Today we are going to be looking at the full list of commercial banks in Nigeria, their products and services.
Commercial banks are a necessity in every nation, as they not only help you save money but also provide other beneficial financial services.
Commercial banks are under the regulatory control of the Central Bank of Nigeria (CBN). As the name implies, commercial banks are in the business of banking to make profit.
Commercial banks perform the functions of accepting deposits from the general public, giving business loans and offering basic financial products and services to the general public.
Commercial banks play a vital role in the growth and development of entrepreneurship. They provide financial assistance and give valuable support to entrepreneurs. Therefore, they are indispensable to entrepreneurs because, without funds, entrepreneurs cannot grow.
Moreover, the entrepreneur needs a corporate account to operate his/her enterprise. So, we have compiled a list of commercial banks in Nigeria. Choose from the list, the bank that best serves your need as an entrepreneur.
List Of Commercial Banks In Nigeria
Access Bank Plc
Access Bank Plc, is one of the leading commercial banks with more than 600 branches and service outlets, operating across three continents, and 12 countries, with 31 million customers.
The Bank employs over 28,000 staff in Nigeria, Sub-Saharan Africa, the United Kingdom; and Dubai, UAE. Access Bank also has representative offices in China, Lebanon, and India. Amongst the list of commercial banks in Nigeria, Access bank has one of the highest employability rates.
Established in 1989, Access Bank has grown to be one of the five largest banks on the list of commercial banks in Nigeria, in terms of assets, loans, deposits, and branch networks.
Thus far, Access Bank has developed into a world-class African financial institution, with a continuous growth strategy aimed at operating with only sustainable business practices.
Access Bank provides several innovative products and services to meet its customers’ needs. The bank’s offerings include target savings, FRD advantage (Fixed rate deposit), treasury products, convenient banking, capacity-building programs, and the W Community.
Citibank Nigeria Ltd
Citibank is a global digital banking leader in credit cards, wealth management, and commercial banking with over 110 million clients in 19 countries.
The bank is focused strategically on its market in the U.S, Mexico, and Asia. Citibank provides world-class banking services to mid-sized, trade-oriented companies within its reach.
With its wholesale banking solutions, Citibank supports the growth of its clients as they grow in domestic and global markets.
Citi Commercial bank provides its clients with capital for business growth or debt refinancing. The bank also provides the appropriate capital structure to meet its clients’ long and short-term financing needs.
Ecobank Nigeria Plc
Ecobank started operations in 1985, with the aim of providing financial solutions to enhance its clients’ growth. Over time, the bank has grown to have a network of over 1,000 branches, with an employment base of over 10,000 people.
The bank also has offices 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, Senegal, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe.
Ecobank also has a subsidiary in Paris, and representative offices in Johannesburg, Dubai, and London.
Ecobank Nigeria Plc offers personal banking, group banking, corporate banking and a range of products and services that meet different needs.
Fidelity Bank is a Nigerian commercial bank that began operations in 1988 as a merchant bank. In 1999, it became a commercial bank.
The bank is recognized amongst the top 10 banks in the Nigerian banking industry. Fidelity bank serves over 4.2million customers through its 231 business offices and digital banking channels.
Fidelity Bank has earned itself several awards and recognitions including Best SME Friendly Bank, Best in Mobile Banking and the Most Improved Corporate/Investment Bank.
The bank was ranked the 4th best bank in the Retail Banking Segment, by the KPMG Banking Industry Satisfaction Survey in 2001.
Offerings of the bank include retail banking, SME banking, corporate banking, private banking, and a range of other products tailored to meet the different needs of its clients.
First Bank Of Nigeria
Sir Alfred Jones – a shipping magnate from Liverpool, England, established the First Bank of Nigeria in 1894. The bank is acclaimed as the largest bank in Nigeria, with a total asset of N3.3 trillion, customer deposits of N2.6 trillion, and a strong capital adequacy ratio of 18.9%.
Its adequacy ratio is way higher than the CBN mandated minimum ratio of 10%. As such, the bank is the largest corporate and retail financial institution in sub-Saharan Africa (excluding South Africa).
First Bank is present in three continents, and ten countries with seven hundred and fifty-eight business locations, and twenty-one thousand, eight hundred and thirty employees. Thus far, the bank has issued 9,995,931 ATM cards and has provided 2921 ATMs for customers’ use.
This award-winning bank is known for its conservative approach to risk management and its world-class corporate governance. First Bank of Nigeria offers several services including personal banking and business banking.
First City Monument Bank (FCMB)
First City Monument Bank started as First City Merchant Bank in 1982. However, it became First City Monument Bank in 2001, when it became a universal bank. The bank’s vision is to be the premier financial services group of African origin.
In 2007, the bank grew to 150 branches, and it secured a strategic alliance with Sabre Capital Worldwide (Mauritius) Limited.
FCMB provides personal banking solutions, business banking solutions, and corporate banking solutions to its diverse client base.
Globus Bank was incorporated on the 6th of March 2019, as a Limited Liability Company. The bank was granted a license by the Central Bank of Nigeria to provide commercial banking services to the Nigerian public. The bank aims to be the premiere of Nigeria’s digital banking.
Globus Bank is focused on revolutionizing the Nigerian financial services industry by leveraging technology and people to provide exceptional services for its clientele.
The banks’ services include personal banking, premier banking, wholesale banking, and emerging business banking.
Guaranty Trust Bank Plc
Guaranty Trust Bank Plc (Gtbank) became a limited liability company with the license to provide banking services to Nigerians in 1990, but the bank didn’t commence its operations until February 1991.
Since then, it has grown into one of the most respected and service-focused banks in Nigeria. GTbank is one of the biggest and most innovative banks on the list of commercial banks in Nigeria. It has offices in West Africa, East Africa, and Europe.
Currently, Gtbank has an asset base of over N3.11trillion, with over 10,000 employees in Nigeria, Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom.
GTbank offers personal banking services, and business banking services.
Heritage Bank transited from Enterprise Bank to Heritage Bank Plc in 2015. It is one of the leading banks in Nigeria equipped with an excellent service culture, focused on satisfying customers. Their customer service culture helps them create a brand and a heritage.
The bank seeks to redefine the concept of banking for its customers through core values such as service, performance, respect, integrity, innovation, tenacity, and excellence.
Heritage Bank provides banking solutions for individuals, small businesses, families, and agency banking.
Jaiz Bank stemmed out of Jaiz International Plc, which was established as a Special Purpose Vehicle (SPV) to set up Nigeria’s first non-interest bank in 2003/2004. It’s a public quoted company owned by over 26,000 shareholders who are spread across Nigeria’s six geo-political zones.
The bank received a regional operating license to operate as a non-interest bank on the 11th of November, 2011. However, the bank started full operations on the 6th of January, 2012, with three branches in Abuja FCT, Kaduna, and Kano.
The Islamic Development Bank (IDB), recommended Jaiz Bank Plc to the Islamic Bank of Bangladesh (IBBL), thus enabling a partnership between them, for technical and management assistance.
Jaiz Bank has a customer base of over 230,000 clients cutting across all strata of the society, with product offerings ranging from friendly retail to commercial and corporate products.
The bank had 3 branches in 2012. Thus far, it has grown to 30 branch offices across Nigeria and is looking forward to creating more branch offices for better customer accessibility.
Keystone Bank Limited
The Central Bank of Nigeria granted Keystone Bank its commercial banking license in 2011 as a successor to Bank PHB. Keystone Bank currently has one hundred and fifty-four branches, two international subsidiaries, and one local insurance company that it inherited from its predecessor.
The banks’ subsidiaries include Global Bank, Liberia; Keystone Bank, Sierra Leone; and KBL Insurance. Keystone Bank carries out its banking activities in the best way possible by providing the best solutions and services to its clients and associates.
The bank provides several service offerings to its customers including e-banking, corporate banking, and personal banking.
Parallex Bank Limited
Parallex Bank Limited was incorporated as a limited liability company on the 22nd day of May 2020, having successfully converted from Parallex Microfinance Bank (a National Microfinance Bank incorporated in 2008 as a Unit MFB) to a commercial bank duly licensed by the Central Bank of Nigeria to carry out commercial banking services. This is a first-of-its-kind achievement in the Nigerian banking space.
Parallex bank is poised to be the preferred financial solutions provider redefining customers’ experience through digital innovations. In addition, the Bank is leveraging the best talents and technology to deliver unparalleled value to its stakeholders.
And with a strong ecosystem anchored around the customer, the bank offers a superior product portfolio that is customer-focused and innovative, yet simple. Parallex Bank offers personal, business as well as agency banking services.
Polaris Bank Limited
The Central Bank of Nigeria (CBN) established Polaris Bank on the 21st of September, 2018, to provide commercial banking services to Nigerians. Polaris Bank commenced its operations the same day it purchased the defunct Skye Bank.
Polaris Bank holds a vital position in the Nigerian banking industry as the bank provides its customers with simple, convenient, and secured banking services.
Thus far, the bank has achieved this feat by focusing on ICT solutions that cut across different service delivery channels, including; mobile banking, ATMs, POS, and online platforms.
Polaris bank provides several product offerings tailored to meet the diverse needs of its different customers. Some of these product offerings include retail banking, SME banking, corporate banking, and e-banking.
Premium Trust Bank
Premium Trust Bank is a leading 21st-century financial institution that provides innovative solutions which impact customers and their communities to make a positive difference in the world.
The bank’s service promise is to create and offer best-in-class financial solutions that provide long-lasting impact through premium service delivery, premium Human Capital, and Premium Customer Experience.
Premium Trust Bank is licensed as a commercial bank by the CBN and kicked off its operations in April 2022 with a solid front in the three major economic bulwarks in Nigeria viz Abuja, Lagos, and Port Harcourt. The bank is already spreading its tentacles in the macro and micro sectors of the economy in both the public and private sectors.
Providus bank is an innovative financial institution that provides personalized business solutions and advanced products to its customers. The bank offers financial services that cut across business advisory, portfolio management, personalized relationship management, fast-tracked service delivery, and self-service solutions.
The bank works with a philosophy to create support and value for institutions, agencies, SMEs, and HNIs. Hence, its business development strategy is aimed at expertise development, and meaningful collaborations to improve the non-oil sector of the Nigerian Economy.
The bank offers personal, private, business, and public sector banking solutions.
Stanbic IBTC Nigeria
Stanbic IBTC was established in 1989, as one of the leading providers of integrated financial services providers in Nigeria.
The Bank serves its customers nationwide through its various service offerings which include, deposit and savings accounts, loans, vehicle and asset finance, debit and credit cards, internet banking, wealth and investment management, and advisory services.
Standard Chartered Bank Nigeria
The incorporation of Standard Chartered Bank Nigeria took place in 1969 but the bank stopped operations in 1979.
In 1999, Standard Chartered Bank re-entered Nigeria and joined the list of commercial banks in Nigeria. Standard Chartered started operating on the 15th of September 1999, as a wholly owned subsidiary of Standard Chartered Bank Plc. The bank has its headquarters in the United Kingdom.
Standard Chartered Bank offers a wide range of products and services in retail, wealth management, commercial, corporate and institutional, private, digital, and transactional banking.
The bank has an employment base of over 900 staff, with about 22 branches that cut across Lagos, Port Harcourt, and Abuja.
Sterling Bank Plc
Sterling Bank began operations as NAL Bank, which was the first investment bank in Nigeria, established in 1960. It, however, started functioning as Sterling Bank in 2006.
Sterling Bank Plc is a full-service commercial bank, with a vision to be the choice financial institution of Nigerians. The financial institution has a mission to provide solutions that enhance the value of its stakeholders.
The offerings of Sterling Bank include personal banking solutions, business banking solutions, and alternative banking solutions.
As at 2018, Sterling Bank had 179 branches, with 7853 points of sale terminals (POS), and 847 ATMs across Nigeria.
SunTrust Bank Nigeria Limited
SunTrust Bank is a privately held Nigerian commercial bank operating with a license of the Central Bank of Nigeria under the BOFIA. The bank received its license in 2001.
SunTrust is set to bring value to its customers by leveraging its competencies and team of highly motivated staff, who work tirelessly to develop and provide unique financial services and products that will create a positive impact on the customers’ business.
SunTrust’s lending services are aimed at SME Financing, retail/consumer banking, medium to large corporate finance, and other specialized developmental/infrastructural financing activities.
The bank has a mission to serve as a trusted partner to clients while they experience growth and progress. Its vision is to be the choice retail bank of Nigerians.
Titan Trust Bank
Titan Trust Bank was established on the 12th of December 2018. The bank started operations as a commercial Bank after it obtained its National Banking license on the 26th of April 2019.
Titan Trust was established to take advantage of the identified gaps in the banking sector. It also aims to meet the unmet banking needs of the retail mass market, SMEs, and corporates.
The bank has branch offices spread across the country. These branch offices have structures that would enable and ensure a worthwhile customer experience.
Offerings of the bank include personal banking, SME banking, and corporate banking.
Union Bank Of Nigeria
Established in 1917, Union bank has earned a reputation as one of the well-established and most respected financial institutions in Nigeria. The bank has over 300 service centres (branches) and over 950 ATMs across Nigeria.
Union Banks’ focus is to create niche opportunities for wealthy, high-net-worth individuals, and SMEs within Nigeria.
The banks’ product offerings include 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.
United Bank For Africa Plc (UBA)
United Bank for Africa’s mission is to be a role model for African businesses by creating value for its stakeholders. The bank also upholds professional and ethical standards while building an enduring institution. Also, the bank has the vision to be the leading and domineering financial service institution in Africa.
The Group Managing Director/CEO – Kennedy Uzoka, says the bank is strategically taking steps to be the leading financial services institution in Africa, by the year 2020. As such, UBA has introduced a new set of company values based on enterprise, excellence, and execution.
The banks’ product offerings include internet banking, personal banking, SME banking, and corporate banking.
Unity Bank Plc
Unity Bank is one of Nigeria’s leading retail banks with over 200 branch offices across Nigeria. The bank is the 8th largest bank on the list of commercial banks in Nigeria by location.
Unity bank provides a wide range of financial services that meet the needs of individuals, businesses, and the public sector. These services include personal banking, business banking, and digital banking.
The bank is focusing on providing financial solutions for SMEs and Agribusinesses. This is to show its commitment to the growth of the Nigerian economy.
Unity banks’ vision is to be the choice retail bank for Nigerians. As such, all its banking activities are centered around achieving this vision. Its core values include teamwork, passion, resourcefulness, integrity, dependability, excellence, and empathy.
In 1945, Wema Bank’s incorporation as a Private Limited Liability Company took place with the name Agbonmagbe Bank Limited. Wema Bank, however, became a Public Limited Company (PLC) in April 1987. The Nigerian Stock Exchange (NSE) listed the bank in January 1990.
The Central Bank of Nigeria (CBN) granted Wema Bank its universal banking license on the 5th of February, 2001.
Wema Bank is the pioneer of ALAT – Africa’s first digital bank. It is also one of Nigeria’s most resilient banks. Thus far, the bank has successfully earned a legacy of trust and resilience that has kept its customers loyal.
Wema Bank continuously introduces products and services that meet customers’ needs. The bank has a mission to give its customer base across Nigeria, a delightful and memorable service experience.
Some of the banks’ offerings include personal banking, business banking, SME banking, investor relations, and ALAT.
Zenith Bank is an award-winning bank with a vision to be a pioneering Nigerian, technology-driven, and global institution providing unique financial services.
The bank’s mission is to build a reputable international brand, recognized for innovation, superior performance, and the creation of premium value for all stakeholders.
Zenith banks’ core values include integrity, professionalism, corporate governance, loyalty, and excellent service.
Established in May 1990, Zenith bank commenced operations as a commercial bank the same year. On the 17th of June, 2004, Zenith bank became a public limited company. Today, Zenith Bank Plc is the 6th biggest bank in Africa.
Zenith Banks’ headquarters is in Lagos, Nigeria. The bank also has over 500 branches in prime centres of Nigeria, including the Federal Capital Territory (FCT).
In 2007, the Financial Services Authority (FSA) of the United Kingdom, licensed the bank to establish Zenith Bank (UK) Limited, as the subsidiary of Zenith Bank Plc.
Zenith bank provides several product offerings tailored to meet the needs of its customers. The banks’ service offerings include internet banking, personal banking, SME banking, corporate banking, e.t.c.
As it is our custom, we inform, inspire and educate the entrepreneur. So, you have the list commercial banks in Nigeria, their product and service offerings.
We will like to know in the comment section what your experience has been with any of these commercial banks. Which of the banks do you think is more friendly to entrepreneurs and which areas of their service can they improve to serve business owners better?