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Commercial Banks in Nigeria – An Introduction
Commercial banks are probably the most common type of bank in Nigeria and other countries of the world.
Unlike investment banks in Nigeria, you can find commercial banks’ grand, beautiful buildings everywhere.
A large number of commercial banks in Nigeria signifies fierce competition for clients, and those banks at the top of the list provide the best financial services and products.
Related: Top 39 Fintech Companies in Nigeria; Complete List and All to Know
Commercial Banks in Nigeria
Presently, there are 22 commercial banks fully licensed by the CBN and other necessary bodies to conduct operations in Nigeria.
Some of these commercial banks are indigenous, while others are multinational companies that have set up business in the country.
Either way, all these banks are under supervision and regulation by the Central Bank of Nigeria.
The history of commercial banks in Nigeria can be traced to the first commercial bank in Nigeria, the First Bank of Nigeria.
It was founded in 1894 as the Bank of British West Africa and became a public company in 1970.
In 1971, it was listed on the Nigerian Stock Exchange, and in 1979, it was renamed First Bank of Nigeria.
The establishment of First Bank opened the floodgates for many commercial banks in Nigeria.
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List of Commercial Banks in Nigeria
There are numerous commercial banks in Nigeria.
Topmost amongst Nigerian commercial banks in no particular order include;
- Access Bank
- Eco Bank
- Heritage Bank
- First Bank of Nigeria (FBN)
- Polaris Bank
- Keystone Bank
- Jaiz Bank
- Sterling Bank
- Union Bank of Nigeria
- United Bank for Africa (UBA)
- Wema Bank
- Zenith Bank
- Fidelity Bank
- Stanbic IBTC
- Standard Chartered Bank Nigeria
- Providus Bank
- First City Monument Bank (FCMB)
- Guarantee Trust Bank (GTB)
Access Bank
Access Bank Plc. is top of the list of current commercial banks in Nigeria.
It is one of the top 5 banks in Nigeria.
The bank operates across three continents and 18 nations, with over 600 office branches and service outlets, making it one of Nigeria’s few multinational companies.
It has over 28,000 people in its employ in various facilities in Nigeria.
Access Bank Plc. was established in 1989, and since its inception, the bank has provided top-notch banking services to all its 36 million customers.
It has been listed on the Nigerian Stock Exchange since 1998.
Financial services offered by Access Bank include;
- Personal Banking
- Commercial Banking
- Corporate and Investment Banking, and
- Business Banking.
Like other major commercial banks in Nigeria, Access Bank has many subsidiaries.
Some of the Access Bank subsidiaries are;
- Access Bank Ghana Plc.
- The Access Bank UK Limited
- Access Bank Rwanda
- Access Bank Zambia
- Marina Securities Limited, and many more.
The banking feats of Access Bank over the years have been recognized on several occasions, some of which include;
- 2021 International Banker Awards “Best Commercial Bank, Nigeria”
- 2020 International Investors Awards “Best Bank Nigeria”
- 2020 Euromoney “Africa’s Best Bank for SMEs”
- 2019 World Finance Award “Best Mobile App in Nigeria”
- “Outstanding Business Sustainability Achievement”
- 2018 Euromoney Private Banking Awards
- “Best Commercial Banking Capabilities”
- 2018 CBN ‘Sustainable Bank of the Year’
- “Sustainable Transaction of the Year (Oil & Gas)”
- ‘Sustainable Transaction of the Year (Power)’ and many more.
Thus far, Access Bank has not reneged on its promise to mainstream sustainable business practices into its operations and is one of the forerunners in smooth banking experience in Nigeria.
The Access Bank’s core values are poised to launch the bank into the stars as one of the best banks internationally.
According to Financial Times, Access Bank Market Cap. Value is 391.83 Billion naira
Ecobank
Ecobank, officially Ecobank Transnational Inc., is a regional commercial bank with operations and facilities in 36 African countries, including Nigeria.
It is one of the few foreign/international banks in Nigeria.
The bank currently operates a consolidated online and real-time branch network spread over 600 locations within the country.
It has its headquarters in Lome, Togo.
If one is asked to list 20 commercial banks in Nigeria, he or she won’t miss Ecobank.
The bank was established in 1985 under a private sector initiative led by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS).
The founders of Ecobank wanted to change the status quo of foreign and state-owned banks dominating the African banking sector, hence its creation.
The banking and financial services provided by Ecobank are;
- Commercial Banking
- Personal Banking,
- Corporate Banking and
- Investment Banking.
The mission and vision of Ecobank are to unite and strengthen modern pan-African banking and to play their part in the economic development of Africa.
Ecobank branches can be found in various geopolitical zones in Nigeria.
According to the Financial Times, Eco Bank’s Market Cap. Value is 303.75 billion naira.
Heritage Bank (HB)
Heritage bank is a Nigerian financial services company that performs all the basic functions of a commercial bank.
The bank was established in 2012, but its growth in the Nigerian banking sector is commendable.
The bank has its headquarters in Lagos, Nigeria – one of 127 branches across the country.
Heritage Bank also boasts of 202 automated banking centers and over 350 ATMs in Nigeria.
The bank quickly moved with the trend in tech by integrating internet and mobile banking into its operations to provide its clients with a seamless banking experience.
In addition to this, Heritage bank also provides its customers with various loan options, such as;
- Personal loans
- Salary advance
- Auto loans
- CBN health sector loans, and
- Agric. business loans.
This has posed great competition for most fintech companies in Nigeria offering loan services.
Heritage Bank is one of the top banks in Nigeria, and it would be a crime to exclude this young but exquisite bank from our list.
It takes great pride in wealth creation, wealth management, and other financially-related services for its customers.
According to Yahoo Finance, Heritage Bank’s Market Cap. Value is 1.013 billion naira.
First Bank of Nigeria (FBN)
First Bank of Nigeria is literally the First Bank in Nigeria.
1894 was the year that saw the bank initially established as Bank of British West Africa.
It became a public company in 1970.
By 1971, it was already listed on the Nigerian Stock Exchange, and in 1979, it was renamed First Bank of Nigeria.
As one would expect, First Bank of Nigeria is a juggernaut in the Nigerian banking industry.
It played a major role in the growth and innovation of the Nigerian banking system, and will also be vital for the future of the system.
The brand boasts of over 36 million customer accounts, over 57,000 business outlets, and has issued over 10 million cards – the first bank to achieve such a feat.
First Bank has its footprints in Africa and Europe with subsidiaries such as;
- FBN Bank in the Republic of Congo
- FBN Bank (UK) Limited in;
- London
- Ghana
- Paris
- The Gambia
- Senegal
- Sierra-Leone
- Guinea, as well as
- A Representative Office in Beijing, China.
First Bank of Nigeria has an undisputed pedigree in Nigeria and is one of the best banks in the country.
According to Market Screener, FBN’s Market Cap. Value is 420 Billion naira.
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Polaris Bank
Polaris Bank (formerly Skye Bank) is a rebranded commercial bank in Nigeria.
It became Polaris bank in 2018 by order of the Central Bank of Nigeria, after Skye bank was unable to execute its banking operations.
As a commercial bank, Polaris bank offers a wide range of financial products and services to various segments of the Nigerian economy, which includes the public and private sectors.
Some of their products and services include;
- Commercial Banking
- Retail Banking,
- Investment Banking,
- International Operations and Trade Services,
- Corporate Banking,
- Treasury, and
- Public Sector.
Polaris bank has also joined the train of integrating internet banking and mobile banking into their systems to enable a better customer banking experience.
In 2020, Polaris bank bagged the award of “Best Deposit Money Bank” – proof of the bank’s competence, despite only being in existence since 2018.
Polaris Bank has many branches, and just like other Nigerian banks, each branch has its sort code.
In other words, each Polaris Bank sort code represents a particular branch.
This also works for other banks in Nigeria.
According to African Financials, Polaris Bank’s Market Cap value (2019) is 10.69 B naira.
Keystone Bank
Keystone Bank obtained the license to operate as a commercial bank in Nigeria on Friday, 5 August, 2011, and took over the assets and liabilities of the defunct Bank PHB.
Asset Management Corporation of Nigeria were the original owners of Keystone Bank, but on the 22nd of March 2017, it was announced that Sigma Golf-Riverbank Consortium had taken ownership of the bank.
The bank owns over 150 business locations in Nigeria.
Some Keystone branches in Lagos can be found at:
- No. 1, Adeyemo Alakija, Victoria Island
- 20B, Warehouse Road, Apapa, Lagos
- 127 Broad Street, Lagos Island
- 101, Bode Thomas, Surulere, Lagos.
- 16, Mobolaji Bank Anthony Way, Lagos
Jaiz Bank
Jaiz Bank Plc. is a non-interest commercial bank in Nigeria.
It commenced operations in Nigeria on January 6, 2012, as the first non-interest bank in the country.
Non-interesting banking is a banking system recognized in over 70 countries globally.
Jaiz Bank performs almost the same function as conventional commercial banks, only difference is, they do not finance alcohol, gambling, tobacco, or other sanctioned activity.
It offers personal banking, corporate banking, and other financial product and services.
Jaiz Bank internet banking is one of the many modern-day banking operations available to customers.
Jaiz Bank branches can be found in various Northern states in Nigeria, such as Gombe, Borno, and Yola.
You can also find their offices at Adamawa, Abuja, and many other locations across the country, including the most populated state in Nigeria – Lagos State.
Sterling Bank
The “one customer bank” is a tag phrase in the banking world known to none other than Sterling Bank.
It is one of the few merchant banks in Nigeria.
The bank is also a licensed commercial bank, with its Headquarters at Marina, Lagos Island.
Sterling Bank was licensed in 1969, making it the first Merchant Bank in Nigeria.
Subject to the indigenization decree of 1972, the government took over its operations in partnership with Grindlays Bank Limited, Continental International Finance Company Illinois, and American Express Bank Limited between 1974 and 1992.
It became a private organization in 2000 when the government sold its residual interest assets in the bank.
Sterling Bank owns over 140 branches, over 654 ATMs, and 12,383 POS terminals with several merchants across the country.
The bank’s operations include;
- Commercial Banking
- Corporate Banking
- Non-interest banking
- Private banking and wealth management, and
- Many other financial services.
According to Market Screener, Sterling Bank’s Market Cap. Value is 43.47 B naira.
Union Bank of Nigeria
Union Bank kick-started its operations in Nigeria in 1917. The year is 2023, and this bank is still relevant in the Nigerian banking industry.
The bank has a longstanding reputation for providing top-notch banking and financial services to individuals, SMEs, and commercial and corporate clients.
Alongside the basic functions of a commercial bank, the bank also offers brokerage, wholesale banking, asset management services, mortgages, and property-related services via its subsidiaries.
With over 280 service centers, 930 ATMs across the country, and over 2000 employees, Union Bank of Nigeria boasts of a wide network of operational entities available to all its clients.
This bank will appear on any list of 10 commercial banks in Nigeria.
The efficiency and work ethic of the bank has been awarded in recent times.
This includes the 2022 award for “Best SME Bank in Nigeria” by Global Finance and the ‘Best Trade Finance Platform Initiative’ at the Middle East & Africa Banking Innovation Awards 2022. These are following the “Best Company in Environmental Excellence Award” and the “People’s Choice Award for the Most Outstanding Company in CSR/Sustainability” at the Sustainability, Enterprise and Responsibility Awards (SERAs) in 2018.
Marketing Screener states their Market Cap. Value as 195 B naira.
United Bank for Africa (UBA)
This financial services company requires almost no introduction.
UBA is arguably the biggest bank in Africa, and in Nigeria, only a few banks come close to its operational excellence.
As a pan-African bank, UBA has subsidiaries in 20 African countries as well as facilities in Europe, although its headquarters is in Lagos State, Nigeria.
UBA was founded in 1948, and between that time and now, the bank has moved up the ranks to be one of the best in Africa.
Anthony Elumelu, one of the most famous faces in African entrepreneurship and business, is the current Chairman of the UBA group.
The bank currently offers financial products and services to over 20 million customers across the globe, and it is one of the few Nigerian banks with branches in the USA.
UBA’s clientele list includes corporate bodies, commercial entities, SMEs, and individuals.
UBA has a strong foothold on the African continent and is one of the leading figures in finding solutions to the current financial issues affecting the African economy.
Marketing Screener highlights UBA’s Market Cap value to be 287 B naira.
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Wema Bank
Wema Bank is another long-lasting commercial bank in the Nigerian banking industry.
This bank has been in existence since 1945 and has played a vital role in the development of Nigerian banking.
ALAT by Wema (launched in 2017) is probably the largest digital banking system in Nigerian banking, operating in all 36 states of the Federation and the Federal Capital Territory, Abuja.
It is the star figure of the Wema corporate internet banking.
This is only one of their various strides and innovations over the past 6 decades.
ALAT by Wema was recognized as the ‘Best Mobile Banking App’ and ‘Best Digital Bank for 2017’ at the World Finance Digital Banking Awards.
The game-changing app was also awarded ‘Best Digital Bank in Africa’ at the Asian Banker Awards.
Wema bank also has a subsidiary known as the Wema Bank Plc., Asset Management Arm.
Wema Bank branches in Abuja can be found at:
- 82, Aminu Kano Crescent, Wuse Abuja, Nigeria
- Nass Complex, Three Arms Zone, Abuja, Nigeria
- 36, Herbert Macaulay Way.Wuse Abuja, Nigeria
- Le-Meridien Hotel, Garki, Abuja, Nigeria
- Oyo House, Ralph Shodeinde Street, Central Business District Abuja, Nigeria
- Nnamdi Azikiwe Int’l Airport, Abuja Municipal. Abuja. Nigeria.
Market Screener Wema Bank Market Cap value is 52.59 B naira.
Zenith Bank
Zenith Bank, established in the year 1990 is one of the best Nigerian banks.
It is a multinational financial services company operating in Nigeria and West Anglophone Africa.
The bank became a public limited company and got listed on the Nigerian Stock Exchange in 2004.
Sources claim that Zenith Bank’s first office was a residential house turned banking hall.
Today, the bank has over 500 branches and business offices in Nigeria, with its headquarters in Lagos.
Apart from its operations in Nigeria, Zenith Bank has subsidiaries in;
- The Arab Emirates
- United Kingdom
- Ghana
- Gambia, and
- Sierra Leone.
The bank is also operational in China.
Zenith had been on the elite list of commercial banks in Nigeria as of 2017.
What is probably most interesting is the Zenith bank fixed deposit interest rate; it is one of the best there is in Nigeria.
Zenith Bank also holds the record of being one of the earliest banks to integrate online banking into its operations.
Zenith Bank’s rise in the Nigerian banking sector became fully-fledged in the early 2000s, courtesy of its investment in science and technology.
In no time, the bank started competing with bigger and more experienced banks in the system in terms of net profits.
Today, science and tech are the forces behind the exquisite state of the Zenith corporate banking system, and the future promises more surprises in tech-driven banking operations.
Zenith Bank Market Cap value according to Market Screener is 796 B naira (making it probably the richest bank in Nigeria)
Fidelity Bank
Fidelity Bank Nigeria was only established in 1988, but it is one of the best banks in the country.
The company has its headquarters in Lagos, Nigeria, but currently owns over 250 business offices, almost 4,500 POS domains, and 774 ATMs across the country.
The bank also boasts of over 7.2 million clients.
Fidelity Bank was quoted on the Nigerian Stock Exchange (NSE) in 1988 as a Merchant Bank.
However, it converted to Commercial Banking in 1991, became a Universal Bank in February 2000, and obtained its international banking license in 2011.
Fidelity Bank provides commercial banking services for a wide range of customers but has placed its focus on corporate banking and Micro Small and Medium Enterprises (MSMEs).
The bank’s success is not just on paper.
Its achievements and feats in the banking industry have been recognized multiple times.
Examples are;
- ‘Best Bank In CSR’ and ‘Best Bank In Infrastructure Financing’ at the 2018 Business Day Banking Awards, and
- “The Most Socially Responsible Bank in Africa” by the African Banker Magazine in 2008.
Their Market Cap value is around 151 B naira according to Market Screener.
Stanbic IBTC
Stanbic IBTC is no stranger in Nigerian banking.
It is one of the 25 commercial banks in Nigeria.
Founded in 1989, with its headquarters in Lagos, Nigeria, Stanbic IBTC, is one of the most recognized banks in the country, and its exquisite financial services made it so.
“IBTC” means Investment Banking and Trust Company Plc., which summarizes most of the services and products accessible to its customers.
Stanbic IBTC is a core member of the Standard Bank Group – the parent organization headquartered in South Africa.
The bank is also a juggernaut when it comes to digital banking in Nigeria, as it has some of the best facilities and resources for internet and mobile banking in the country.
Stanbic IBTC branches in Abuja can be found at:
- Plot 149 Ahmadu Bello Way, Area 11 Garki, Abuja
- Infinity House, 11 Kaura Namoda Street 5, Abuja
- 415, Specialist Hospital Road, Gwagwalada, Abuja
- Plot CM71/72 Gado Nasko Road
- NNPC Tower, Herbert Macaulay Way, Garki, Abuja 10 Abuja Wuse 2
- Plot 37, Ekukinam Street, Utako Abuja. 9 Abuja
- Nigerian Immigration Headquarters, Airport Rd
- Plot 1387 Aminu Kano Crescent, Wuse II, Abuja
The market Cap value of Stanbic IBTC according to Market Screener is 447 B naira.
Standard Chartered Bank Nigeria
Standard Chartered Bank is one of the few multinational financial services companies in Nigeria.
The bank is one of the most “lowkey” banks in the region, but its excellent financial service delivery and product quality do most of the talk.
What is probably most commendable is the Standard Chartered Online Banking in Nigeria.
It is certainly one of the best.
The bank was formed from the merger of two banks – Chartered Bank of India, Australia, and China, and Standard Bank of British South Africa, hence the name “Standard Chartered.”
Standard Chartered Bank was established in 1853 with the permission of Queen Victoria.
The bank has grown massively since then, and today, operates in over 70 countries in over 1,200 branches and outlets.
Of course, it has its headquarters in London, England, UK.
In Nigeria, the bank has its head office in Lagos.
Other Standard Chartered Bank Nigeria branches can be found in Lagos, Port-Harcourt, and Abuja.
The Market Cap value of the Standard Chartered Bank according to YCharts is 25.71 B naira.
Providus Bank
Providus Bank is one of the relatively new banks in Nigeria operating under the license of the CBN.
It was established on 15 June 2016 but was registered as a commercial bank in 2018.
The bank is headquartered in Lagos but has various facilities and business centers all over the country.
The bank is one of the most promising banks in Nigerian banking.
Providus Bank was recognized with the Award of Recognition for the most innovative in ATM surround design at the Inlaks Digital Summit, 2019.
Providus Bank is steadily building a niche and an outstanding reputation for itself by providing custom business solutions and financial services that satisfy the needs of its customers.
The bank is currently investing in the non-oil sectors of the Nigerian economy as an innovative way of thinking beyond the oil industry.
Providus Bank branches in Lagos State, Ondo State, and Abuja are all active, with adequate staff to attend to customers.
According to the National Association of Securities Dealers (NASD PLC), Providus Bank Market Cap. Value is 14.91 B naira.
First City Monument Bank (FCMB)
FCMB is one of the top 10 banks in Nigeria, and it has some pedigree in the history of banking in Nigeria.
The bank was the first bank in Nigerian history to be established without foreign or government support.
It was established as a private limited liability company on April 20, 1982, from City Securities Limited, and in 1983, it was granted a banking license.
In February 2012, FCMB completed the acquisition of FinBank Plc., and went ahead to merge with the acquired bank in October 2012.
First City Monument Bank, along with other non-banking subsidiaries, makes up the First City Group.
These subsidiaries are active in Nigeria and the United Kingdom.
FCMB boasts of 7.1 million customers and over 206 branches across Nigeria. The bank is headquartered in Lagos.
FCMB Group currently has a market capitalization value of N88.12 billion, according to the Financial Times.
Guarantee Trust Bank (GTB)
The last, but certainly not the least bank on this list is Guarantee Trust Bank (GTB).
GTB is obviously one of the best banks in Nigeria.
It is a Nigerian multinational financial service company that has gained wide popularity all over Nigeria.
GTB received the license to operate as a commercial and financial services company in Nigeria in 1990, but it became active in 1991.
GTB has its footprint in African banking history as it is the first sub-Saharan bank and first Nigerian joint stock company to be listed on the London Stock Exchange and Deutsche Börse; a feat which was achieved on July 26, 2007.
GTBank Plc. has a wide network of operational centers, some of which include; more than a thousand ATMs, 231 branches, 18 e-branches, and over 41 GTExpress centers in Nigeria.
The bank also boasts of over 24 million retail clients across the country.
The bank also has facilities in various African countries, some of which include;
- Gambia
- Cote d’Ivoire
- Rwanda
- Liberia
- Sierra Leone
- Uganda
- Ghana, and
- Kenya.
Currently, the bank has some of the best loan options in Nigerian banking.
Some of the loan options at GTBank include;
- GTMortgage
- MaxAdvance
- GTBank car loan
- Premium Advance
- Travel Advance
- QuickCredit
- GTSalary Advance, and
- many more.
GTB’s Market Cap value is 740.1 B naira according to Bloomberg.
Other Commercial Banks in Nigeria
Honorable mentions amongst Nigeria commercial banks include;
- CitiBank
- Enterprise Bank Nigeria
- Sun Trust Bank
- Parallex Bank
- Nedbank
- Globus Bank Limited
- Titan Trust Bank Limited
List of Commercial Banks in Nigeria and their Managing Directors in 2023
- Access Bank Mr. Herbert Wigwe
- GTBank Mrs. Miriam Olusanya
- First City Monument Bank Mrs. Yemisi Edun
- EcoBank Mr. Mobolaji Lawal
- First Bank of Nigeria Mr. Adesola Kazeem Adeduntan
- Stanbic IBTC Mrs. Sola David-Borha
- Zenith Bank Mr. Ebenezer Enyeagwu
- Wema Bank Mr. Moruf Oseni
- Union Bank Mr. Mudassir Amray
- Standard Chartered Bank Mr. Lamin Manjang
- UBA Mr. Oliver Alawuba
- Sterling Bank Mr. Abubakar Suleiman
- Polaris Bank Mr. Adekunle Sonola
- Keystone Bank Mr. Olaniran Olayinka
- Citi Bank Mrs. Ireti Samuel-Ogbu
- Fidelity Bank Mrs. Nneka Onyeali-Ikpe
- Heritage Bank Mr. Akinola Geroge-Taylor
List of Banks in Nigeria and Their Websites
- Guaranty Trust Bank Plc. gtbank.com
- Wema Bank Plc wemabank.com
- Access Bank Plc. accessbankplc.com
- Ecobank Nigeria Plc. ecobank.com
- Diamond Bank Plc. diamondbank.com
- Fidelity Bank Plc. fidelitybank.ng.com
- Citibank Nigeria Limited citigroup.com
- First Bank of Nigeria LTD firstbanknigeria.com
- First City Monument Bank Plc. fcmb.com
- Standard Chartered Bank Nigeria Ltd sc.com/ng
- Heritage Banking Company LTD hbng.com
- Stanbic IBTC Bank Ltd stanbicibtcbank.com
- Providus Bank Limited providusbank.com
- Sterling Bank Plc. sterlingbankng.com
- Polaris Bank polarisbanklimited.com
- United Bank for Africa Plc ubagroup.com
- Union Bank of Nigeria Plc unionbankng.com
- Zenith Bank Plc zenithbank.com
- Unity Bank Plc unitybankng.com
- Keystone Bank Limited keystonebankng.com
Frequently Asked Questions (FAQs) on Commercial Banks in Nigeria
How many commercial banks are in Nigeria?
24 Commercial banks
The Central Bank of Nigeria (CBN) recognizes 24 commercial banks operating in Nigeria.
What are the names of Commercial banks in Nigeria?
These are some of the most popular names of Banks in Nigeria:
- Access Bank Plc.
- Citibank Nigeria Limited
- Ecobank Nigeria Plc.
- Fidelity Bank Plc.
- First Bank Nigeria Limited
- First City Monument Bank Plc.
- Globus Bank Limited
- Guaranty Trust Bank Plc.
- Heritage Banking Company Ltd.
- Keystone Bank
- Parallex Bank Ltd
- Polaris Bank
- Premium Trust Bank
- Providus Bank
- Stanbic IBTC Bank Ltd.
- Standard Chartered Bank Nigeria Ltd.
- Sterling Bank Plc.
- SunTrust Bank Nigeria Limited
- Titan Trust Bank Ltd
- Union Bank of Nigeria Plc.
- United Bank for Africa Plc.
- Unity Bank Plc.
- Wema Bank Plc.
- Zenith Bank Plc.
Is CBN a commercial bank?
No. CBN is a Central Bank.
The CBN is the pinnacle of the monetary authority in Nigeria.
Amongst other vital economic functions, the CBN oversees and supervises the operations of all commercial banks in Nigeria.
It performs various other functions that commercial banks do not, such as;
- Issuance of currency,
- Provision of economic and financial advice to the Federal Government,
- Accepting payments on behalf of the Government,
- Formulation and implementation of monetary policies
- Maintenance of currency stability, and many more.
So, the CBN does not fall under the category of commercial banks.
You can read more about the functions of CBN here.
Which bank in Nigeria is worldwide?
For a bank to be classified as a worldwide bank, it must be active in multiple countries across the world.
Luckily, a couple of Nigerian banks fall under this category.
They include:
- United Bank for Africa Plc. (UBA)
- Zenith Bank
- Standard Chartered Bank Plc.
- First Bank of Nigeria
- Ecobank Nigeria Plc.
- Stanbic IBTC
- Access Bank
- First City Monument Bank
- GtBank
Which bank is the richest in Nigeria?
Ecobank Nigeria Plc.
With a total asset value of 8.97 trillion naira, Ecobank is the richest bank in Nigeria.
Others in the top 5 list are; Access Bank, First Bank, UBA, and Zenith Bank.
Which bank has the most customers in Nigeria?
In 2018, Zenith bank was officially Nigeria’s largest bank by customer deposit, probably making it the bank with the highest number of customers in Nigeria.
However, many sources now claim that First Bank became the bank with the most customers in 2020, and till this moment in 2023.
Which bank is the first in Nigeria?
First Bank of Nigeria Plc.
The name of the bank gives it all away.
First Bank of Nigeria was established in 1894 when it was known as the Bank of British West Africa.
This historic bank is still one of the leading figures in Nigerian and African banking.
What is the difference between a Central Bank and a Commercial Bank?
Central Banks and Commercial Banks are both financial entities operating in a region, but their activities differ.
For one, Central Banks are superior to Commercial Banks.
Central Banks control, supervise, regulate, and monitor the activities of Commercial Banks.
Here are some other differences between both groups of financial institutions:
- Central Banks lend money only to commercial banks and the Federal Government. Commercial Banks on the other hand give out loans to businesses, corporations, SMEs, and other entities. They give out personal loans, vehicle loans, educational loans, business loans, and whatnot.
- Central Banks formulate and implement monetary policies. Commercial banks are on the receiving end of these policies and must follow them by the book.
- Central Banks do not necessarily operate to make profits. Their operations hover around improving the state of the nation’s economy through complex economic tools. Commercial banks on the other hand are very profit-oriented. Their main target is to make profits through their operations.
- Central Banks issue and regulate currency circulation in the system. They also monitor the standard of currency notes/coins being printed/minted. Commercial banks have no business with this.
Which bank is not a commercial bank?
Commercial Banks accept deposits from the public for investment and lending purposes.
Any bank that does not accept deposits is a financial institution, not a commercial bank.
For example, the Central Bank of Nigeria (CBN) is not a commercial bank.
There are a couple of reasons for this, one of which includes the fact that CBN does not accept deposits from the public.
What is the function of CBN?
CBN exists to perform many economic functions. Most of them are:
- Provision of clearinghouse services
- Protection of Depositors’ Interests
- Controller of Credit
- Custodian of Cash Reserves
- Prevent inflation in the economy
- Formulation and implementation of monetary policies
- Regulation of the Nigerian banking industry
- Lender of last resort
- Custodian of foreign balances
- Banker to the government
- Provision of financial services for commercial banks
- Maintaining currency value stability
- Issuance of currency
What is a commercial bank?
There are so many definitions that describe what a commercial bank is, but the simplest one goes thus;
A commercial bank is a financial institution involved in accepting deposits and using the funds to make investments and give loans for profit.
There are various types of commercial banks in the world.
They are:
- Private Sector Commercial Banks
- Public Sector Commercial Banks
- Foreign Commercial Banks
Which bank pays the highest salary in Nigeria?
Access Bank
Many sources claim that Access Bank is the highest-paying bank in Nigeria.
The bank’s impressive structure is arguably the best in the country as their employees and even graduate trainees enjoy relatively better benefits in terms of salaries and other welfare packages.
Conclusion on Commercial Banks in Nigeria
This list of Nigerian banks may change in the future, as many individuals and corporations are willing to invest in the Nigerian economy by establishing banks.
Right now, investing in various sectors of the country is one of the paths to national development, and the banking sector could make a big difference.
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