The Nigerian banking Ecosystem has seen a lot of changes in recent times. Nigeria boasts of some of the biggest banks in Africa with some operating even beyond the African continent. In this brief article, I will be showing you the list of banks in Nigeria as approved by the central bank of Nigeria.
List Of Banks In Nigeria
The central bank of Nigeria (CBN) is the apex bank in Nigeria. It is the bank that grants an operational license to other banks and financial institutions in Nigeria.
There are many types of banks operating in Nigeria today. These range from commercial banks with various authorization levels to Non-interest banks as well as Merchant banks.
Some of the commercial banks in Nigeria have an international authorization, while others have only national or regional authorization respectively.
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Full List Of CBN-Approved Banks in Nigeria
Below is a full list of banks in Nigeria as at the time of this publication.
1. Access Bank Plc
2. Fidelity Bank Plc
3. First City Monument Bank Limited
4. First Bank of Nigeria Limited
5. Guaranty Trust Bank Plc
6. Union Bank of Nigeria Plc
7. United Bank for Africa Plc
8. Zenith Bank Plc
9. Citibank Nigeria Limited
10. Ecobank Nigeria Plc
11. Heritage Banking Company Limited
12. Keystone Bank Limited
13. Polaris Bank Limited. The successor to Skye Bank Plc
14. Stanbic IBTC Bank Plc
15. Standard Chartered
16. Sterling Bank Plc
17. Titan Trust Bank Limited
18. Unity Bank Plc
19. Wema Bank Plc
20. Globus Bank Limited
21. SunTrust Bank Nigeria Limited
22. Providus Bank Limited
23. Jaiz Bank Plc
24. TAJBank Limited
25. Coronation Merchant Bank
26. FBNQuest Merchant Bank
27. FSDH Merchant Bank
28. Rand Merchant Bank
29. Nova Merchant Bank
List Of Commercial Banks in Nigeria
1. Access Bank Plc
2. Fidelity Bank Plc
3. First City Monument Bank Limited
4. First Bank of Nigeria Limited
5. Guaranty Trust Bank Plc
6. Union Bank of Nigeria Plc
7. United Bank for Africa Plc
8. Zenith Bank Plc
9. Citibank Nigeria Limited
10. Ecobank Nigeria Plc
11. Heritage Banking Company Limited
12. Keystone Bank Limited
13. Polaris Bank Limited
14. Stanbic IBTC Bank Plc
15. Standard Chartered
16. Sterling Bank Plc
17. Titan Trust Bank Limited
18. Unity Bank Plc
19. Wema Bank Plc
20. Globus Bank Limited
21. SunTrust Bank Nigeria Limited
22. Providus Bank Limited
As I stated earlier, all the commercial banks in Nigeria do not have equal functional authorization. Below, we are going to see which commercial banks in Nigeria has international authorization, national authorization and regional authorization respectively.
List of Commercial Banks in Nigeria with International Authorization
Out of the 22 commercial banks listed above, there are only 8 banks with international authorization in Nigeria. These are:
1. Access Bank Plc
2. Fidelity Bank Plc
3. First City Monument Bank Limited
4. First Bank of Nigeria Limited
5. Guaranty Trust Bank Plc
6. Union Bank of Nigeria Plc
7. United Bank for Africa Plc
8. Zenith Bank Plc
List of Commercial Banks in Nigeria with National Authorization
A total of 11 commercial banks in Nigeria are licensed by the CBN to operate only within the country for now. These banks are unable to spread overseas like those with international authorization listed above. These Banks with only national authorization are:
1. Citibank Nigeria Limited
2. Ecobank Nigeria Plc
3. Heritage Banking Company Limited
4. Keystone Bank Limited
5. Polaris Bank Limited
6. Stanbic IBTC Bank Plc
7. Standard Chartered
8. Sterling Bank Plc
9. Titan Trust Bank Limited
10. Unity Bank Plc
11. Wema Bank Plc
List of Commercial Banks in Nigeria With Regional Authorization
Three commercial banks in Nigeria are approved for only regional operations. Their license is such that they are unable to spread to every part of Nigeria. The Commercial banks in Nigeria with regional authorization include:
1. Globus Bank Limited
2. SunTrust Bank Nigeria Limited
3. Providus Bank Limited
List Of Merchant Banks in Nigeria
There is a total of 5 merchant banks in Nigeria as at the time of this publication. These include;
1. Coronation Merchant Bank
2. FBNQuest Merchant Bank
3. FSDH Merchant Bank
4. Rand Merchant Bank
5. Nova Merchant Bank
List Of Non-interest Banks in Nigeria
As at now, there are only two non-interest banks listed for operation in Nigeria by the Central Bank of Nigeria. The non-interest banks in Nigeria are;
1. Jaiz Bank Plc
2. TAJBank Limited
NOTE: The list of Banks in Nigeria given above is comprehensive as at the time of publication of this article. We will be updating it from time to time as the need arises.