According to our research, we are going to list the top 20 biggest banks and most downloaded banks in Nigeria. All these banks exist to open accounts, allow for deposits, and act as a placeholder for money before payments and so on.
In Nigeria, we have a lot of banks: List of Commercial banks with International Authorization in Nigeria:
- Access Bank Plc
- Fidelity Bank Plc
- First City Monument Bank Limited
- First Bank of Nigeria Limited
- Guaranty Trust Holding Company Plc
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Zenith Bank Plc
Here are the list of Commercial banks with National Authorization in Nigeria:
- Citibank Nigeria Limited
- Ecobank Nigeria
- Heritage Bank Plc
- Keystone Bank Limited
- Optimus Bank Limited
- Polaris Bank Limited. The successor to Skye Bank Plc.
- Stanbic IBTC Bank Plc
- Standard Chartered
- Sterling Bank Plc
- Titan Trust bank
- Unity Bank Plc
- Wema Bank Plc
Here are the list of Commercial banks with Regional Authorization in Nigeria:
- Globus Bank Limited
- Parallex Bank Limited
- PremiumTrust Bank Limited
- Providus Bank Limited
- SunTrust Bank Nigeria Limited
Here are the list of non-interest banks in Nigeria:
- Jaiz Bank Plc
- LOTUS BANK
- TAJBank Limited
Here are the list of Microfinance Banks in Nigeria:
- Mutual Trust Microfinance Bank
- Rephidim Microfinance Bank
- Shepherd Trust Microfinance Bank
- Empire Trust Microfinance Bank
- Finca Microfinance Bank Limited
- Fina Trust Microfinance Bank
- Accion Microfinance Bank
- Peace Microfinance Bank
- Infinity Microfinance Bank
- Pearl Microfinance Bank Limited www.pearlmicrofinancebank.com
- Covenant Microfinance Bank Ltd
- Advans La Fayette Microfinance Bank
Here are the list of Online-Only Microfinance Banks in Nigeria:
- FairMoney Microfinance Bank
- Sparkle Bank
- Kuda Bank
- Moniepoint Microfinance Bank
- Dot Microfinance Bank
- Rubies Bank
- VFD Microfinance Bank
- Mint Finex MFB
- Mkobo MFB
- Raven bank
- Rex Microfinance Bank
Here are the list of Merchant banks in Nigeria:
- Coronation Merchant Bank
- FBNQuest Merchant Bank
- FSDH Merchant Bank
- Rand Merchant Bank
- Nova Merchant Bank.
Here are the list of non-interest window banks in Nigeria:
- SunTrust Bank Nigeria Limited NIB
- Stanbic Ibtc NIB
However, there are not the only commercial banks in Nigeria. we have a top 20 list from the CBN portal which are;
|1.||Zenith Bank Plc|
|2.||Unity Bank Plc|
|3||Wema Bank Plc|
|4.||Fidelity Bank Plc|
|5.||First Bank Nigeria Limited|
|6.||Ecobank Nigeria Plc|
|8.||Stanbic IBTC Bank Plc|
|9.||Standard Chartered Bank Nigeria Ltd|
|10.||Union Bank of Nigeria Plc|
|11.||Sterling Bank Plc|
|12.||SunTrust Bank Nigeria Limited|
|13.||Heritage Banking Company Ltd|
|14.||Access Bank Plc|
|15.||Keystone Bank Limited|
|16.||Globus Bank Limited|
|17.||First City Monument Bank Plc|
|18.||Guaranty Trust Bank Plc|
|19.||Polaris Bank Plc|
|20.||Parallex Bank Ltd|
|21.||Citibank Nigeria Limited|
|22.||Premium Trust Bank|
|23.||United Bank For Africa Plc|
|24.||Parallex Bank Ltd|
|25.||Titan Trust Bank Ltd|
Top 5 Best Bank In Nigeria 2023
Here are the list of top best banks in Nigeria that people often bank with and can be seen around you.
- FirstBank of Nigeria
- Access bank
- Zenith bank
- United Bank For Africa (UBA)
- Guaranty Trust Holding Company Plc.
FirstBank of Nigeria
First Bank of Nigeria Limited (FirstBank) is a Nigerian multinational bank and financial services company in Lagos, Nigeria, established in 1894. It is the premier bank in West Africa.
The First Bank of Nigeria Limited operates as a parent company, with the subsidiaries ‘FBN Bank in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.
The customers of the First Bank Group are serviced from a network of over 700 business locations across Africa. To promote financial inclusion and reach the unbanked, First Bank has an extensive Agent Banking network, with over 200,000 locations across Nigeria.
Access Bank plc, commonly known as Access Bank, is a Nigerian multinational commercial bank, owned by Access Bank Group.
It is a leading full-service commercial bank operating through a network of more than 700 branches and service outlets, spanning 3 continents, 17 markets, and 52 million customers.
The bank employs 28,000 people in its operations in Nigeria and has subsidiaries in sub-Saharan Africa and the United Kingdom, a branch in Dubai, UAE, and representative offices in China, Lebanon, and India.
Access Bank’s parent company, Access Corporation, has been listed on the Nigerian Stock Exchange since 1998 and has over 900,000 shareholders.
As of 31 March 2022, Access Bank had total assets of approximately US $28.8 billion, Access Bank plc became the largest bank in Africa by customer base, and the largest bank in Nigeria by assets.
Zenith Bank Plc is a large financial service provider in Nigeria and Anglophone West Africa, headquartered in Victoria Island, Lagos. It is licensed as a commercial bank by the Central Bank of Nigeria, the national banking regulator.
As of 31 December 2019, it holds $16.1bn in total assets, with shareholders’ equity of $854 million. The company is listed on the Nigeria Stock Exchange and the London Stock Exchange.
United Bank For Africa (UBA)
United Bank for Africa Plc (UBA) is a Multinational pan-African financial services group headquartered in Lagos Island, Lagos, and also known as Africa’s Global Bank.
Most recognized financial institutions originate from Sub-Saharan Africa with thriving operations in 20 African countries – Republique du Benin, Burkina Faso, Cameroun, Congo Brazzaville, Congo DRC, Cote d’Ivoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Nigeria, Senegal, Sierra Leone, Tanzania, Tchad, Uganda, and Zambia. It is listed as a commercial bank by the Central Bank of Nigeria.
UBA provides corporate, commercial, SME, consumer, and personal (retail) banking services to more than 27 million customers, served through diverse channels: over 1,000 business offices and customer touch points with 2,669 ATMs, 87,223 PoS, and robust online banking services.
UBA connects people and businesses across the continent through retail and corporate banking, innovative cross-border payments, trade finance, and investment banking.
Guaranty Trust Holding Company Plc
Guaranty Trust Holding Company PLC also known as “GTCO PLC” is a multinational financial services group headquartered in Victoria Island, Lagos, Nigeria. GTCO Plc was created in July 2021 following the corporate reorganization of Guaranty Trust Bank PLC (or GTBank) into a Holding Company.
It offers retail and investment banking, pension management, asset management, and payments services.
GTCO Plc’s reorganization means it will now offer more services beyond banking; with a payments business being top of mind for the group. Under its old structure, it could not have run non-lending businesses because a 2010 regulation by the Central Bank of Nigeria (CBN) mandated banks to stop operating their non-banking subsidiaries. They either had to divest from non-core lending services or restructure as a holdings company.
Its new businesses include payments, pension management, asset management, and its existing banking business. GTCO‘s banking subsidiary in Nigeria, Guaranty Trust Bank Limited is Nigeria’s most valuable bank by market value with its most recent market valuation at N840.26 billion.
Fidelity Bank, also known as Fidelity Bank Plc, is a commercial bank in Nigeria headquartered in Victoria Island, Lagos. It is licensed as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN), the central bank and national banking regulator.
Fidelity Bank is rapidly implementing a digital-based retail banking strategy which has resulted in exponential growth in savings deposits over the last 12 years, with over 57 percent customer enrollment on the Bank’s flagship mobile/internet banking products.
Quoted on the Nigerian Stock Exchange (NSE), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.
Stanbic IBTC Bank
Stanbic IBTC Holdings, commonly referred to as Stanbic IBTC, is Africa’s largest banking group ranked by assets and earnings, with operations in 20 African countries and 13 countries outside Africa.
It offers a financial service holding company in Nigeria with subsidiaries in Banking, Stock Brokerage, Investment Advisory, Asset Management, Investor Services, Pension Management, Trustees Insurance Brokerage, and Life Insurance businesses.
The company’s corporate headquarters, I.B.T.C. Place, is situated at Walter Carrington Crescent, Victoria Island, Lagos. Stanbic IBTC Holdings is a member of the Standard Bank Group, a financial services giant based in South Africa.
Eco Bank, whose official name is Ecobank Transnational Inc. (ETI), is a pan-African banking conglomerate, with banking operations in 33 African countries.
It is the leading independent regional banking group in West Africa and Central Africa, serving wholesale and retail customers. It also maintains subsidiaries in Eastern and Southern Africa. ETI has an affiliate in France, and representative offices in China, Dubai, South Africa, and the United Kingdom.
The Ecobank Group is a full-service banking group focused on Middle Africa. It provides wholesale, retail, investment, and transactional banking services to individuals, small and medium-sized enterprises (SMEs), local corporates, multinationals, governments, and financial institutions.
Union Bank of Nigeria Plc is a commercial bank in Nigeria headquartered in Victoria Island, Lagos. It has been operating in Nigeria since 1917.
Union Bank is a large commercial bank, serving individuals, small and medium-sized companies, as well as large corporations and organizations. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of Mar 31, 2018, the bank’s asset base was estimated at NGN1,381 billion (US$ 4.1 billion). The shareholders’ equity at that time was estimated at NGN286 billion (US$851 million).
First City Monument Bank
First City Monument Bank (FCMB), a member of FCMB Group Plc, is a financial services holding company headquartered in Lagos.
FCMB Group Plc has nine subsidiaries divided among three business groups: commercial and retail banking, investment banking, and asset and wealth management. As of December 2020, the Group’s total assets were valued at US $5 billion (NGN: 2 trillion).
Hope this article helps you find and know the top banks in Nigeria and don’t forget to like, share and comment on our post. Thanks!!!
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