The Complete List and Names of Banks in Nigeria

Nigeria is one of the economic powerhouses in Africa, thanks to its investment policies, natural resources, and steady economic and financial growth. Hence, it is not surprising that most Nigerian banks made it to the Banker’s Magazine’s top 1000 World Banks.

Over 20 banks are fully licensed by the Central Bank of Nigeria to operate within the country, leading to serious competition among the financial institutions. However, many of them have gained international recognition and can successfully compete in the world banking system. This article presents you with a complete list of Nigerian banks operating in various regions of the country and beyond.

Classification of Banks in Nigeria 

Banks in various countries of the world operate under different categories, all of which have different target customers and perform different functions. The Nigerian banks are no different. The number of banks in Nigeria keeps changing as they undergo mergers or liquidation. Some others even shut down without any official reason, giving room for newer ones to string up. However, each of the Nigerian banks in operation must find its function under eight different categories, namely:

• Central bank
• Commercial banks
• Merchant banks
• Development banks
• Savings bank
• Mortgage bank
• Non-interest banks
• cooperative or Mutual banks

Of the eight categories mentioned above, commercial banks are the most popular banks operational in Nigeria and are therefore being regarded among the most reliable banks operating in the country. Read further to know more about the functions of these bank categories and the banks that operate under each category,

Central Bank of Nigeria (CBN)

The Central Bank of Nigeria is the pinnacle of authority for all other categories of banks that operate in and from Nigeria. It was formed by the CBN Act of 1958 and began operation on July 1, 1959. This apex bank is responsible for managing the Nigerian currency and supervising all other financial institutions in the Nigerian banking sector to facilitate the development of the nation’s economy.

Precisely, it acts as a bank for the deposit money banks, and this is how it influences the flow of money and credit in the economy to achieve stable prices. The Central Bank of Nigeria is what it is because of the following reasons:

• CBN was not established for profit.
• The country only has one Central Bank. 
• All other categories of banks are regulated by the CBN 
• It is the government’s bank and does not conduct transactions with private entities.

Commercial Banks in Nigeria

This category of Nigerian bank is undoubtedly the most popular of all the bank categories present in the country. Commercial banks are financial institutions that perform all transactions relating to the withdrawal and deposit of funds for the public, accommodate basic investments like savings, and offer loans for business and investments, as well as mortgage lending.

Zenith Bank, Guaranty Trust Holdings, and First Bank Nigeria Holdings are among the most valuable banks listed in the Nigerian Stock market. This is proof of how well the commercial banking system thrives in the country. The function of this category of bank include:

1. Allows deposit of funds.
2. Offering of loans to customers.
3. Serve as an agent of payment.
4. Serve as a secured place to keep valuables.
5. Permits foreign exchange transactions.
6. Offers financial advice to its customers.
7. Allows transfer of funds.

Commercial banks in Nigeria are also subdivided into banks with International Authorization, with National Authorization, and the ones with Regional Authorization.

List of all Commercial Banks Operating with International Authorization in Nigeria

1. Access Bank Plc

• Other Names: Access Bank
• Year Established: 1989
• Head Office Location: Lagos State
• Address: 14/15, Prince Alaba Abiodun Oniru Road, Victoria Island
• Website: https://www.accessbankplc.com 

2. Fidelity Bank Plc

• Other Names: Fidelity Bank
• Year Established: 1988
• Head Office Location: Lagos State
• Address: Fidelity Place, 2, Kofo Abayomi Street, Victoria Island 
• Website: https://www.fidelitybank.ng 

3. First City Monument Bank Limited

• Other Names: FCMB
• Year Established: 1982
• Head Office Location: Lagos State
• Address: 17a, Tinubu Street, Lagos Island
• Website: https://www.fcmb.com 

4. First Bank of Nigeria Limited

• Other Names: First Bank
• Year Established: 1894
• Head Office Location: Lagos State
• Address: Samuel Asabia House, 35 Marina
• Website: https://firstbanknigeria.com 

5. Union Bank of Nigeria Plc

• Other Names: Union Bank
• Year Established: 1917
• Head Office Location: Lagos State
• Address: 36 Marina, Lagos Island
• Website: https://www.unionbankng.com

6. Guaranty Trust Holding Company Plc

• Other Names: GTB, GT Bank
• Year Established: 1990
• Head Office Location: Lagos State
• Address: 635, Akin Adesola Street, Victoria Island
• Website: https://www.gtbank.com 

7. United Bank for Africa Plc

• Other Names: UBA
• Year Established: 1949
• Head Office Location: Lagos State
• Address: UBA House, 57 Marina
• Website: https://www.ubagroup.com 

8. Zenith Bank Plc

• Other Names: Zenith Bank
• Year Established: 1990
• Head Office Location: Lagos State
• Address: Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria island
• Website: https://www.Zenithbank.com

Commercial Nigerian Banks with National Authorization

1. Citibank Nigeria Limited

• Other Names: Citibank
• Year Established: 1812
• Head Office Location: Lagos State
• Address: 27, Kofo Abayomi Street, Victoria Island
• Website: https://www.citi.com 

2. Ecobank Nigeria Limited

• Other Names: Ecobank
• Year Established: 1989
• Head Office Location: Lagos State
• Address: Ahmadu Bello Way, Victoria Island 
• Website: https://www.ecobank.com/ng 

3. Titan Trust Bank Limited

• Other Names: Titan Trust
• Year Established: 2018
• Head Office Location: Lagos State
• Address: 1680, Sanusi Fafunwa Street, Victoria Island
• Website: https://www.titantrustbank.co

4. Unity Bank Plc

• Other Names: Unity Bank
• Year Established: 2006
• Head Office Location: Lagos State
• Address: 30, Badle Animashanu Street, Alakuko
• Website: https://www.unitybankng.com 

5. Polaris Bank Limited

• Other Names: Polaris Bank
• Year Established: 2018
• Head Office Location: Lagos State
• Address: 3, Akin Adesola Street, Victoria Island
• Website: https://www.polarisbanklimited.com 

6. Keystone Bank Limited

• Other Names: Osy’s Bank
• Year Established: 2011
• Head Office Location: Lagos State
• Address: Keystone Bank Crescent Off Adeyemo Alakija Street, Victoria Island
• Website: https://www.keystonebankng.com 

7. Standard Chartered Bank

• Other Names: Standard Chartered
• Year Established: 1863
• Head Office Location: Lagos State
• Address: 142, Ahmadu Bello Way, Victoria Island
• Website: https://www.sc.com 

8. Sterling Bank Plc

• Other Names: Sterling Bank
• Year Established: 1960
• Head Office Location: Lagos State
• Address: Sterling Towers, 20 Marina
• Website: https://www.sterling.ng 

9. Heritage Bank Plc

• Other Names: Heritage Bank
• Year Established: 2012
• Head Office Location: Lagos State
• Address: 292b, Ajose Adeogun Street, Victoria Island
• Website: https://www.hb.ng

10. Wema Bank Plc

• Other Names: Wema Bank
• Year Established: 1945
• Head Office Location: Lagos State
• Address: 54 Marina, Lagos Island
• Website: https://www.wemabank.com 

 Commercial Nigerian Banks with Regional Authorization 

1. Globus Bank Limited

• Other Names: Globus Bank
• Year Established: 2019
• Head Office Location: Lagos State
• Address: 6, Adeyemo Alakija street, Victoria Island 
• Website: https://www.globusbank.com 

2. Parallex Bank Limited

• Other Names: Parallex Bank
• Year Established: 2008
• Head Office Location: Lagos State
• Address: 1261, Adeola Hopewell Street, Victoria Island 
• Website: https://www.parallexbank.com

3. Providus Bank Limited

• Other Names: Providus Bank
• Year Established: 2016
• Head Office Location: Lagos State
• Address: 724, Adetokunbo Ademola Street, Victoria Island
• Website: https://www.providusbank.com 

4. Sun Trust Bank Nigeria Limited

• Other Names: Sun Trust Bank
• Year Established: 2009
• Head Office Location: Lagos State
• Address: 1, Oladele Olashore Street, Off Sanusi Fafunwa Street, Victoria Island
• Website: https://www.suntrustng.com

Microfinance Banks Operating in Nigeria

Otherwise referred to as microcredit, a Microfinance bank is one of the categories of banks in Nigeria set up for unemployed or low-profits persons or corporations who, in any other case, would not have any other access to financial services.

The purpose of a microfinance bank is to, in the long run, deliver impoverished individuals the opportunity to turn out to be self-sufficient.

Some benefits of Microfinance Bank:

• It offers low-income earners the opportunity to provide for their families.
• It offers its customers access to credit.
• It offers services to those the society has overlooked.
• Encourages its customers to save.

List of Microfinance Banks in Nigeria

1. Accion Microfinance Bank

• Other Names: Accion MFB
• Year Established: 2006
• Head Office Location: Lagos State
• Address: 154, Ikorodu Road, Onipanu
• Website: https://www.accionmfb.com 

2. Empire Trust Microfinance Bank

• Other Names: Empire Trust MFB
• Year Established: 2014
• Head Office Location: Lagos State
• Address: 17, Ogunlowo Street, Off Awolowo Way, Ikeja
• Website: https://www.empiretrustmfb.com 

3. Fina Trust Microfinance Bank

• Other Names: Fina Trust MFB
• Year Established: 2009
• Head Office Location: Lagos state
• Address: 46, Toyin Street, Opebi, Ikeja
• Website: https://www.finatrustmfbank.com 

4. Finca Microfinance Bank Limited

• Other Names: Finca MFB
• Year Established: 2014
• Head Office Location: Imo State
• Address: Plot 20 Wetheral Road, Owerri Municipal
• Website: https://www.fincanigeria.com 

5. Infinity Microfinance Bank

• Other Names: Infinity MFB
• Established: 2001
• Head Office Location: Lagos State
• Address: 580 Ikorodu Road, Mile 12
• Website: https://www.infinitymfb.com 

6. Peace Microfinance Bank

• Other Names: Peace MFB
• Year Established: 2008
• Head Office Location: Abuja
• Address: Shehu Shagari Plaza, Area 1, Garki
• Website: https://www.peacemfb.com

7. Pearl Microfinance Bank Limited

• Other Names: Pearl MFB
• Year Established: 2009
• Head Office Location: Lagos State
• Address: 48 Isheri Road, Ojudu
• Email: [email protected] 

8. Rephidim Microfinance Bank

• Other Names: Rephidim MFB
• Year Established: 2011
• Head Office Location: Lagos State
• Address: 35, Osolo Way, Ajao Estate
• Website: https://www.rephidimmfb.com 

9. Shepard Trust Microfinance Bank

• Other Names: Shepard Trust MFB
• Year Established: 2010
• Head Office Location: Lagos State
• Address: 12, Oladele Kadiri Close, Ogba
• Website: https://www.stmfb.com

10. Mutual Trust Microfinance Bank

• Other Names: Mutual Trust MFB
• Year Established: 2016
• Head Office Location: Abuja
• Address: Ademola Adetokunbo Crescent, Municipal
• Website: https://www.mutualtrustmfb.com

Online-Only Microfinance Banks in Nigeria

1. Kuda Microfinance Bank

• Other Names: Kuda MFB
• Year Established: 2017
• Head Office Location: Lagos State
• Address: 151 Herbert Macaulay Way, Yaba
• Website: https://www.kuda.com 

2. Mint Finex Microfinance Bank

• Other Names: Finex MFB
• Year Established: 2019
• Head Office Location: Lagos State
• Address: Investment Building, 21/25 Broad Street, Lagos Island
• Website: https://www.finixmfb.com 

3. Mkobo Microfinance Bank

• Other Names: Mkobo MFB
• Year Established: 2015
• Head Office Location: Lagos State
• Address: 13 Hughes Avenue, Alagomeji-Yaba
• Website: https://www.mkobo.com.ng

4. Rubies Microfinance Bank

• Other Names: Rubies MFB
• Year Established: 2019
• Head Office Location: Lagos State
• Address: 4, Michael Olawale-Cole Dr, Phase 1, Lekki
• Website: https://www.rubies.ng 

5. Sparkle Microfinance Bank

• Other Names: Sparkle MFB
• Year Established: 2019
• Head Office Location: Lagos State
• Address: 76a, Samuel Adedoyin Street, Victoria Island
• Website: https://www.sparkle.ng 

6. VFD Microfinance Bank

• Other Names: Vbank
• Year Established: 2009
• Head Office Location: Lagos State
• Address: Elephant House, 5th Floor, 214 Broad Street, Marina Island
• Website: https://www.vbank.ng 

Mortgage Banks in Nigeria

Mortgage Banks were established with the only aim of coordinating housing policy and the development of Nigeria’s territory. Mortgage Banks offer loans to individuals and groups of individuals for the door aim of building houses.

Here are some functions offered by the Mortgage Banks: 

• To provide long-term loans to individuals or property developers to build homes. 
• They build houses and offer them out for sale. 
• They develop mortgage institutions. 
• Acceptance of customer deposits to foster savings towards homeownership.
• They offer advice to specialists on housing-related issues.

List of Mortgage Banks Operating in Nigeria

1. Abbey Mortgage Bank

• Other Names:  Abbey Mortgage
•  Established: 1992
• Head Office Location: Lagos State
• Address: 23, Karimu Kotun Street, Victoria Island
• Website: https://www.abbeymortgagebank.com 

2. Aso Savings and Loans

• Other Names: ASO
• Year Established: 1995
• Head Office Location: Abuja
• Address: Plot 266, FMBN Building, Cadastral Zone A0, Central Business District
• Website: https://www.asopic.com 

3. AG Homes

• Other Names: AG Mortgage Bank
• Year Established: 2005
• Head Office Location: Lagos State
• Address: 96, Opebi Road, Ikeja
• Website: https://www.agmortgagebankplc.com 

Merchant Banks Operating in Nigeria

This category of Nigerian banks operates on a private level, so they are unregulated and can be very flexible on different levels of investments made. Besides investing, Merchant Banks offer financial advice to customers on services such as buying or selling a business; these services usually being inclusive to the businesses in which they invest. 

Merchant Banks perform the following functions: 

• Accepting bills of exchange.
• Grant loans for foreign trade transactions.
• Issuing fresh shares 
• Providing loans in medium and long-term levels.

List of Merchant Banks operating in Nigeria

1. Coronation Merchant Bank

• Other Names: Coronation MB
• Year Established: 1993
• Head Office Location: Lagos State
• Address: 10, Amodu Ojikutu Street, Victoria Island
• Website: https://www.coronationmb.com 

2. FBNQuest Merchant Bank

• Other Names: FBNQuest MB
• Year Established: 2006
• Head Office Location: Lagos State
• Address: 10, 16 – 18, Keffi Street, Off Awolowo Road, S.W. Ikoyi
• Website: https://www.fbnquest.com 

3. FSDH Merchant Bank

• Other Names: First Securities Discount House Limited 
• Year Established: 1992
• Head Office Location: Lagos State
• Address: 1/5, Odunlami Street, Lagos Island
• Website: https://www.fsdhmerchantbank.com 

4. Rand Merchant Bank

• Other Names: RMB Nigeria
• Year Established: 2013
• Head Office Location: Lagos State
• Address: 3rd Floor East Tower, Wings Office Complex, Victoria Island, Lagos
• Website: https://www.rmb.com.ng/ 

Cooperative or Mutual Banks in Nigeria

Cooperative or Mutual Banks can offer the financial services provided by commercial and retail financial institutions. However, the major difference is that this category of banks functions on a cooperative basis, which means that customers who patronize these banks are partial owners of the banks. 

There are three kinds of Cooperative Banks in Nigeria, and they are state cooperative banks, primary credit societies, and central cooperative banks. Cooperative Banks operate at state, district, and village or town levels.

Cooperative Bank operates in Nigeria to perform the following duties:

• Grant loans to business owners who can afford to only borrow little. 
• Extension of credit facilities such as working capital loans and term loans.
• Grant advances on stocks and bonds.

List of Cooperative Banks in Nigeria

1. First Capital Microfinance Cooperative Society Limited

• Other Names: FCM Cooperative
• Year Established: 2016
• Head Office Location: Lagos State
• Address: Suite 9, Okaka Plaza, Opposite E Close, Festac Town
• Website: nil 

2. Fortune Co-operative Society

• Other Names: Fortune Co-operative
• Year Established: nil
• Head Office Location: Kwara State
• Address: Amuda Road Ilorin East 
• Website: nil

3. FTH Cooperative Society

• Other Names: FTH Cooperative Society
• Year Established: nil
• Head Office Location: Ekiti State
• Address: FTH Ido Ekiti Idosi, Osi
• Website: nil

Non-Interest  Nigerian Banks

To complete the list of the categories of banks that operate in Nigeria is the Non-Interest Banks. This class of banks works with defining principles such as the ban on debt interest and bills of exchange; the ban of uncertainty or speculative conduct in business dealings; the ban of all kinds of gambling. 

Non-Interest banks enter into partnership agreements, commercial agreements, lease agreements, and other financial services that comply with Islamic commercial law. This class of banks also prohibits the financing of unethical businesses such as ammunition, tobacco, and alcohol production, as well as adult entertainment establishments.

List of Non-Interest Banks in Nigeria

1. Jaiz Bank Plc

• Other Names: Jaiz Bank
• Year Established: 2003
• Head Office Location: Abuja
• Address: 73, Ralph Shodeinde Street, Kano House, Central Business District
• Website: https://www.jaizbankplc.com 

2. LOTUS Bank Limited

• Other Names: LOTUS Bank
• Year Established: 2007
• Head Office Location: Lagos State
• Address: 30a, Adetokunbo Ademola Street, Victoria Island
• Website: https://www.lotusbank.com 

3. TAJBank Limited

• Other Names: TAJ Bank
• Year Established: 2019
• Head Office Location: Abuja
• Address: 72, Ahmadu Bello Way, Central Business District
• Website: https://www.tajbank.com