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:<\/p>\n
- \n
- Central bank<\/li>\n
- Commercial banks<\/li>\n
- Merchant banks<\/li>\n
- Development banks<\/li>\n
- Savings bank<\/li>\n
- Mortgage bank<\/li>\n
- Non-interest banks<\/li>\n
- cooperative or Mutual banks<\/li>\n<\/ul>\n
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,<\/p>\n
Central Bank of Nigeria (CBN)<\/strong><\/h3>\n
![\"nigerian](\"https:\/\/buzznigeria.com\/wp-content\/uploads\/2022\/02\/CBN.jpg\")
<\/a><\/p>\nThe 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.\u00a0<\/span>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. <\/span><\/p>\n
Precisely, it <\/span>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.\u00a0The Central Bank of Nigeria is what it is because of the following reasons:<\/span><\/p>\n
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- CBN was not established for profit.<\/span><\/li>\n
- The country only has one Central Bank.\u00a0<\/span><\/li>\n
- All other categories of banks are regulated by the CBN\u00a0<\/span><\/li>\n
- It is the government’s bank and does not conduct transactions with private entities.<\/span><\/li>\n<\/ul>\n
Commercial Banks in Nigeria<\/b><\/h3>\n
![\"\"](\"https:\/\/buzznigeria.com\/wp-content\/uploads\/2022\/02\/commercial-bank.jpg\")
<\/a><\/p>\nThis 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. <\/span><\/p>\n
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:<\/span><\/p>\n
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- Allows deposit of funds.<\/span><\/li>\n
- Offering of loans to customers.<\/li>\n
- Serve as an agent of payment.<\/li>\n
- Serve as a secured place to keep valuables.<\/li>\n
- Permits foreign exchange transactions.<\/li>\n
- Offers financial advice to its customers.<\/li>\n
- Allows transfer of funds.<\/li>\n<\/ol>\n
Commercial banks in Nigeria are also subdivided into banks with International Authorization, with National Authorization, and the ones with Regional Authorization.<\/p>\n
List of all Commercial Banks Operating with International Authorization <\/b>in Nigeria<\/strong><\/h3>\n
1. Access Bank Plc<\/strong><\/p>\n
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- Other Names:<\/strong> Access Bank<\/span><\/li>\n
- Year Established:<\/strong> 1989<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 14\/15, Prince Alaba Abiodun Oniru Road, Victoria Island<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.accessbankplc.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
2. Fidelity Bank Plc<\/strong><\/p>\n
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- Other Names:<\/strong> Fidelity Bank<\/span><\/li>\n
- Year Established:<\/strong> 1988<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> Fidelity Place, 2, Kofo Abayomi Street, Victoria Island\u00a0<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.fidelitybank.ng<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
3. First City Monument Bank Limited<\/strong><\/p>\n
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- Other Names:<\/strong> FCMB<\/span><\/li>\n
- Year Established:<\/strong> 1982<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 17a, Tinubu Street, Lagos Island<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.fcmb.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
4. First Bank of Nigeria Limited<\/strong><\/p>\n
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- Other Names:<\/strong> First Bank<\/span><\/li>\n
- Year Established:<\/strong> 1894<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> Samuel Asabia House, 35 Marina<\/span><\/li>\n
- Website: <\/strong>https:\/\/firstbanknigeria.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
5. Union Bank of Nigeria Plc<\/strong><\/p>\n
- \n
- Other Names:<\/strong> Union Bank<\/span><\/li>\n
- Year Established:<\/strong> 1917<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 36 Marina, Lagos Island<\/span><\/li>\n
- Website:<\/strong> https:\/\/www.unionbankng.com<\/a><\/span><\/li>\n<\/ul>\n
6. Guaranty Trust Holding Company Plc<\/strong><\/p>\n
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- Other Names:<\/strong> GTB, GT Bank<\/span><\/li>\n
- Year Established:<\/strong> 1990<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 635, Akin Adesola Street, Victoria Island<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.gtbank.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
7. United Bank for Africa Plc<\/strong><\/p>\n
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- Other Names:<\/strong> UBA<\/span><\/li>\n
- Year Established:<\/strong> 1949<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> UBA House, 57 Marina<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.ubagroup.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
8. Zenith Bank Plc<\/strong><\/p>\n
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- Other Names:<\/strong> Zenith Bank<\/span><\/li>\n
- Year Established:<\/strong> 1990<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria island<\/span><\/li>\n
- Website:<\/strong> https:\/\/www.Zenithbank.com<\/a><\/span><\/li>\n<\/ul>\n
Commercial Nigerian Banks\u00a0with National Authorization<\/b><\/h3>\n
1. Citibank Nigeria Limited<\/strong><\/p>\n
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- Other Names:<\/strong> Citibank<\/span><\/li>\n
- Year Established:<\/strong> 1812<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 27, Kofo Abayomi Street, Victoria Island<\/span><\/li>\n
- Website:<\/strong> <\/span>https:\/\/www.citi.com<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
2. Ecobank Nigeria Limited<\/strong><\/p>\n
- \n
- Other Names:<\/strong> Ecobank<\/span><\/li>\n
- Year Established:<\/strong> 1989<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> Ahmadu Bello Way, Victoria Island\u00a0<\/span><\/li>\n
- Website: <\/strong>https:\/\/www.ecobank.com\/ng<\/span><\/a>\u00a0<\/span><\/li>\n<\/ul>\n
3. Titan Trust Bank Limited<\/strong><\/p>\n
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- Other Names:<\/strong> Titan Trust<\/span><\/li>\n
- Year Established:<\/strong> 2018<\/span><\/li>\n
- Head Office Location:<\/strong> Lagos State<\/span><\/li>\n
- Address:<\/strong> 1680, Sanusi Fafunwa Street, Victoria Island<\/span><\/li>\n
- Website:<\/strong> https:\/\/www.titantrustbank.co<\/a><\/span><\/li>\n<\/ul>\n
- Year Established:<\/strong> 2018<\/span><\/li>\n
- Year Established:<\/strong> 1989<\/span><\/li>\n
- Year Established:<\/strong> 1812<\/span><\/li>\n
- Year Established:<\/strong> 1990<\/span><\/li>\n
- Year Established:<\/strong> 1949<\/span><\/li>\n
- Year Established:<\/strong> 1990<\/span><\/li>\n
- Year Established:<\/strong> 1917<\/span><\/li>\n
- Year Established:<\/strong> 1894<\/span><\/li>\n
- Year Established:<\/strong> 1982<\/span><\/li>\n
- Year Established:<\/strong> 1988<\/span><\/li>\n
- Year Established:<\/strong> 1989<\/span><\/li>\n
- The country only has one Central Bank.\u00a0<\/span><\/li>\n
- CBN was not established for profit.<\/span><\/li>\n
![\"nigerian](\"http:\/\/media.premiumtimesng.com\/wp-content\/files\/2017\/01\/CBN-2.jpg\")
<\/a><\/p>\n