List Of Commercial Banks In Nigeria 2020: Reviews & Comparisons

This article is about the full list of commercial banks in Nigeria 2020 and their official websites. If you desire to know this, then read to the end.

The essence of the banking institution to the survival and growth of the local and international economies can never be over emphasized.

This is so because it is the banks generally that undertake the issue of granting loans for both small, middle and large scale enterprises for productive activities that boosts the nations GDP.

The evolution of modern banking in Nigeria has really come a long way, as far back as 1883 when the African banking corporation was first established.

From this time till now, the Nigerian banking system has undergone series of changes and reforms, which has made the sector better. At the moment, there are many commercial banks in Nigeria and non-commercial banks in Nigeria.

But before going into the list of commercial banks in Nigeria 2020, we should answer one basic question first, what is a bank?

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What Is A Bank?

list of commercial banks in nigeria

A bank simply means any recognized financial institution by law which is empowered to  accept monies from people, issue out loans, act as middle men in official financial transaction among other things that has to do with the circulation of money within a given economic system.

In Nigeria, there are many institutions that legally fall into this categorization above. Hence, Nigeria has over 26 registered banks that oversees all financial transactions going on within its political space.

Types Of Banks In Nigeria

In Nigeria, there are at least 7 types of banks that are operational.

Below are the 6 types of banks in Nigeria:

  • Commercial banks
  • Development banks
  • Central bank of Nigeria
  • Savings banks
  • Mortgage banks
  • Merchant banks

However, in this article, our emphasis will be on the list of commercial banks in Nigeria 2020, with detailed reviews and comparisons of the commercial banks operational in Nigeria.

What Are Commercial Bank In Nigeria?

By way of definition, commercial banks in Nigeria are those banks whose primary interest is to accept financial deposits from their customers and other financial services, with the primary objective of making some profit from these services.

Put simply, commercial banks operate on the basis of profit maximization. On this ground, they collect money from peoples savings, loan another set of customers this same money with interest. Almost every Nigerian bank with one or more commercial banks across the nation.

List Of Commercial Banks In Nigeria 2020

There are many commercial banks in Nigeria as at 2020.

Below is the list of commercial banks in Nigeria:

  • Access Bank Plc
  • Citibank Nigeria Ltd
  • Ecobank Nigeria Plc
  • Fidelity Bank
  • First Bank Of Nigeria
  • First City Monument Bank (FCMB)
  • Guaranty Trust Bank Plc
  • Heritage Bank
  • Keystone Bank Limited
  • Polaris Bank Limited
  • Providus Bank
  • Stanbic IBTC Nigeria
  • Standard Chartered Bank Nigeria
  • Sterling Bank Plc
  • SunTrust Bank Nigeria Limited
  • Union Bank Of Nigeria
  • United Bank For Africa Plc (UBA)
  • Unity Bank Plc
  • Wema Bank
  • Zenith Bank

Let’s go a bit further to analyse these commercial banks

Access Bank Plc:

Access bank Plc is among the best commercial bank operators in Nigeria, with vibrant branches across 3 continents around the globe.

In Nigeria alone, Access bank is rated a top notch bank in terms of innovativeness, service delivery as well as on customers certisfaction. Started in 1989, Access bank now employs over 28,000 people as their workforce.

The official website of access bank Nigeria is https:www.accessbankplc.com

Citibank Nigeria Limited:

Citibank is a commercial bank that has managed to create a name for itself in over 17 countries across the world. Citibank mostly works with middle to large scale companies by providing them with interest loans to further their business interest.

Having analysed the operation of the bank and their professionalism in conducting their business, it would’t be bad to say that it is a priviledge having citibank among the list of commercial banks in Nigeria 2020.

The official site of citibank plc is https://www.citigroup.com

Ecobank Nigeria Plc:

Ecobank is a household name in Nigeria when it comes to the banking industry. Ecobank obviously was opened in Nigeria in 1985, and has since grown to employ over 10,000 employees across the nation.

It is an international bank that has branches across many nations of the world. Some years back, ecobank acquired oceanic bank, which greatly increased its operational base.

The official website of ecobank Nigeria Plc is https://www.ecobank.com

Fidelity Bank Of Nigeria:

Fidelity bank of Nigeria is among the top commercial banks in Nigeria, and has over 4.2 million customers  with over 200 business outlets across Nigeria.

It started operating in Nigeria in 1999, and has since grown to be among the top banks in terms of service delivery.

The official website of fidelity bank of Nigeria is https://www.fidelitybankplc.com

First Bank Of Nigeria:

First bank of Nigeria started in 1894 by a business tycoon, sir Alfred Jones. It is considered the most advanced bank in Nigeria with over 3.5 trillion assets and over 3 trillion customers deposit.

First bank truly ranks first on most of the innovative activities around the banking sector in Nigeria, which currently makes it one of the best commercial banks in Nigeria.

The official website of first bank Nigeria is https://www.firstbanknigeria.com

First City Monument Bank FCMB:

This commercial bank in Nigeria first started with the name – first city merchant bank around 1982 until 2001 when it changed its name to first city monument bank.

First city monument bank which is popularly known as FCMB has grown to become one of the leading and innovative banks in Nigeria with over 200 active branches across the Nigerian states.

The official website address of FCMB is https://www.fcmb.com

Guarantee Trust Bank Plc:

Gtbank as its popularly called and known in Nigeria fully started operation in 1991. Since this time, it has grown to become one of the best banking system across the whole of Africa.

Due to its efficiency in service delivery, it has grown to have office both within and outside the shores of Africa, including Europe, Asia and in some other African countries. Banking innovation has always been their watchword.

So on the question, what is the best commercial bank in Nigeria in 2020? The best commercial bank in Nigeria is Gtbank, going by all the indexes of comparison.

The official site of GTbank of Nigeria is https://www.gtbank.com

Heritage Bank:

Heritage bank of Nigeria became fully operational in 2015. It started a kind of small, but has been growing consistently over the years became.

The concentrate more on the provision of financial loans to both small and medium scale enterprises across Nigeria.

The official site of Heritage bank of Nigeria is https://www.hbng.com

Keystone Bank limited:

Keystone bank was issued a licence to commerce operation in 2011 by the Central bank of Nigeria. Ever since then, it has continued to serve the needs of their numerous customers across the Nigerian states.

Just like most Nigerian banks, keystone bank has equally developed a very efficient e-banking system, which adds to the great user experience of their customers.

The official site of Keystone Nigeria is https://www.keystonebankng.com

Polaris Bank Limited:

Polaris bank Limited was issued their operational licence by CBN in 2018. Since this date, it has been waxing strong in the banking industry in Nigeria.

With millions of customer base, Polaris bank has become the leading commercial bank in Nigeria on the issues of access to loans to small and medium scale enterprises.

They equally have e-banking services with great user experience, with hundreds of branches across Nigeria.

The official site of Polaris bank of Nigeria is https://www.polarisbanklimited.com

Stanbic IBTC Nigeria:

This amazing commercial bank in Nigeria was issued its operational licence in 1989, and it has been a forerunner on e-banking across Nigeria.

It provides great services to its many customers across Nigeria. The customer experience in Stanbic IBTC Nigeria is almost like second to non.

The official website of stanbic IBTC is https://www.ibtc.com

Standard Chartered Bank Of Nigeria:

Another bank on our list of commercial banks in Nigeria is standard chartered bank of Nigeria. The bank started operation in Nigeria in 1969, stopped in 1979 and returned again more energetically in 1999.

Ever since this return, they have taken their place in the heart of many Nigerian on the issue of banking across the nation.

While the bank does not have branches in all the cities in Nigeria, it does provide an excellent services to the cities where they are in operation.

The official website of standard chartered bank of Nigeria is https://www.standardchartered.com.ng

Sterlin Bank Of Nigeria:

Sterlin bank is a commercial bank in Nigeria that started operation in 1996, and has since expanded its tentacles across the states in Nigeria.

They’ve got an excellent customer services, and provides loans to their customers across the nation.

The site of sterlin bank of Nigeria is https://www.sterlinbankng.com

Suntrust Nigerian Limited:

Suntrust is also on the list of commercial banks in Nigeria with a group of highly motivated staff that provides professional services to their customers across Nigeria.

They provide financial services like loans, savings, e-banking among other interesting stuffs in the banking industry.

The official website of suntrust Nigerian limited is https://www.suntrust.com

Union Bank Of Nigeria:

Union Bank Of Nigeria is one of the best commercial banks in Nigeria. It started operation as far back as 1917. This commercial bank in Nigeria is among the top rated banks in terms of innovativeness and service delivery.

Scared across the states in Nigeria, union bank of Nigeria obviously knows what they are doing as far as banking is concerned.

The official site of union bank of Nigeria is https://www.unionbankng.com

United Bank For Africa UBA:

The list of commercial banks in Nigeria can never be complete without mentioning the great UBA of Africa.

Mr Kennedy Uzoka, who is the managing director of UBA observes that the banks vision is to be the giant of African banking world. And like expected, all the operations of the bank is channeled towards this objective.

UBA has hundreds of branches scattered across every African nation, hence making it one of the best commercial banks in Africa as a whole.

The official website of UBA is https://www.ubaplc.com

Unity Bank PLC:

Unity bank plc is another great commercial banks in Nigeria. The primary focus of this bank is in the provision of loans to small and medium scale businesses to boom in the market.

They’ve equally have a sound staff that knows what it feels like to treat their customers just right. By many, unity bank is a great bank to be relied on in Nigeria.

The official site of unity bank plc is https://www.unitybankng.com

Wema Bank:

Wema bank started operation as far back as 1945. It has undergone series of reforms to make it meet with current trends and practices in modern banking systems.

This explains why they always put up services that are designed to meet the customers needs, in line with the latest banking practices. Hence, wema bank is among the most talked about commercial banks in Nigeria.

The official website of wema bank is https://www.wemabank.com

Zennith bank:

Zennith bank is one of the best commercial banks in Nigeria by any standard. It has won many national and international awards across Nigeria and beyong in banking innovations and expertise.

It has branches across the whole cities of Nigeria, as a way of reaching out to and serving the interest of their numerous customers.

They provide loans to both small, medium and large scale enterprises across Nigeria, with a great online banking system.

The official site of zennithbank of Nigeria is https://www.zennithbank.com

List Of New Commercial Banks In Nigeria 2020

The central bank of Nigeria recently approved the operation of new commercial banks in Nigeria which started operation in 2019.

The names of these new commercial banks in Nigeria are:

  • Jaiz Bank
  • Globus Bank
  • Titan Trust Bank

It is required that these new commercial banks in Nigeria will be operating as non interest banks across the Nigerian states.

Comparisons Of Nigerian Commercial Banks

In this, we shall attempt to compare the top commercial banks in Nigeria briefly. Let’s get started.

Commercial Bank In Nigeria : Quick Reviews & Comparisons

CriteriaFirst BankUnion BankFidelity
Opening And Minimum Account BalanceN2000N2000N2000
Number Of ATM2814800750
Number Of Branches628350226
Cash Withdrawal: ATMN65 on another banks ATM machine, after 3 usesN65 on another banks ATM machine, after 3 usesN65 on another banks ATM machine, after 3 uses
Cash Withdrawal: CounterWithdrawing more than N500,000 attracts a %3 charge Withdrawing more than N500,000 attracts a %2 charge

Source: https://www.nigeriasaving.com/compare-banks/

Hope you enjoyed reading our list of commercial banks in Nigeria 2020? If there is any list of commercial bank that we failed to include in this guide, please do well to remind us, using the comment section below.

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Eze Elekwachi

Hi, Eze Elekwachi holds an M.Sc. in Public Administration and a PhD in view. He is the brainchild behind Cyriltips.com. People see him as a programmer, web developer, content developer and a seasoned e-marketer probably because he's good at what he does...

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