Last Updated on May 19, 2024 by TechTalks
The Nigerian banking sector is a vibrant and dynamic industry playing a crucial role in the nation’s economy. Knowing about the leading banks in Nigeria is essential for consumers and businesses, as it provides insight into the financial technology sector and the services available. Techtalks.com.ng is writing an in-depth look at the top 25+ banks in Nigeria, highlighting their histories, services, and achievements.
28 Leading Banks in Nigeria
| Bank Name | Founded | Location/Address |
|---|---|---|
| Access Bank | 1989 | 14/15, Prince Alaba Abiodun Oniru Road, Victoria Island, Lagos, Nigeria |
| Zenith Bank | 1990 | Zenith Heights, Plot 87, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria |
| First Bank of Nigeria (FBN) | 1894 | 35 Marina, Lagos, Nigeria |
| United Bank for Africa (UBA) | 1949 | UBA House, 57 Marina, Lagos Island, Lagos, Nigeria |
| Guaranty Trust Bank (GTB) | 1991 | Plot 635, Akin Adesola Street, Victoria Island, Lagos, Nigeria |
| Ecobank Nigeria | 1986 | 21, Ahmadu Bello Way, Victoria Island, Lagos, Nigeria |
| Jaiz Bank | 2003 | Kano House, Plot 73, Ralph Shodeinde Street, Central Business District, Abuja, Nigeria |
| Fidelity Bank | 1988 | 2 Kofo Abayomi Street, Victoria Island, Lagos, Nigeria |
| Stanbic IBTC Bank | 1989 | IBTC Place, Walter Carrington Crescent, Victoria Island, Lagos, Nigeria |
| Union Bank of Nigeria | 1917 | Stallion Plaza, 36 Marina, Lagos, Nigeria |
| Sterling Bank | 1960 | Sterling Towers, 20 Marina, Lagos, Nigeria |
| First City Monument Bank (FCMB) | 1982 | Primrose Towers, 17A Tinubu Street, Lagos Island, Lagos, Nigeria |
| Citibank Nigeria | 1984 | 27 Kofo Abayomi Street, Victoria Island, Lagos, Nigeria |
| Standard Chartered Bank Nigeria | 1969 | 142 Ahmadu Bello Way, Victoria Island, Lagos, Nigeria |
| Polaris Bank | 2018 | 3, Akin Adesola Street, Victoria Island, Lagos, Nigeria |
| Premium Trust Bank | 2022 | 15, Ologun Agbaje Street, Victoria Island, Lagos, Nigeria |
| Wema Bank | 1945 | 54 Marina, Lagos Island, Lagos, Nigeria |
| Parallex Bank | 2021 | 1, Providence Street, Lekki Phase 1, Lagos, Nigeria |
| Heritage Bank | 2012 | 292B Ajose Adeogun Street, Victoria Island, Lagos, Nigeria |
| Keystone Bank | 2011 | 1, Keystone Bank Crescent, Victoria Island, Lagos, Nigeria |
| Unity Bank | 2006 | Plot 785, Herbert Macaulay Way, Central Business District, Abuja, Nigeria |
| Providus Bank | 2016 | 724 Adetokunbo Ademola Street, Victoria Island, Lagos, Nigeria |
| SunTrust Bank | 2016 | 1 Oladele Olashore Street, Victoria Island, Lagos, Nigeria |
| Titan Trust Bank | 2019 | Plot 1680, Sanusi Fafunwa Street, Victoria Island, Lagos, Nigeria |
| Globus Bank | 2019 | 6 Adeyemo Alakija Street, Victoria Island, Lagos, Nigeria |
| TAJBank | 2019 | Plot 72, Ralph Shodeinde Street, Central Business District, Abuja, Nigeria |
| Lotus Bank | 2021 | 266 Murtala Muhammed Way, Yaba, Lagos, Nigeria |
| Kuda (Microfinance Bank) | 2016 | 151 Herbert Macaulay Way, Yaba, Lagos, Nigeria |
1. Access Bank
Overview and History: Access Bank, founded in 1989, has grown to become one of Nigeria’s largest banks by assets and branches. It has expanded through several mergers and acquisitions, notably with Diamond Bank in 2019.
Services and Products Offered: Access Bank provides a wide range of services, including retail and corporate banking, loans, credit cards, and investment services.
Achievements and Awards: Access Bank has received numerous awards, such as the Best Bank in Nigeria by Global Finance and the Most Sustainable Bank by the Central Bank of Nigeria.
2. Zenith Bank
Overview and History: Established in 1990, Zenith Bank is known for its innovative banking solutions and robust financial performance. It is one of the largest banks in Nigeria by market capitalization.
Services and Products Offered: Zenith Bank offers services like personal and business banking, loans, credit facilities, and digital banking solutions.
Achievements and Awards: Zenith Bank has been recognized as the Best Commercial Bank in Nigeria by World Finance and received the Bank of the Year award by The Banker.
3. First Bank of Nigeria (FBN)
Overview and History: First Bank of Nigeria, founded in 1894, is the oldest bank in Nigeria. It has a rich history of providing reliable banking services across the country.
Services and Products Offered: FBN offers a range of services, including retail banking, corporate banking, asset management, and insurance.
Achievements and Awards: FBN has received accolades such as the Best Bank in Nigeria from Global Finance and the Most Innovative Bank in Africa from African Banker.
4. United Bank for Africa (UBA)
Overview and History: UBA, established in 1949, is a leading pan-African bank with a significant presence in Nigeria and other African countries. It is renowned for its extensive network and customer-centric services.
Services and Products Offered: UBA provides services such as retail banking, corporate banking, SME financing, and digital banking.
Achievements and Awards: UBA has been awarded the Best Bank in Digital Banking by the Asian Banker and the African Bank of the Year by African Banker.
5. Guaranty Trust Bank (GTB)
Overview and History: Founded in 1990, GTB is a prominent bank in Nigeria, known for its strong corporate governance and innovative banking solutions.
Services and Products Offered: GTB offers personal and business banking, loans, internet banking, and investment services.
Achievements and Awards: GTB has won awards such as the Best Bank in Nigeria from Euromoney and the Best Digital Bank in Africa from the Asian Banker.
6. Ecobank Nigeria
Overview and History: Ecobank Nigeria is a subsidiary of Ecobank Transnational Inc., a leading pan-African bank established in 1986. It has a robust presence in Nigeria.
Services and Products Offered: Ecobank provides services including retail banking, corporate banking, investment banking, and microfinance.
Achievements and Awards: Ecobank has received the Best Bank for Corporate Social Responsibility in Africa from Euromoney and the Best Trade Finance Bank in Africa from Global Finance.
7. Jaiz Bank
Overview and History: Established in 2003, Jaiz Bank is Nigeria’s first non-interest (Islamic) bank, offering Sharia-compliant banking services.
Services and Products Offered: Jaiz Bank provides retail banking, corporate banking, and investment services, all adhering to Islamic banking principles.
Achievements and Awards: Jaiz Bank has been recognized as the Best Islamic Bank in Nigeria by Global Banking & Finance Review.
8. Fidelity Bank
Overview and History: Fidelity Bank, founded in 1988, is a mid-tier bank in Nigeria, known for its customer-centric approach and innovative services.
Services and Products Offered: Fidelity Bank offers retail banking, SME financing, corporate banking, and electronic banking services.
Achievements and Awards: Fidelity Bank has been awarded the Best SME-Friendly Bank in Nigeria by BusinessDay and the Best Digital Bank in Nigeria by Global Finance.
9. Stanbic IBTC Bank
Overview and History: Stanbic IBTC Bank, a member of the Standard Bank Group, was established in 1989. It offers a wide range of banking and financial services in Nigeria.
Services and Products Offered: The bank provides personal banking, wealth management, corporate banking, and investment banking services.
Achievements and Awards: Stanbic IBTC has been recognized with awards such as the Best Investment Bank in Nigeria by Global Finance and the Best Custodian Bank in Nigeria by Global Investor.
10. Union Bank of Nigeria
Overview and History: Union Bank, established in 1917, is one of Nigeria’s oldest and most respected banks, with a strong heritage of providing reliable banking services.
Services and Products Offered: Union Bank offers retail banking, corporate banking, SME financing, and digital banking solutions.
Achievements and Awards: Union Bank has received accolades such as the Most Improved Bank in Nigeria by BusinessDay and the Best Bank for Customer Service by KPMG.
11. Sterling Bank
Overview and History: Sterling Bank was established in 1960 and has evolved into a major player in Nigeria’s banking industry, known for its innovative services.
Services and Products Offered: Sterling Bank offers retail banking, corporate banking, loans, and digital banking services.
Achievements and Awards: Sterling Bank has been awarded the Most Innovative Bank in Nigeria by BusinessDay and the Best Bank in Sustainability by the Central Bank of Nigeria.
12. First City Monument Bank (FCMB)
Overview and History: FCMB, founded in 1982, is a leading financial services provider in Nigeria, known for its customer-focused approach.
Services and Products Offered: FCMB offers retail banking, SME financing, corporate banking, and wealth management services.
Achievements and Awards: FCMB has been recognized as the Best SME Bank in Nigeria by International Finance and the Best Bank for Women Entrepreneurs by Global Banking & Finance Review.
13. Citibank Nigeria
Overview and History: Citibank Nigeria, a subsidiary of Citigroup, has been operating in Nigeria since 1984. It provides a wide range of financial services.
Services and Products Offered: Citibank offers corporate banking, investment banking, treasury services, and trade finance.
Achievements and Awards: Citibank Nigeria has received awards such as the Best Corporate/Institutional Internet Bank in Africa by Global Finance and the Best Foreign Bank in Nigeria by EMEA Finance.
14. Standard Chartered Bank Nigeria
Overview and History: Standard Chartered Bank Nigeria, a subsidiary of Standard Chartered PLC, has been operating in Nigeria since 1999, providing a range of financial services.
Services and Products Offered: The bank offers personal banking, corporate banking, wealth management, and digital banking services.
Achievements and Awards: Standard Chartered has been awarded the Best International Bank in Nigeria by Euromoney and the Best Foreign Bank in Nigeria by EMEA Finance.
15. Polaris Bank
Overview and History: Polaris Bank, established in 2018 after the acquisition of Skye Bank, is a major commercial bank in Nigeria with a focus on digital transformation.
Services and Products Offered: Polaris Bank provides retail banking, SME financing, corporate banking, and digital banking services.
Achievements and Awards: Polaris Bank has received the Most Innovative Bank in Nigeria award from BusinessDay and the Best Bank in Digital Transformation by the Central Bank of Nigeria.
16. Premium Trust Bank
Overview and History: Premium Trust Bank is one of the newer entrants in the Nigerian banking sector, focusing on providing innovative and customer-centric banking solutions.
Services and Products Offered: The bank offers retail banking, corporate banking, loans, and digital banking services.
Achievements and Awards: Premium Trust Bank has been recognized for its rapid growth and innovation in the banking sector.
17. Wema Bank
Overview and History: Wema Bank, founded in 1945, is Nigeria’s longest-running indigenous bank. It is known for its innovative ALAT digital banking platform.
Services and Products Offered: Wema Bank offers retail banking, corporate banking, loans, and digital banking services through ALAT.
Achievements and Awards: Wema Bank has received the Best Digital Bank in Nigeria award by World Finance and the Most Innovative Bank by BusinessDay.
18. Parallex Bank
Overview and History: Parallex Bank is a new entrant in the Nigerian banking sector, focusing on providing personalized and innovative banking services.
Services and Products Offered: Parallex Bank offers retail banking, SME financing, corporate banking, and digital banking services.
Achievements and Awards: Parallex Bank has been recognized for its customer service excellence and innovation in digital banking.
19. Heritage Bank
Overview and History: Heritage Bank, established in 2012, is known for its focus on retail banking and SME financing, offering a range of innovative banking solutions.
Services and Products Offered: Heritage Bank provides retail banking, SME financing, corporate banking, and digital banking services.
Achievements and Awards: Heritage Bank has received awards such as the Best SME Bank in Nigeria by BusinessDay and the Most Innovative Bank by Central Bank of Nigeria.
20. Keystone Bank
Overview and History: Keystone Bank, established in 2011, is a full-service commercial bank in Nigeria, offering a wide range of banking and financial services.
Services and Products Offered: Keystone Bank offers retail banking, corporate banking, SME financing, and digital banking services.
Achievements and Awards: Keystone Bank has been recognized with awards such as the Best Customer Service Bank in Nigeria by KPMG and the Most Innovative Bank by BusinessDay.
21. Unity Bank
Overview and History: Unity Bank was established in 2006 through the merger of nine financial institutions, making it a significant player in the Nigerian banking sector.
Services and Products Offered: Unity Bank provides retail banking, SME financing, corporate banking, and digital banking services.
Achievements and Awards: Unity Bank has received accolades such as the Best SME Bank in Nigeria by BusinessDay and the Most Improved Bank by Central Bank of Nigeria.
22. Providus Bank
Overview and History: Providus Bank, established in 2016, is a commercial bank in Nigeria, focusing on providing innovative banking solutions and excellent customer service.
Services and Products Offered: Providus Bank offers retail banking, corporate banking, SME financing, and digital banking services.
Achievements and Awards: Providus Bank has been recognized for its innovation and excellent customer service, receiving awards from various industry bodies.
23. SunTrust Bank
Overview and History: SunTrust Bank, established in 2016, is a digitally-focused commercial bank in Nigeria, offering a range of innovative banking solutions.
Services and Products Offered: SunTrust Bank provides retail banking, corporate banking, SME financing, and digital banking services.
Achievements and Awards: SunTrust Bank has received the Best Digital Bank in Nigeria award by BusinessDay and the Most Innovative Bank by Central Bank of Nigeria.
24. Titan Trust Bank
Overview and History: Titan Trust Bank, established in 2018, is a commercial bank in Nigeria, focusing on providing innovative and customer-centric banking solutions.
Services and Products Offered: Titan Trust Bank offers retail banking, corporate banking, SME financing, and digital banking services.
Achievements and Awards: Titan Trust Bank has been recognized for its rapid growth and innovation in the banking sector.
25. Globus Bank
Overview and History: Globus Bank, established in 2019, is a new entrant in the Nigerian banking sector, focusing on providing innovative and customer-centric banking services.
Services and Products Offered: Globus Bank offers retail banking, corporate banking, SME financing, and digital banking services.
Achievements and Awards: Globus Bank has been recognized for its innovation and excellent customer service, receiving awards from various industry bodies.
26. TAJBank
Overview and History: TAJBank, established in 2019, is a non-interest (Islamic) bank in Nigeria, offering Sharia-compliant banking services.
Services and Products Offered: TAJBank provides retail banking, corporate banking, and investment services, adhering to Islamic banking principles.
Achievements and Awards: TAJBank has been recognized as the Best Islamic Bank in Nigeria by Global Banking & Finance Review.
27. Lotus Bank
Overview and History: Lotus Bank, established in 2021, is a non-interest (Islamic) bank in Nigeria, offering Sharia-compliant banking services.
Services and Products Offered: Lotus Bank provides retail banking, corporate banking, and investment services, adhering to Islamic banking principles.
Achievements and Awards: Lotus Bank has been recognized for its innovation and customer service excellence in the Islamic banking sector.
28. Kuda (Microfinance Bank)
Overview and History: Kuda, established in 2017, is a digital-only microfinance bank in Nigeria, offering a range of innovative banking solutions through its mobile app.
Services and Products Offered: Kuda provides personal banking, savings accounts, loans, and digital banking services.
Achievements and Awards: Kuda has been recognized as the Best Digital Bank in Nigeria by Global Finance and the Most Innovative Fintech by the Central Bank of Nigeria.
Conclusion
The Nigerian banking sector is diverse and dynamic, with a wide range of banks offering various services to meet the needs of consumers and businesses. These top 25+ banks play a critical role in the nation’s economic development, providing innovative and reliable banking solutions. As the industry continues to evolve, these banks are poised to lead the way in driving financial inclusion and economic growth in Nigeria.
Appendix
Additional information on lesser-known banks and emerging fintech companies in Nigeria can be found on various financial and banking websites. These institutions are contributing to the growth and innovation in the Nigerian financial sector, providing diverse and inclusive banking solutions to a broader population.