Commercial banks are one of the most common type of bank in Nigeria and they offer a wide range of services to their customers, including deposit accounts, loans, and investment products. They play an important role in the Nigerian economy by providing financial services to businesses and individuals.
Information provided by the Central Bank of Nigeria and made available to the public on their official website declared 24 commercial banks existing in Nigeria.
This list is based on information from the Central Bank of Nigeria.
Complete List of Commercial Banks in Nigeria
1 Access Bank Plc
2 Citibank Nigeria Limited
3 Ecobank Nigeria Plc
4 Fidelity Bank Plc
5 First Bank Nigeria Limited
6 First City Monument Bank Plc
7 Globus Bank Limited
8 Guaranty Trust Bank Plc
9 Heritage Banking Company Ltd.
10 Keystone Bank Limited
11 Parallex Bank Ltd
12 Polaris Bank Plc
13 Premium Trust Bank
14 Providus Bank
15 Stanbic IBTC Bank Plc
16 Standard Chartered Bank Nigeria Ltd.
17 Sterling Bank Plc
18 SunTrust Bank Nigeria Limited
19 Titan Trust Bank Ltd
20 Union Bank of Nigeria Plc
21 United Bank For Africa Plc
22 Unity Bank Plc
23 Wema Bank Plc
24 Zenith Bank Plc
Key Functions of Commercial Banks in Nigeria
- Depository Services: Commercial banks provide a safe place for individuals and businesses to deposit their funds. They offer various types of deposit accounts, such as savings accounts, current accounts, and fixed deposit accounts, each tailored to meet different financial needs.
- Credit and Lending: One of the primary functions of commercial banks is to extend credit to individuals and businesses. This can take the form of personal loans, business loans, mortgages, and trade finance, among others.
- Payment Services: Banks in Nigeria have embraced technology, offering electronic payment solutions, including online banking, mobile banking, and ATM services, making transactions more convenient and efficient.
- Foreign Exchange Services: Many commercial banks offer foreign exchange services, facilitating international trade and travel by providing currency exchange and foreign currency accounts.
- Wealth Management: Some banks provide wealth management services, helping clients grow their investments through various investment products and advisory services.