List Of Commercial Banks In Nigeria: Today, we’ll take a look at the whole list of commercial banks in Nigeria, as well as their products and services.
Commercial banks are a need in any country since they not only assist you in saving money, but they also provide a variety of other valuable financial services.
Commercial banks in Nigeria are regulated by the Central Bank of Nigeria, which is the country’s central bank (CBN). Commercial banks are in the business of banking in order to make a profit, as their name implies.
Commercial banks perform the functions of accepting deposits from the general public, granting business loans, and providing the general public with basic financial products and services. Commercial banks are organized to serve the general public.
Small and medium-sized businesses rely on commercial banks to help them expand and develop their businesses. In addition to cash help, they also provide invaluable support to entrepreneurs. So they are absolutely necessary for businesses to succeed since businesses cannot grow unless they have sufficient finances.
Furthermore, in order to conduct his business, the businessman requires a corporate account. As a result, we’ve put up a list of commercial banks in Nigeria. Choose the bank that would best meet your needs as an investor from the options provided.
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List Of Commercial Banks In Nigeria
Here is a list of commercial banks in Nigeria
Access Bank Plc
Access Bank Plc is one of the world’s leading commercial banks, with more than 600 branches and service outlets in 12 countries on three continents, serving 31 million customers.
The Bank has more than 28,000 employees across Nigeria, Sub-Saharan Africa, the United Kingdom, and Dubai, United Arab Emirates. Access Bank maintains representative offices in a number of countries, including China, Lebanon, and India. Access Bank has one of the highest employability rates among the commercial banks in Nigeria, according to the bank’s own statistics.
Access Bank, which was established in 1989, has grown to become one of the top five commercial banks in Nigeria in terms of assets, loans, deposits, and branch network, and is now one of the largest banks in the country.
Since its inception, Access Bank has grown into a world-class African financial institution, guided by a strategy of continuous growth that emphasizes the adoption of environmentally friendly business practices.
Access Bank offers a wide range of cutting-edge goods and services to fulfill the demands of its customers. Target savings, FRD advantage (Fixed rate deposit), treasury products, convenient banking, capacity building programs, and the W Community are some of the products and services offered by the bank.
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Citibank Nigeria Ltd
In the areas of credit cards, wealth management, and commercial banking, Citibank is a global leader in digital banking, serving over 110 million customers in 19 countries.
The bank is strategically concentrating on three markets: the United States, Mexico, and Asia. To the mid-sized, trade-oriented businesses within its reach, Citibank delivers world-class financial services on a global scale.
Citibank’s wholesale banking solutions enable its clients to expand their operations in both domestic and international markets as they build their businesses.
Citi Commercial Bank lends cash to its clients for the purposes of business expansion or debt refinancing. In addition, the bank has the right capital structure to meet the needs of its clients for both long and short term borrowing.
Ecobank Nigeria Plc
Ecobank began operations in 1985 with the goal of offering financial solutions that would help its clients grow their businesses. Over time, the bank has expanded to include a network of more than 1,000 branches and a workforce of more than 10,000 workers around the world.
Moreover, the bank has branches in 32 countries, including Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, the Central African Republic, Chad, the Republic of Congo, the Democratic Republic of Congo, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Mali, Malawi, Niger, Nigeria, Rwanda, Sao Tome and Principe, Senegal, Sierra Leone, Togo,
A subsidiary of Ecobank is based in Paris, and the bank also has representative offices in Johannesburg, Dubai, and London.
Ecobank Nigeria Plc provides personal banking, group banking, corporate banking, as well as a variety of products and services to fulfill a variety of customer demands in Nigeria.
It began operations as a merchant bank in 1988 and has since grown to become one of Nigeria’s most successful commercial banks. It was transformed into a commercial bank in 1999.
The bank is regarded as one of the top ten financial institutions in the Nigerian banking market. Fidelity Bank serves more than 4.2 million customers through its 231 business offices and internet banking platforms, according to the bank.
A number of accolades and recognitions have been given to Fidelity Bank, including Best SME Friendly Bank, Best in Mobile Banking, and Most Improved Corporate/Investment Bank.
According to the KPMG Banking Industry Satisfaction Survey conducted in 2001, the bank was regarded as the fourth best bank in the Retail Banking segment.
Retail banking, SME banking, corporate banking, private banking, and a variety of additional products are all available through the bank, each geared to satisfy the specific needs of the bank’s many customers.
First Bank Of Nigeria
Sir Alfred Jones, a shipping mogul from Liverpool, England, was the visionary behind the establishment of the First Bank of Nigeria, which opened its doors in 1894. The bank is widely regarded as Nigeria’s largest, with a total asset base of N3.3 trillion, customer deposits of N2.6 trillion, and a strong capital adequacy ratio of 18.9 percent. It is headquartered in Lagos.
Its adequacy ratio is significantly greater than the CBN-mandated minimum of 10 percent adequacy ratio. Thus, the bank ranks as the largest corporate and retail financial institution in Sub-Saharan Africa, according to the World Bank (excluding South Africa).
One thousand eight hundred and thirty employees work in seven hundred and fifty-eight business locations across three continents and ten countries for First Bank. The bank has 758 business locations and 21 thousand eight hundred and thirty employees. Since its inception, the bank has issued 9,995,931 ATM cards and placed 2921 ATMs at the disposal of its customers.
This award-winning bank is well-known for taking a conservative approach to risk management as well as for having world-class corporate governance practices. There are a variety of services available from First Bank of Nigeria, including personal and business banking.
First City Monument Bank (FCMB)
First City Monument Bank was established in 1982 as a subsidiary of First City Merchant Bank. First City Monument Bank, on the other hand, was established in 2001 when it became a universal bank. To be the foremost financial services group of African origin, the banks’ objective is to become one of the world’s largest financial services organizations.
A strategic collaboration with Sabre Capital Worldwide (Mauritius) Limited was formed in 2007, when the bank expanded from 50 to 150 branches.
FCMB offers a wide range of financial services to its diversified customer base, including personal banking, business banking, and corporate banking.
Globus Bank, a Limited Liability Company, was established on March 6, 2019 as a result of a merger of two existing companies. The Central Bank of Nigeria has awarded the bank a license to provide commercial banking services to the Nigerian public, according to a press release. The bank aspires to be the leader in Nigeria’s digital banking industry….
In order to revolutionize the Nigerian financial services market, Globus Bank is focusing on using technology and people in order to give superior services to its clients.
Personal banking, premier banking, wholesale banking, and growing business banking are some of the services offered by the banks.
Guaranty Trust Bank Plc
Despite the fact that Guaranty Trust Bank Plc (Gtbank) was established as a limited liability company in 1990 and received a license to provide banking services to Nigerians in 1991, the bank did not begin operations until February 1991.
Since then, it has developed into one of Nigeria’s most reputable and customer-focused financial institutions. GTbank is one of the largest and most creative commercial banks in Nigeria, ranking third on the list of the country’s largest banks. It has offices in West Africa, East Africa, and Europe, as well as in the United States.
Gtbank currently has an asset base of over N3.11 trillion and employs over 10,000 people in Nigeria, Cote d’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom, among other countries. Gtbank is headquartered in Lagos, Nigeria.
GTBank provides both personal banking and business banking services to its customers.
Heritage Bank changed its name from Enterprise Bank to Heritage Bank Plc in 2015, marking the beginning of a new chapter for the institution. It is one of the leading banks in Nigeria, with a great service culture that is centered on providing complete customer satisfaction. Their customer service culture has assisted them in developing a brand and a legacy.
Through key principles such as service, performance, respect, honesty, innovation, persistence, and excellence, the bank hopes to revolutionize the concept of banking for its customers.
Individuals, small enterprises, families, and non-profit organizations can all benefit from the services offered by Heritage Bank.
Jaiz Bank was founded by Jaiz International Plc, which was established as a Special Purpose Vehicle (SPV) in 2003/2004 with the goal of establishing Nigeria’s first non-interest banking institution. It is a publicly traded corporation with over 26,000 shareholders scattered across Nigeria’s six geo-political zones that own a stake in the company.
On the 11th of November, 2011, the bank got a regional operating license to operate as a non-interest bank, allowing it to commence operations. The bank, on the other hand, began full operations on the 6th of January, 2012, with three branches in Abuja Federal Capital Territory, Kaduna, and Kano.
Because of a recommendation from the Islamic Development Bank (IDB) to the Islamic Bank of Bangladesh (IBBL), a cooperation between the two institutions for technical and management assistance has been established.
Jaiz Bank has a customer base of more than 230,000 customers who represent all socioeconomic strata. The bank’s product offerings range from consumer-friendly retail to commercial and corporate products.
In 2012, the bank had three locations. So far, it has expanded to 30 branch offices across Nigeria, with plans to open more in the future to better serve the needs of the local population.
Keystone Bank Limited
When Keystone Bank acquired Bank PHB in 2011, the Central Bank of Nigeria granted them their commercial banking license. In addition to its one hundred and fifty-four branches, Keystone Bank has two overseas subsidiaries and one local insurance company, all of which were inherited from its predecessor.
One of the banks’ subsidiaries is Global Bank, which operates in Liberia; another is Keystone Bank, which operates in Sierra Leone; and yet another is KBL Insurance. Keystone Bank strives to provide the best solutions and services to its clients and associates in order to carry out its banking activities in the most efficient manner possible.
Customers can choose from a variety of services offered by the bank, including e-banking, corporate banking, and personal banking.
Polaris Bank Limited
Polaris Bank was created on the 21st of September, 2018 by the Central Bank of Nigeria (CBN) to provide commercial banking services to Nigerians. Polaris Bank began operations on the same day that it acquired the assets of the defunct Skye Bank.
With its simple, convenient, and secure banking services, Polaris Bank is a key player in the Nigerian financial industry. Polaris Bank has a strong presence in the country’s banking industry.
So far, the bank has been able to accomplish this by concentrating on information and communications technology (ICT) solutions that can be applied across a variety of service delivery channels, including mobile banking, ATMs, point of sale (POS), and online platforms.
For its various customers, Polaris Bank offers a variety of products and services that are tailored to fit their specific needs and requirements. Retail banking, SME banking, corporate banking, and e-banking are just a few of the goods and services that are available.
Providus bank is a forward-thinking banking institution that offers its customers customized business solutions as well as cutting-edge goods. In addition to business counseling and portfolio management, the bank provides personalized relationship management, expedited service delivery, and self-service solutions among its financial services.
The bank operates under a philosophy of providing help and value to institutions, agencies, SMEs, and high-net-worth individuals (HNIs). As a result, the company’s commercial development strategy is focused on the development of expertise and the formation of relevant alliances in order to enhance the non-oil sector of the Nigerian economy.
The bank provides banking solutions for individuals, families, businesses, and the public sector.
Stanbic IBTC Nigeria
Stanbic IBTC was created in 1989 and has since grown to become one of Nigeria’s leading providers of integrated financial services providers.
With a diverse range of products and services, the bank serves customers across the country, including deposit and savings accounts; loans; vehicle and asset finance; debit and credit cards; internet banking; wealth and investment planning; as well as advisory services and financial planning.
Standard Chartered Bank Nigeria
Despite the fact that Standard Chartered Bank Nigeria was established in 1969, the bank ceased operations in 1979.
Standard Chartered Bank re-entered the Nigerian market in 1999 and was admitted to the list of commercial banks in the country. In 1999, Standard Chartered began operations as a wholly owned subsidiary of Standard Chartered Bank Plc, and has since grown to become the world’s largest bank by assets. The headquarters of the bank are located in the United Kingdom.
In the areas of retail banking, wealth management, commercial, corporate and institutional banking, private banking, digital banking, and transactional banking, Standard Chartered Bank provides a comprehensive range of products and services.
Approximately 22 locations spread across Lagos, Port Harcourt, and Abuja serve the bank’s nearly 900-strong employee base.
Sterling Bank Plc
NAL Bank, which was created in 1960 and was the first investment bank in Nigeria, served as the foundation for Sterling Bank’s operations. Sterling Bank, on the other hand, began operating in 2006 as a separate entity.
Sterling Bank Plc is a full-service commercial bank with a vision to become the financial institution of choice for Nigerians. The bank was established in 1999. The objective of the financial institution is to ‘deliver solutions that increase the value of its stakeholders.’
Sterling Bank provides a variety of products and services, including personal banking solutions, business banking solutions, and alternative banking solutions.
179 branches, 7853 point of sale terminals (POS), and 847 automated teller machines (ATM) were operational in Nigeria as of December 2018.
SunTrust Bank Nigeria Limited
SunTrust Bank is a privately held Nigerian commercial bank that operates under a license issued by the Central Bank of Nigeria in accordance with the Banking Operations and Financial Institutions Act (BOFIA). In 2001, the bank was granted its operating license.
Through the use of its competencies and a team of highly motivated employees, SunTrust is poised to add value to its customers’ businesses. These individuals are dedicated to the development and provision of innovative financial services and products that will have a positive impact on their customers’ businesses.
SunTrust’s loan services are geared on small and medium-sized enterprises (SMEs), retail and consumer banking, medium- to large-sized corporations (MNCs), and other specialized development and infrastructure financing activities.
The bank’s aim is to serve as a trusted partner to clients as they grow and progress through life’s transitions and challenges. Its mission is to become Nigerians’ preferred retail banking institution.
Titan Trust Bank
Titan Trust Bank was founded on the 12th of December in the year of 2018. The bank began operating as a commercial bank on April 26th, 2019, after obtaining its National Banking license from the Central Bank of Nigeria.
Titan Trust was founded in order to take advantage of the gaps that had been identified in the banking industry. It also aspires to satisfy the unmet banking demands of the retail mass market, small and medium-sized enterprises (SMEs), and corporations.
The bank has a network of branch offices located around the country. These branch offices have been designed in a way that makes for a desirable customer experience and ensures that it occurs.
Personal banking, small and medium-sized business banking, and corporate banking are all available through the bank.
Union Bank Of Nigeria
Union Bank, which was formed in 1917, has earned a reputation as one of Nigeria’s most well-established and renowned financial companies. The bank has over 300 service centers (branches) and over 950 automated teller machines (ATMs) throughout Nigeria.
It is the mission of Union Banks Nigeria to provide specialty opportunities for wealthy, high net worth clients as well as small and medium-sized enterprises (SMEs).
Deposit accounts (current, savings, term, FCY), loans (personal loans, mortgages, auto loans, overdrafts), bill payments, debit cards, virtual banking solutions, and complementary white label solutions are some of the products offered by the banks in their product offerings.
United Bank For Africa Plc (UBA)
The purpose of United Bank for Africa is to serve as a role model for African businesses by adding value to the lives of its stakeholders. In addition, the bank promotes professional and ethical standards while establishing a long-lasting organization. In addition, the bank has an aim to be the top and most dominant financial services firm in Africa by 2020.
In a statement, Kennedy Uzoka, the bank’s Group Managing Director/CEO, stated that the bank is strategically positioning itself to become the largest financial services organization in Africa by the year 2020. Because of this, UBA has created a new set of company values that are centered on enterprise, excellence, and implementation.
Internet banking, personal banking, SME banking, and corporate banking are among the services provided by the financial institutions.
Unity Bank Plc
A retail bank with over 200 branch offices throughout Nigeria, Unity Bank is one of the country’s biggest financial institutions. By geographical location, the bank is the eighth largest bank on the list of commercial banks in Nigeria.
Unity Bank provides an extensive array financial services to individuals, corporations, and the public sector in order to meet their financial demands. Personal banking, business banking, and digital banking are all examples of these services.
The bank’s primary focus is on providing financial solutions to small and medium-sized enterprises (SMEs) and agricultural businesses. This is in order to demonstrate its commitment to the development of the Nigerian economy.
Unity Bank’s vision is to be the preferred retail bank for Nigerians in terms of service and convenience. This vision serves as the foundation for all of the company’s banking activities. Teamwork, enthusiasm, resourcefulness, honesty, reliability, excellence, and empathy are some of the company’s fundamental principles.
Agbonmagbe Bank Limited was the name under which Wema Bank was established as a Private Limited Liability Company in 1945, when it was founded. Wema Bank, on the other hand, was established as a Public Limited Company (PLC) in April 1987. The bank was first listed on the Nigerian Stock Exchange (NSE) in January 1990.
On the 5th of February, 2001, the Central Bank of Nigeria (CBN) issued Wema Bank its universal banking license, marking the beginning of the bank’s expansion.
African digital bank, ALAT, was founded by Wema Bank, a pioneer in the digital banking industry in Africa. It is also one of Nigeria’s most stable financial institutions. So far, the bank has been successful in building a legacy of trust and resiliency that has helped it retain its customers.
Wema Bank is always introducing new goods and services to fulfill the needs of its consumers. In order to provide its customer base across Nigeria with a great and unforgettable service experience, the bank has set out on a mission.
Personal banking, business banking, SME banking, investor relations, and ALAT are just a few of the services provided by these financial institutions.
With an aim to be a pioneering Nigerian, technology-driven, and global organization delivering distinctive financial services, Zenith Bank is an award-winning financial institution that has received numerous accolades.
For the banks, their aim is to establish themselves as an internationally renowned brand that is known for innovation, exceptional performance, and the production of premium value for all stakeholders.
Integrity, professionalism, corporate governance, loyalty, and providing exceptional service are among the key principles of Zenith banks.
Zenith bank was established in May 1990 and began operating as a commercial bank the following year. Zenith Bank became a public limited company on June 17, 2004, marking the bank’s 20th anniversary. Zenith Bank Plc is currently the sixth largest bank in Africa, according to the World Bank.
Zenith Banks’ corporate headquarters are located in Lagos, Nigeria. In addition, the bank has approximately 500 branches in strategic locations throughout Nigeria, including the Federal Capital Territory (FCT).
After being granted permission by the Financial Services Authority (FSA) of the United Kingdom to establish Zenith Bank (UK) Limited as a subsidiary of Zenith Bank Plc, the bank established Zenith Bank (UK) Limited in 2007.
Zenith Bank offers a variety of products and services that are tailored to the specific needs of its customers. A variety of financial services are available from the banks, including internet banking, personal banking, SME banking, corporate banking, and so on.