cities across Nigeria, as well as a presence in other countries in Africa and around the world.
3. Ecobank Nigeria Plc
Ecobank Nigeria Plc, also known as Ecobank Nigeria, is a commercial bank in Nigeria that is a member of the Ecobank Group, a pan-African financial services company.
Ecobank Nigeria was established in 1989 and has since grown to become one of the leading banks in the country, with a network of branches and ATMs across Nigeria and a presence in other African countries.
The bank offers a range of banking and financial products and services, including retail banking, corporate banking, investment banking, and wealth management. In addition to its traditional banking services, Ecobank Nigeria also offers digital banking services through its mobile app and online platform.
4. Fidelity Bank Plc
Fidelity Bank Plc is a commercial bank in Nigeria that was established in 1988. It is one of the country’s largest banks, with a network of branches and ATMs across Nigeria and a presence in other African countries.
Fidelity Bank offers a range of banking and financial products and services to individuals, small and medium-sized enterprises, and large corporations. These include checking and savings accounts, credit cards, loans, mortgages, investment products, and more.
In addition to its traditional banking services, Fidelity Bank also offers digital banking services through its mobile app and online platform.
5. First Bank of Nigeria Limited
First Bank of Nigeria Limited, also known as FirstBank, is a large commercial bank in Nigeria. It was founded in 1894 and is one of the oldest and most respected financial institutions in the country.
FirstBank has a network of branches and ATMs across Nigeria, as well as a presence in other African countries and the United Kingdom. The bank offers a range of banking and financial products and services to individuals, small and medium-sized enterprises, and large corporations.
These include checking and savings accounts, credit cards, loans, mortgages, investment products, and more. In addition to its traditional banking services, FirstBank also offers digital banking services through its mobile app and online platform.
6. First City Monument Bank Plc
First City Monument Bank (FCMB) is a commercial bank in Nigeria. It was founded in 1982 as a merchant bank and later converted to a commercial bank in 2001. The bank offers a range of banking services including personal banking, corporate banking, and investment banking. FCMB has a wide network of branches and ATMs across Nigeria, and also offers online and mobile banking services. In addition, the bank has a subsidiary in the United Kingdom, FCMB UK Limited, which provides services to Nigerian customers living in the UK. As of 2021 FCMB is one of the top banks in Nigeria by assets.
7 Globus Bank Limited
8. Guaranty Trust Bank Plc
Guaranty Trust Bank, commonly referred to as GTBank was founded in 1990 and has since grown to become one of the largest and most profitable banks in the country.
The bank has also expanded its operations to other African countries like Ghana, Liberia, Sierra Leone, The Gambia, and Rwanda.
The bank offers a wide range of banking services including personal banking, corporate banking, and investment banking. GTBank is known for its innovation and use of technology in banking services.
9 Heritage Banking Company Ltd.
10 Keystone Bank Limited
Keystone Bank Limited is a commercial bank in Nigeria. It was founded in 2011 as a result of the merger of Bank PHB and four other banks. The bank offers a wide range of banking services including personal banking, corporate banking, and investment banking. Keystone Bank has a wide network of branches and ATMs across Nigeria, and also offers online and mobile banking services. The bank has also expanded its operations to other African countries. Keystone Bank has been known to have some challenges in the past with regulatory bodies, but it has been working to improve its operations and services. As of 2021 Keystone Bank is one of the top banks in Nigeria by assets and operational capacity.
11 Parallex Bank Ltd
12 Polaris Bank Plc
Polaris Bank, formerly known as Skye Bank, is a commercial bank in Nigeria. It was founded in 1990 and is one of the leading banks in the country, offering a wide range of banking services including personal banking, corporate banking, and investment banking. Polaris Bank has a wide network of branches and ATMs across Nigeria, and also offers online and mobile banking services. The bank has also expanded its operations to other African countries. In 2018 Central Bank of Nigeria (CBN) took over the management of the bank due to its poor financial condition, CBN subsequently injected new capital into the bank and renamed it Polaris Bank. As of 2021 Polaris Bank is one of the top banks in Nigeria by assets and operational capacity.
It is worth mentioning that Polaris Bank is also one of the Nigerian banks that have been actively investing in technology and digital banking services to improve customer experience and increase its reach to more customers.
13 Premium Trust Bank
14 Providus Bank
Providus Bank is a commercial bank in Nigeria. It was licensed by the Central Bank of Nigeria in August 2019 and officially began operations in January 2020. The bank is focused on providing innovative banking services to small and medium-sized businesses, as well as to individuals. Providus Bank offers a wide range of banking services including personal banking, corporate banking, and investment banking. The bank has a wide network of branches and ATMs across Nigeria and also offers online and mobile banking services. Providus Bank is a relatively new bank in Nigeria and it is considered as a niche player in the market, It is currently working on building its reputation and expanding its customer base.
