Commercial banks in Nigeria are banks that are licensed by the national banking regulator, the Central Bank of Nigeria. Commercial banks offer several services like granting loans, accepting deposits, transferring money on behalf of customers, and foreign exchange, among others. There are several commercial banks in Nigeria and this article seeks to discuss the different types of commercial banks in Nigeria.
The types of commercial banks in Nigeria would be discussed below:
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Ecobank Nigeria Limited
Ecobank Nigeria Limited is a commercial bank in Nigeria licensed by the Central Bank of Nigeria. It is also known as Ecobank Nigeria. It was founded in 1989 with its headquarters in Lagos, Nigeria. This bank provides retail, wholesale, investment, and corporate services to its customers.
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Access Bank Plc
Another commercial bank licensed by the Central Bank of Nigeria is Access Bank. It is owned by Access Bank Group. It merged with Diamond Bank on April 1st, 2019. It became the largest bank in Africa and the largest bank in Nigeria after the merger due to its large customer network and assets respectively.
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Fidelity Bank Plc
Fidelity Bank Plc was founded in 1988 with its headquarters in Lagos, Nigeria. Fidelity Bank Plc also known as Fidelity Bank was ranked the 7th most capitalized bank in Nigeria in 2011. In 2005, Fidelity Bank acquired Manny Bank Plc and FSB International Bank Plc.
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Guaranty Trust Holding Company Plc
This bank is also known as GTCO Plc. It was formerly Guaranty Trust Bank (GTB). It was formed in July 2021, after Guaranty Trust Bank Plc was reorganized. It offers investment banking, retail, payment services, pension management and asset management. It has its headquarters in Victoria Island, Lagos, Nigeria.
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First Bank of Nigeria Limited
First Bank of Nigeria Limited was founded in 1894 with its headquarters in Lagos, Nigeria. It is a financial service company as well as a multinational commercial bank in Nigeria. First Bank is into retail banking, commercial banking, public sector banking and corporate banking. It currently has the largest customer base in West Africa.
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Heritage Bank Plc
One of the commercial banks in Nigeria is Heritage Bank Plc. It is a Central Bank licensed bank that was founded in 2012 with its headquarters in Victoria Island, Lagos, Nigeria. Heritage Bank acquired both Societe Generale Bank(Nigeria) and Enterprise Bank Limited to become a stronger force. It offers corporate banking, retail banking, investment banking, online banking, and asset management services.
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Keystone Bank Limited
Keystone Bank Limited is a commercial bank in Nigeria that was founded in 2011 with its headquarters in Victoria Island, Lagos, Nigeria. This bank offers superb banking services to large organisations, Small and Medium Enterprises(SMEs), public parastatals, and individuals. In 2011, Keystone Bank acquired Bank PHB. It was that same year it became a commercial bank.
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First City Monument Bank Limited
This bank is a member of the FCMB Group Plc with its headquarters in Lagos. It was founded in April 1982. First City Monument Bank was the first bank to be established without government support or foreign support.
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Polaris Bank Limited
Polaris Bank Limited is licensed by the Central Bank of Nigeria that was founded in September 2018 with its headquarters in Lagos. It was originally Prudent Bank Plc. It later became Prudent Merchant Bank Limited, Skye Bank Plc, and finally Polaris Bank Limited. It offers several services to its customers such as various banking and financial services.
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United Bank for Africa Plc (UBA)
This is a commercial bank in Nigeria with its headquarters in Marina, Lagos Island, Lagos. It was founded in 1949. UBA offers product services such as Mobile banking, corporate banking, wholesale banking, investment banking, consumer banking, trade finance and treasury.
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Providus Bank Limited
Providus Bank Limited is a commercial bank that was founded in June 2016 with its headquarters in Victoria Island, Lagos. The Central Bank of Nigeria granted it a regional banking license in 2016. Providus Bank aims to render banking services to government organisations, large organisations, individuals and Small and Medium-sized Enterprises(SMEs).
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Sterling Bank Plc
Sterling Bank Plc was founded in 1960. It provides services to individuals, large organisations and Small and Medium-sized Enterprises(SMEs). In 2011, Sterling Bank acquired the assets of Equatorial Trust Bank. It has over 141 branches all over the country.
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Stanbic IBTC Bank Plc
This is another commercial bank in Nigeria that was founded in 1989 with its headquarters in Victoria Island, Lagos. Stanbic IBTC Bank Is a financial service holding company that has subsidiaries in investment advisory, stock brokerage, investor services, asset management, pension management and life insurance businesses
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Wema Bank Plc
Wema Bank Plc was founded in May 1945. It has its headquarters in Lagos. Wema Bank offers commercial banking, retail banking, and corporate banking. It was founded by the Late Chief Mathew Adekoya Okupe as Agbonmagbe Bank. It was then renamed as Wema Bank Limited in 1969.
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Union Bank of Nigeria Plc
Union Bank of Nigeria Plc is a commercial bank in Nigeria that was founded in 1917. It offers banking services to Small and Medium-sized businesses, individuals, and large organisations. In 2009, it was rated the 14th largest bank in Africa.
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Zenith Bank Plc
Zenith Bank Plc is a financial service provider that is licensed by the Central Bank of Nigeria. It was founded in 1990 with its headquarters in Lagos. Zenith Bank was founded by Jim Ovia with a capital base of $4 million at birth.
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SunTrust Bank Nigeria Limited
SunTrust Bank Nigeria Limited is a commercial bank in Nigeria that was founded in February 2009. It was formerly a mortgage bank that was later converted to become a regional commercial bank in 2015. It opened for business to the public on 15th August 2016.
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Titan Trust Bank
Titan Trust Bank is a commercial bank licensed by the Central Bank of Nigeria. It was founded on 12th December 2018. Titan Trust Bank began full operations as a commercial bank in April 2019. It offers banking services to its customers such as internet banking, investment banking, and asset management.