Cbn List of Banks in Nigeria

Cbn List of Banks in Nigeria


CBN list of of banks in Nigeria. The Central Bank of Nigeria (CBN) serves as the apex monetary authority in Nigeria, overseeing the country’s banking system. To provide transparency and promote stability within the financial sector, the CBN maintains an official list of banks operating in Nigeria.

This comprehensive directory includes both local and international banks, offering valuable information about their licenses, ownership structures, and regulatory compliance. This article covers the CBN list of banks in Nigeria.

Commercial bank with International Authorization in Nigeria

  • Access Bank Plc
  • Fidelity Bank Plc
  • First City Monument Bank Limited
  • First Bank of Nigeria Limited
  • Guaranty Trust Holding Company Plc
  • Union Bank of Nigeria Plc
  • United Bank for Africa Plc
  • Zenith Bank Plc

Access Bank Plc

Access Bank is one of the best financial institutions in Nigeria, has earned a reputation for its customer-centric approach. This Nigerian multinational commercial bank, or Access Bank plc, is a part of the Access Bank Group and operates under the license of the Central Bank of Nigeria, the nation’s banking regulator.

Originally specializing in corporate banking, Access Bank broadened its scope to include personal and business banking in 2012. On 1 April 2019, Access Bank and Diamond Bank merged, marking the beginning of a new era for the bank.


In addition to its presence in Nigeria, Access Bank plc has subsidiaries in various countries, including Mozambique, Zambia, Congo, Sierra Leone, Rwanda, Gambia, Ghana, Kenya, South Africa, and the United Kingdom, as of September 2021. Moreover, the bank maintains representative offices in China, India, Lebanon, and the United Arab Emirates.

Fidelity Bank Plc

Fidelity Bank is a well-established commercial bank in Victoria Island, Lagos, Nigeria. Recognized as a reliable banking institution, Fidelity Bank has experienced remarkable growth since its inception in 1987.

The bank’s dedication to retail and digital banking was rewarded when it was ranked the fourth-best bank in Nigeria’s retail market segment according to the KPMG Banking Industry Customer Satisfaction Survey (BICSS) in 2017.

It caters to a large customer base of over four million individuals and businesses. The bank’s services are accessible through various channels, including 240 business offices, 775 ATMs, and 4,346 point-of-sale terminals (POSs).

First City Monument Bank Limited

First City Monument Bank (FCMB) is a financial services holding company headquartered in Lagos, Nigeria. FCMB Group Plc comprises nine subsidiaries grouped into three business categories: commercial and retail banking, investment banking, and asset and wealth management.

It is the first bank in Nigeria to be established without government or foreign assistance. In 2001, the bank transformed into First City Monument Bank Limited as it transitioned into a universal bank. FCMB Capital Markets Limited, a subsidiary, was established to support its corporate finance activities.

Over time, FCMB achieved significant milestones. It became a public limited liability company in July 2004 and was listed on the Nigerian Stock Exchange. FCMB (UK) Limited, a First City Monument Bank Limited branch, gained authorization to operate in the United Kingdom in 2014, adhering to regulations set by the Financial Conduct Authority and the Prudential Regulation Authority.

First Bank of Nigeria Limited

First Bank of Nigeria Limited, headquartered in Lagos, is a leading Nigerian multinational bank and financial services company. As the premier bank in West Africa, First Bank is a parent company with subsidiaries such as FBN Bank in various countries, including the Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.

It also has a presence in the United Kingdom through FBN Bank UK Limited and a branch in Paris. In addition, First Bank operates First Pension Custodian Nigeria Limited, a prominent pension custodian in Nigeria. With a vast network of over 700 business locations across Africa, First Bank serves its customers diligently.

To extend its services to the unbanked population and promote financial inclusion, the bank has established an extensive Agent Banking network with over 200,000 locations in Nigeria. Known for its specialization in retail banking, First Bank boasts the largest client base in West Africa, with over 18 million customers.

Recognized for its excellence, First Bank has received numerous accolades. It has been named the Best Retail Bank in Nigeria by The Asian Banker for eight consecutive years, from 2011 to 2018. The bank employs over 16,000 staff members and is renowned as a “Best Place to Work” awardee.

Guaranty Trust Holding Company Plc

Guaranty Trust Holding Company PLC is a multinational financial services group headquartered in Victoria Island, Lagos, Nigeria. It offers various services, including retail and investment banking, pension management, asset management, and payments services

The reorganization allows GTCO PLC to expand its services beyond traditional banking. One of its key focuses is establishing a robust payments business. Under the previous structure, regulations set by the Central Bank of Nigeria (CBN) prohibited banks from operating non-banking subsidiaries.

However, as a holding company, GTCO PLC can now engage in various businesses, including payments, pension management, and asset management, alongside its existing banking operations.

Union Bank of Nigeria Plc

Union Bank is a large commercial bank that caters to a wide range of customers, including individuals, small and medium-sized businesses, and large corporations and organizations.The bank’s history dates back to 1836, when a group of London bankers and British merchants obtained a royal charter from William IV to establish Colonial Bank in the Caribbean.

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With the authorization to open branches beyond the Caribbean, Colonial Bank commenced operations in Nigeria in 1917, initially setting up banking centers in Lagos, Jos, and Port-Harcourt. Over time, the bank expanded its presence to other financially significant areas, including Ebute-Metta, Onitsha, Ibadan, Kano, Zaria, and Burutu.

United Bank for Africa Plc

United Bank for Africa Plc (UBA) is a renowned financial services group operating in Nigeria and across Africa. With its headquarters in Lagos Island, Lagos, UBA is recognized as Africa’s Global Bank. It boasts subsidiaries in 20 African countries and maintains offices in prominent international cities such as London, Paris, and New York.

In a significant development, UBA obtained its banking license in December 2021 to commence operations in the United Arab Emirates (UAE). The Central Bank of Nigeria categorizes UBA as a commercial bank, and its shares are listed on the Nigerian Stock Exchange under the symbol “UBA.”

UBA’s footprint extends beyond Nigeria, with subsidiaries established in multiple African countries, including Ghana, Ivory Coast, Kenya, Tanzania, Senegal, and many others. Furthermore, the group has ventured into international markets, with subsidiaries operating in the United States, the United Kingdom, France, and the UAE.

Zenith Bank Plc

Zenith Bank Plc, headquartered in Victoria Island, Lagos, is a prominent financial institution serving Nigeria and Anglophone West Africa. With its license as a commercial bank from the Central Bank of Nigeria, the national banking regulator Zenith Bank offers various financial services to individuals and businesses. The company is proudly listed on the Nigeria Stock Exchange and the London Stock Exchange, further solidifying its presence and reputation in the financial markets.

Founded in 1990 by Jim Ovia, Zenith Bank emerged as a formidable competitor in the Nigerian banking industry, challenging the dominance of Union Bank, First Bank, UBA, and Afribank. Despite starting with a modest capital base of $4 million, Zenith Bank quickly established itself as a reliable and progressive banking institution.

The bank officially commenced its operations in July of the same year, capitalizing on the government’s banking sector liberalization. During this period, the Central Bank granted numerous banking licenses to investors, and Zenith Bank took full advantage of this opportunity.

Commercial banks with National Authorization in Nigeria

  • Citibank Nigeria Limited
  • Ecobank Nigeria
  • Heritage Bank Plc
  • Keystone Bank Limited
  • Optimus Bank Limited
  • Polaris Bank Limited.
  • Stanbic IBTC Bank Plc
  • Standard Chartered
  • Sterling Bank Plc
  • Titan Trust bank
  • Unity Bank Plc
  • Wema Bank Plc

Commercial banks with Regional Authorization in Nigeria

  • Globus Bank Limited
  • Parallex Bank Limited
  • PremiumTrust Bank Limited
  • Providus Bank Limited
  • SunTrust Bank Nigeria Limited
  • Non-interest banks in Nigeria
  • Jaiz Bank Plc
  • TAJBank Limited
  • Microfinance Banks in Nigeria
  • Mutual Trust Microfinance Bank
  • Rephidim Microfinance Bank
  • Shepherd Trust Microfinance Bank
  • Empire Trust Microfinance Bank
  • Finca Microfinance Bank Limited
  • Fina Trust Microfinance Bank
  • Accion Microfinance Bank
  • Peace Microfinance Bank
  • Infinity Microfinance Bank
  • Pearl Microfinance Bank Limited
  • Covenant Microfinance Bank Ltd
  • Advans La Fayette Microfinance Bank

Online-Only Microfinance Banks in Nigeria

  • FairMoney Microfinance Bank
  • Sparkle Bank
  • Kuda Bank
  • Moniepoint Microfinance Bank
  • Opay
  • Palmpay
  • Rubies Bank
  • VFD Microfinance Bank
  • Mint Finex MFB
  • Mkobo MFB
  • Raven bank
  • Rex Microfinance Bank

Merchant banks in Nigeria

  • Coronation Merchant Bank
  • FBNQuest Merchant Bank
  • FSDH Merchant Bank
  • Rand Merchant Bank
  • Nova Merchant Bank.

Non interest window banks in Nigeria

  • SunTrust Bank Nigeria limited NIB
  • Stanbic Ibtc NIB

Frequently Asked Questions

What Is The Definition Of A Bank?

A bank is a financial institution that provides various services, including accepting deposits, granting loans, facilitating money transfers, and offering other financial products.

What Services Do Banks Typically Provide?

Banks offer various services, such as savings and current accounts, loans, credit cards, mortgages, money transfers, foreign currency exchange, investment products, and insurance. They also provide financial advice, facilitate payment processing, issue checks, and offer online and mobile banking platforms for convenient access to accounts and services.

What Is Deposit Insurance?

Deposit insurance is a system many countries implement to protect depositors’ funds in case a bank fails or becomes insolvent. It guarantees that a certain amount of money deposited in a bank will be repaid to the depositor, even if it experiences financial difficulties.

How Do I Choose The Right Bank For My Needs?

Choosing the right bank depends on your specific needs and preferences. Consider factors such as the bank’s reputation, customer service quality, accessibility of branches or ATMs, fees, interest rates, range of services offered, and online banking capabilities.

Who Owns Opay And Palmpay?

OPay is owned by Opera Limited, a Norwegian software development company known for its web browser and other internet-related products. PalmPay, on the other hand, is owned by Transsnet Financial, a joint venture between Transsion Holdings, a Chinese smartphone manufacturer, and NetEase, a Chinese internet technology company.


The Central Bank of Nigeria (CBN) maintains a comprehensive list of banks in Nigeria, ranging from commercial banks to microfinance banks, merchant banks, and non-interest banks. These institutions, such as Access Bank, Fidelity Bank, and First Bank of Nigeria, offer diverse financial services to cater to the needs of individuals and businesses.



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