How Many Commercial Banks is in Nigeria
Commercial banks are banks that provides banking and financial services with aim of making profits.
They are banks that engage in interest banking. Commercial banks in Nigeria is performing good, thanks to the policies and programs of Central Bank of Nigeria which is aimed at making Nigeria commercial banks stable and devoid of liquidation.
The capitalization and recapitalization of commercial banks in Nigeria by Central Bank of Nigeria has seen many banks form merger in other to avoid liquidation and avoid incessant closure as witnessed in the past in the industry.
Today, Nigeria have commercial banks that are strong, stable and viable with the reforms.
In this post we will be discussing full list of all approved commercials banks in Nigeria.
These are commercial banks that operate in Nigeria that are approved by the government.
Licenced Commercial Banks in Nigeria
There are 22 approved commercial banks in Nigeria.
Not so many people are aware of the number of commercial banks in Nigeria.
This is what makes this post worthwhile. These 22 commercial banks in Nigeria are fully licenced to operate as commercial banks and provide banking and financial services to the publics.
Below is the list of commercial banks in Nigeria.
Access Bank Plc
Access Bank is rated one of that leading commercial banks in Nigeria with over 600 branches across Nigeria.
The bank has presence across 12 countries and 3 continents. The staff strength of Access Bank is over 28,000, making them the Nigeria bank with highest employability rate.
Access Bank was established in 1989 and has today grown into top five biggest banks in Nigeria. The bank is headquatered in Lagos, Nigeria.
Citibank Nigeria Ltd
Citibank is a banking firm with global presence. The bank provides digital banking, wealth management and commercial banking services.
Citibank Operates across 19 countries with over 100 million clients.
The bank prides itself on provision of credits facilities to its clients and customers for both short and long term financial needs.
The headquarters of Citibank in Nigeria is Lagos.
Ecobank Nigeria Plc
The pan African bank as popularly called, Ecobank started business in the year 1985.
The bank has huge presence in Africa. Some of the bank’s major services includes: personal banking, group banking and corporate banking. Ecobank has offices in 32 countries.
In Nigeria, the head office of Ecobank is situated in Lagos.
Fidelity bank is one of the top commercial banks in Nigeria.
The bank took off as merchant bank in 1988 but became commercial in 1999. The bank boosts of over 200 branches and 4 million customers.
Some banking services of Fidelity bank includes: retail banking, SME banking, corporate banking and private banking.
First Bank Of Nigeria
First Bank Of Nigeria was established in 1894 by Sir Alfred Jones, a shipping magnet from England.
The bank is in the top 10 best commercial banks in Nigeria. First Bank of Nigeria has presence in 3 continents and 10 countries.
The head office of First bank is in Lagos, Nigeria.
First City Monument Bank (FCMB)
First City Monument Bank took off as First City Merchant Bank in the year 1982. In the year 2001,it became First City Monument Bank, a popular commercial bank in Nigeria.
The bank has over 150 branches across Nigeria. Basic banking services are provided by the bank.
Globus Bank is a newly licenced commercial bank in Nigeria by the Central Bank of Nigeria. It was incorporated on the 6th of March 2019, as a Limited Liability Company.
The bank is out to revolutionalise digital banking in Nigeria.
We hope that as the bank continues to grow, it’s presence will be witnessed across the country.
Guaranty Trust Bank Plc
Guaranty Trust Bank Plc popularly known as GTBank is one of the leading commercial banks in Nigeria.
The bank was licenced in 1990, but started operations in 1991. GTBank has grown into one of the biggest banks in Nigeria with presence in East nad West Africa as well as Europe.
The bank is headquatered in Lagos and has over 10,000 staff to its employ.
Heritage Bank came into operations in 2015 having previously known as Enterprise Bank. It is a top and approved commercial banks in Nigeria.
Heritage Bank engage in personal and corporate banking among other banking services.
Keystone Bank Limited
Keystone Bank Limited transited from Bank PHB in 2011. The bank is a licensed commercial bank in Nigeria with over 150 branches across Nigeria.
The bank has two international subsidiaries in Liberia and Sierra Leone. E banking, personal banking and corporate banking are among its financial services.
Polaris Bank Limited
Polaris Bank Limited is a top licenced commercial bank in Nigeria. Polaris Bank Limited acquired Skye Bank and started operations in 2018.
It has been driving some innovation in the industry such as use of ICT for banking otherwise known as e-banking.
Providus Bank is licenced commercial bank in Nigeria.
The bank focuses on creation of supports for corporate institution as well as provision of financial services and credit facilities for SMEs.
The bank is headquatered in Lagos, Nigeria.
Stanbic IBTC Nigeria
This is one of the major integrated financial service providers in Nigeria. The bank was established in the year 1989.
The bank has been providing financial advisor to both individuals and corporate institutions in Nigeria. It an approved commercial bank in Nigeria.
Standard Chartered Bank Nigeria
After its first stint in Nigeria in the year 1969, Standard Chartered Bank remerged as top and licenced commercial bank in Nigeria in the year 1999.
Since then the bank has been providing wide range of financial services such as wealth management, credit facilities, corporate and international banking.
Standard Chartered Bank Nigeria has about 22 branches in Nigeria mostly in top cities like Lagos, Abuja and Port Harcourt.
The bank has about 900 staff to its employ in Nigeria.
SunTrust Bank Nigeria Limited
This is one of CBN licenced commercial banks in Nigeria.
However, the bank hasn’t been so loud as other commercial banks in Nigeria due to its mode of operations, providing financial support to businesses and cooperate bodies.
They are one of the banks driving SMEs and retail banking in Nigeria.
Sterling Bank Plc
Sterling bank started as investment bank in 1969. It became commercial bank in 2006 with license of Central Bank of Nigeria.
The bank has been in fore front of providing various banking and financial solutions. The banks over 170 branches across Nigeria.
Titan Trust Bank
Titan Trust Bank is a newly licenced commercial bank in Nigeria. The bank was licenced by CBN in 2019.
The bank is set to champion basic banking and financial services to the publics like individual, corporate and e banking.
We hope the presence of the bank will be more visible as they grow their capital and clients base.
Union Bank Of Nigeria
Union Bank of Nigeria is one of the oldest and respected banks in Nigeria.
The banks has over 5000 staff to their employ and boost of over 300 branches across Nigeria.
It is one of reputable commercial banks in Nigeria.
United Bank For Africa Plc (UBA)
This is one of the most popular commercial banks in Nigeria the bank is present both in Nigeria, west Africa and London.
It is commercial bank with national outlook in Nigeria. UBA has over 300 across Nigeria. It is an approved commercial bank in Nigeria.
Unity Bank Plc
Unity Bank plc is commercial bank in Nigeria which started as bank of North.
The bank has over 200 branches scattered across Nigeria cities and highways. Its capital base is very strong with a committed and high performing staff.
Wema Bank was given universal banking license in Nigeria in 2001 and has since then stormed Nigeria banking industry with great banking services.
Their ALAT e banking is one of the renowned e banking services in the industry. The bank’s presence is not yet high as UBA and Zenith banks.
Zenith Bank is currently the best bank in Nigeria with their resilience banking services and provision of supports for businesses in Nigeria.
The bank was founded in May, 1990 and has walked up to the pinnacle of commercial banking in Nigeria. It is the 6th biggest banks in Africa.
Jaiz Bank could not be found on this list of commercial banks in Nigeria because the Islamic Bank is non interest bank and thus cannot be categorized under commercial banks in Nigeria.