Are you researching the commercial banks in Nigeria? This post covers all Nigerian commercial banks, their worth, websites, CEOs, and more.

Let’s get to it.

Commercial Banks in Nigeria – An Introduction

Commercial banks are probably the most common types of banks in Nigeria and other countries of the world.

Unlike investment banks in Nigeria, you can find commercial banks’ grand, beautiful buildings everywhere.

A large number of commercial banks in Nigeria signifies fierce competition for clients and those banks at the top of the list provide the best financial services and products.



Commercial Banks in Nigeria
Presently, there are 22 commercial banks fully licensed by the CBN and other necessary bodies, to conduct operations in Nigeria.

Some of these commercial banks are indigenous banks, while others are multinational companies that have set up business in the country.

Either way, all these banks are under supervision and regulation by the Central Bank of Nigeria.

The history of commercial banks in Nigeria can be traced to the first commercial bank in Nigeria, the First Bank of Nigeria.

It was founded in 1894 as Bank of British West Africa and it became a public company in 1970.

In 1971, it was listed on the Nigerian Stock Exchange, and in 1979, it was renamed First Bank of Nigeria.

The establishment of First Bank opened the flood gates for many commercial banks in Nigeria.


List of Commercial Banks in Nigeria
There are numerous commercial banks in Nigeria.

Topmost amongst Nigerian commercial banks in no particular order include;


Access Bank
Access Bank Plc. is top of the list of current commercial banks in Nigeria.

It is one of the top 5 banks in Nigeria.

The bank operates across 3 continents, 12 nations, with over 600 office branches and service outlets, making it one of few Nigerian multinational companies.

It has over 28,000 people in its employ in various facilities in Nigeria.

Access Bank Plc. was established in 1989, and since its inception, the bank has provided top-notch banking services to all its 36 million customers.

It has been listed on the Nigerian Stock Exchange since 1998.

Financial services offered by Access Bank include;

Personal Banking
Commercial Banking
Corporate and Investment Banking, and
Business Banking.
Like other major commercial banks in Nigeria, Access Bank has many subsidiaries.

Some of the Access Bank subsidiaries are;

Access Bank Ghana Plc.
The Access Bank UK Limited
Access Bank Rwanda
Access Bank Zambia
Marina Securities Limited, and many more.

The banking feats of Access Bank over the years have been recognized on several occasions, some of which include;

2019 World Finance Award “Best Mobile App in Nigeria”
“Outstanding Business Sustainability Achievement”
2018 Euromoney Private Banking Awards
“Best Commercial Banking Capabilities”
2018 CBN ‘Sustainable Bank of the Year’
“Sustainable Transaction of the Year (Oil & Gas)”
‘Sustainable Transaction of the Year (Power)’ and many more.
Thus far, Access Bank has not reneged on its promise to mainstream sustainable business practices into its operations and is one of the forerunners in smooth banking experience in Nigeria.

The Access bank’s core values are poised to launch the bank into the stars as one of the best banks internationally.

According to Financial Times, Access Bank Market Cap. Value is 280.60 B naira


Ecobank
Ecobank, officially, Ecobank Transnational Inc., is a regional commercial bank with operations and facilities in 36 African countries, including Nigeria.

It is one of the few foreign/international banks in Nigeria.

The bank currently operates a consolidated on-line, real-time branch network spread over 600 locations within the country.

It has its headquarters in Lome, Togo.

If one is asked to list 20 commercial banks in Nigeria, he/she wouldn’t miss Ecobank.

The bank was established in 1985 under a private sector initiative led by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS).

The founders of Ecobank wanted to change the status quo of foreign and state-owned banks dominating the African banking sector, hence its creation.

The banking and financial services provided by Ecobank are;

Commercial Banking
Personal Banking,
Corporate Banking and
Investment Banking.
The mission and vision of Ecobank are to unite and strengthen modern pan-African banking and to play their part in the economic development of Africa.

Ecobank branches can be found in various geopolitical zones in Nigeria.

According to Financial Times, Eco Bank Market Cap. Value is 160.75 B naira.


Heritage Bank (HB)
Heritage bank is a Nigerian financial services company that performs all the basic functions of a commercial bank.

The bank was established in 2012, but its growth in the Nigerian banking sector is quite commendable.

The bank has its headquarters in Lagos, Nigeria – one of 127 branches across the country.

Heritage Bank also boasts of 202 automated banking centers and over 350 ATMs in Nigeria.

The bank quickly moved with the trend in tech by integrating internet and mobile banking into its operations to provide its clients with a seamless banking experience.

In addition to this, Heritage bank also provides its customers with various loan options such as;

Personal loans
Salary advance
Auto loans
CBN health sector loans, and
Agric. business loans.

This has posed great competition for some of the fintech companies in Nigeria offering loan services.

Heritage Bank is one of the top banks in Nigeria, and it would be a crime to exclude this young, but exquisite bank from our list.

It takes great pride in wealth creation, wealth management, and other financially-related services for its customers.

According to Yahoo Finance, Heritage Bank’s Market Cap. Value is 931.872 million naira.


First Bank of Nigeria (FBN)
First Bank of Nigeria is literally the First Bank in Nigeria.

1894 was the year that saw the bank initially established as Bank of British West Africa.

It became a public company in 1970.

By 1971, it was already listed on the Nigerian Stock Exchange, and in 1979, it was renamed First Bank of Nigeria.

As one would expect, First Bank of Nigeria is a juggernaut in the Nigerian banking industry.

It played a major role in the growth and innovation of the Nigerian banking system, and will also be vital for the future of the system.

The brand boasts of over 17 million accounts, over 57,000 business outlets, and has issued over 10 million cards – the first bank to achieve such a feat.

First Bank has its footprints in Africa and Europe with subsidiaries such as;

FBN Bank in the Republic of Congo
FBN Bank (UK) Limited in;
London
Ghana
Paris
The Gambia
Senegal
Sierra-Leone
Guinea, as well as
A Representative Office in Beijing, China.
First Bank of Nigeria has an undisputed pedigree in Nigeria and is one of the best banks in the country.

According to Market Screener, FBN’s Market Cap. Value is 273 B naira.


Polaris Bank

Continue reading here for more on Polaris Bank and other commercial banks in Nigeria.