Banks in Nigeria play a pivotal role in driving economic growth, enabling trade, and supporting individuals and businesses with financial services.
From the well-established commercial banks in Nigeria that dominate the sector, to the fast-rising digital banks in Nigeria transforming access to banking, the Nigerian financial ecosystem is evolving rapidly.
This article explores the list of Nigerian banks, spotlighting the top performers across commercial, microfinance, and digital banking.
Key Takeaways
- Banks in Nigeria remain the backbone of Africa’s largest economy, driving growth through commercial, digital, and microfinance institutions.
- Commercial banks dominate the industry, but digital banks are redefining convenience and accessibility for Nigerians.
- Microfinance banks continue to bridge financial gaps for underserved individuals and SMEs across the country.
- The sector’s resilience, reflected in trillions of naira in deposits, highlights growing trust in Nigerian financial institutions.
See Also: The Difference Between IBAN and SWIFT Code
Brief History of Banking in Nigeria
Banking in Nigeria began in 1892 with the African Banking Corporation, followed by the British Bank of West Africa (now First Bank of Nigeria) in 1894.
These early banks mainly served colonial trade, leaving little room for indigenous participation. The rise and fall of local banks in the 1930s prompted the Banking Ordinance of 1952, which introduced regulation. The establishment of the Central Bank of Nigeria in 1959 further stabilised the sector.
Reforms in 2004 under Professor Charles Soludo consolidated the industry, cutting the number of banks from 89 to 25 by raising capital requirements. Today, Nigeria’s banking sector is a mix of commercial, microfinance, and digital banks, combining long-standing institutions like Zenith and GTBank with modern players such as Kuda and Opay.
The Structure of Nigeria’s Banking Industry
The Nigerian banking sector is broad and dynamic, reflecting the country’s diverse financial needs. From individuals saving for the future to corporations raising funds for expansion, different banks serve different purposes.
Below is a breakdown of the main categories of banks in Nigeria:
| Category | Description |
|---|---|
| Commercial Banks | The most common banks which offer savings, loans, payments, and business banking. |
| Merchant Banks | Specialised in investment banking, corporate finance, and capital market services. |
| Microfinance Banks | Serve small businesses and individuals with limited access to traditional banking. |
| Development Banks | Provide funding for key sectors such as agriculture, housing, and industry. |
| Non-Interest (Islamic) Banks | Operate on Sharia principles, avoiding interest-based transactions. |
| Digital-Only Banks | Fully online banks with no physical branches, accessed via apps and web platforms. |
See Also: Best Bank for Online Business in Nigeria – Complete Guide for Entrepreneurs
A Comprehensive List of the Top 50 Banks in Nigeria
Nigeria’s financial sector is home to a wide range of licensed banks, from long-established commercial giants to agile digital newcomers.
These institutions cut across commercial, merchant, microfinance, development, non-interest, and digital-only categories, reflecting the depth and diversity of the country’s financial landscape.
Below is a curated list of 50 banks in Nigeria, showcasing both traditional leaders and innovative disruptors.
Commercial Banks
Commercial banks are the most common type of financial institution in Nigeria. They offer services such as savings and current accounts, loans, digital banking, and corporate banking solutions.
These banks serve individuals, SMEs, and large corporations.
1. Access Bank Plc
Access Bank Plc is one of the top banks in Nigeria and a leading financial institution in Africa. Founded in 1989 and headquartered in Lagos, the bank has grown through strategic mergers and acquisitions, including its landmark merger with Diamond Bank in 2019.
Today, Access Bank operates in more than a dozen countries, serving over 49 million customers across personal, business, and corporate segments.
Known for its strong digital footprint, the bank is not only one of the largest commercial banks in Nigeria but also a trailblazer in financial inclusion and innovation.
Core Offerings of Access Bank Plc
Access Bank provides a wide range of services tailored to individuals, SMEs, corporates, and international clients:
| Category | Core Offerings |
|---|---|
| Retail & Personal Banking | Savings and current accounts, debit/credit cards, mobile and internet banking. |
| Corporate & Investment Banking | Corporate loans, trade finance, treasury services, and advisory solutions. |
| SME Banking | Specialised financing, capacity-building programmes, and digital tools for SMEs. |
| Digital Banking | Innovative platforms like the AccessMore app, USSD banking, and online payments. |
| Wealth Management | Asset management, investment products, and pension-related services. |
| Sustainability & Development Finance | Green financing, women-focused banking (W Initiative), and impact-driven projects. |
2. First Bank of Nigeria Limited
First Bank of Nigeria Limited (FBN) is the country’s oldest and one of the most trusted commercial banks in Nigeria. Established in 1894 as the Bank of British West Africa, it has played a central role in the nation’s economic growth for over a century.
Headquartered in Lagos, First Bank operates an extensive branch network across Nigeria and several African countries, with a presence in Europe and Asia.
Known for stability and reliability, it serves millions of customers through retail, corporate, and digital banking, making it a cornerstone among top banks in Nigeria.
Core Offerings of First Bank of Nigeria Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, debit and credit cards, and consumer finance. |
| Corporate Banking | Business loans, trade services, treasury management, and financial advisory. |
| SME Banking | Tailored financing, business support, and digital solutions for small businesses. |
| Digital Banking | FirstMobile app, USSD banking (894#), FirstOnline, and agency banking. |
| Wealth & Investment | Asset management, insurance, pension, and investment advisory. |
| International Banking | Diaspora banking, foreign exchange, and cross-border payment solutions. |
3. United Bank for Africa (UBA) Plc
United Bank for Africa (UBA) Plc is one of the leading commercial banks in Nigeria and a pan-African financial powerhouse. Founded in 1949 as the British and French Bank Limited, it became UBA in 1961 and has since grown into a global brand.
Headquartered in Lagos, UBA operates in over 20 African countries with offices in London, Paris, New York, and Dubai, serving more than 35 million customers worldwide.
Renowned for its innovation and strong digital banking platforms, UBA is positioned as both a customer-first retail bank and a trusted partner for corporate and institutional clients across Africa and beyond.
Core Offerings of United Bank for Africa (UBA) Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, personal loans, cards, and consumer banking services. |
| Corporate & Institutional Banking | Trade finance, cash management, corporate loans, and advisory services. |
| SME Banking | Financing, business advisory, and digital tools to support small and medium enterprises. |
| Digital Banking | Leo AI Chatbot, UBA Mobile App, internet banking, USSD (919#), and digital payments. |
| Wealth & Asset Management | Investment advisory, pensions, insurance, and capital market products. |
| International Banking | Diaspora banking, cross-border remittances, and global transaction services. |
See Also: Top 10 Mobile Loan Apps in Nigeria – Best Instant Loan Platforms Without Collateral
4. Zenith Bank Plc
Zenith Bank Plc is one of the most prominent commercial banks in Nigeria and a leader in Africa’s financial services sector. Established in 1990 and headquartered in Lagos, the bank has built a strong reputation for innovation, efficiency, and corporate governance.
With subsidiaries in several African countries, as well as the United Kingdom, Zenith Bank serves millions of customers across retail, SME, and corporate segments.
It consistently ranks among the top banks in Nigeria by assets and profitability, with a strong emphasis on digital transformation and customer-centric services.
Core Offerings of Zenith Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, debit and credit cards, consumer loans, and lifestyle banking. |
| Corporate & Investment Banking | Trade finance, corporate lending, treasury services, and advisory for large organisations. |
| SME Banking | Specialised financing, working capital solutions, and capacity-building programmes. |
| Digital Banking | Zenith Mobile App, eaZymoney, internet banking, USSD (966#), and digital payment solutions. |
| Wealth & Asset Management | Investment products, pension funds, and asset management services. |
| International Banking | Cross-border trade finance, diaspora banking, and global remittance services. |
5. Guaranty Trust Bank (GTBank) Plc
Guaranty Trust Bank (GTBank) Plc, now operating as Guaranty Trust Holding Company Plc (GTCO), is one of the most innovative commercial banks in Nigeria.
Established in 1990, GTBank has built a reputation for exceptional customer service, strong corporate governance, and pioneering digital banking solutions. The bank has operations in several African countries as well as the United Kingdom, serving millions of customers through retail, corporate, and SME banking.
Known for its vibrant brand identity and focus on technology, GTBank consistently ranks among the top-performing digital banks in Nigeria.
Core Offerings of GTBank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, cards, and lifestyle banking services. |
| Corporate Banking | Business loans, trade services, treasury solutions, and advisory services for corporates. |
| SME Banking | Tailored credit facilities, advisory support, and digital tools for entrepreneurs. |
| Digital Banking | GTWorld mobile app, 737 USSD banking, internet banking, and seamless digital payments. |
| Wealth & Asset Management | Investment solutions, asset management, and pension products via GTCO subsidiaries. |
| International Banking | Foreign exchange services, diaspora banking, and global remittance solutions. |
6. Fidelity Bank Plc
Fidelity Bank Plc is a fast-growing commercial bank in Nigeria with a strong reputation for SME financing and customer-focused services. Established in 1988, the bank has steadily evolved into one of the top banks in Nigeria by assets, deposits, and customer base.
Fidelity Bank is recognised for its commitment to financial inclusion, offering tailored solutions for individuals, small businesses, and corporates.
In recent years, it has invested heavily in digital banking to enhance customer experience, making it a strong competitor among both traditional and top-performing digital banks in Nigeria.
Core Offerings of Fidelity Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, personal loans, cards, and lifestyle financial products. |
| Corporate Banking | Business financing, trade services, treasury solutions, and advisory services. |
| SME Banking | Dedicated SME Loan products, working capital support, and capacity-building initiatives. |
| Digital Banking | Fidelity Online, Fidelity Mobile App, USSD banking (770#), and digital payments. |
| Wealth & Investment | Investment advisory, mutual funds, and pension-related services. |
| International Banking | Diaspora banking services, remittances, and foreign exchange solutions. |
7. Union Bank of Nigeria Plc
Union Bank of Nigeria Plc, one of the oldest commercial banks in Nigeria, was established in 1917 as Colonial Bank before later rebranding to Union Bank.
With its headquarters in Lagos, the bank has played a pivotal role in Nigeria’s financial history for over a century. Union Bank is widely recognised for its stability, trustworthiness, and focus on customer service.
In recent years, the bank has undergone significant digital transformation, repositioning itself as a modern, customer-centric institution that competes effectively with top banks in Nigeria and rising digital banks in Nigeria.
Core Offerings of Union Bank of Nigeria Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, debit cards, personal loans, and consumer finance products. |
| Corporate Banking | Business loans, trade finance, treasury management, and corporate advisory services. |
| SME Banking | Special financing packages, capacity-building support, and tailored solutions for small businesses. |
| Digital Banking | UnionMobile App, USSD (826#), internet banking, and digital payment services. |
| Wealth & Investment | Investment products, asset management, and retirement planning. |
| International Banking | Diaspora banking, cross-border remittances, and foreign exchange services. |
8. Sterling Bank Plc
Sterling Bank Plc, popularly known as “Your One Customer Bank,” is a dynamic commercial bank in Nigeria recognised for innovation and customer-centric services.
Originally incorporated in 1960 as Nigeria Acceptances Limited (NAL), it became a full-fledged commercial bank in 1969 and rebranded as Sterling Bank in 2006 after a major consolidation.
Headquartered in Lagos, Sterling has positioned itself as a forward-looking bank with strong digital capabilities and a clear focus on sectors critical to Nigeria’s development, such as health, education, agriculture, renewable energy, and transport (the H.E.A.R.T. strategy).
Core Offerings of Sterling Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, debit and credit cards, consumer loans, and lifestyle banking. |
| Corporate Banking | Business loans, trade finance, working capital solutions, and treasury services. |
| SME Banking | Tailored credit facilities, digital tools, and advisory services for small businesses. |
| Digital Banking | OneBank mobile app, internet banking, USSD (822#), and digital payment solutions. |
| Wealth & Investment | Investment products, asset management, and pension-related services. |
| Development Finance (H.E.A.R.T. sectors) | Targeted financing in Health, Education, Agriculture, Renewable Energy, and Transport. |
9. Polaris Bank Limited
Polaris Bank Limited is a key player among commercial banks in Nigeria, established in 2018 following the acquisition of the defunct Skye Bank by the Central Bank of Nigeria (CBN).
Headquartered in Lagos, Polaris Bank was set up to ensure financial stability and protect depositors’ funds. Since its inception, the bank has focused on repositioning itself as a reliable, technology-driven financial institution with strong customer service.
Polaris Bank has gained recognition for expanding financial inclusion and strengthening its digital channels, making it competitive in a landscape increasingly defined by digital banks in Nigeria.
Core Offerings of Polaris Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, debit and credit cards, and consumer products. |
| Corporate Banking | Business accounts, trade finance, treasury management, and lending services. |
| SME Banking | Special financing products, working capital support, and business advisory solutions. |
| Digital Banking | PolarisMobile App, VULTe digital platform, USSD banking (833#), and online services. |
| Wealth & Investment | Investment products, asset management, and pension-related services. |
| Diaspora/International Banking | Diaspora accounts, remittance services, and cross-border payments. |
10. Wema Bank Plc
Wema Bank Plc is one of the oldest commercial banks in Nigeria, established in 1945, and has evolved into a forward-thinking financial institution with a strong focus on technology and innovation.
Headquartered in Lagos, Wema Bank is best known for creating ALAT, Nigeria’s first fully digital bank, which has positioned it among the top-performing digital banks in Nigeria.
The bank caters to retail, SME, and corporate clients while driving financial inclusion across the country. Its reputation for innovation and customer-centric services makes it a standout among Nigerian financial institutions.
Core Offerings of Wema Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, debit and credit cards, and consumer services. |
| Corporate Banking | Business loans, treasury solutions, trade services, and financial advisory. |
| SME Banking | SME financing, capacity-building, and digital solutions for entrepreneurs. |
| Digital Banking | ALAT (Nigeria’s first fully digital bank), USSD banking (945#), and online services. |
| Wealth & Investment | Asset management, investment advisory, and pension products. |
| International Banking | Diaspora banking, remittance services, and foreign exchange solutions. |
11. Ecobank Nigeria Limited
Ecobank Nigeria Limited is part of the Ecobank Transnational Incorporated (ETI) group, one of Africa’s largest banking networks.
Established in 1989 and headquartered in Lagos, Ecobank Nigeria operates as a leading commercial bank in Nigeria with a pan-African outlook. It serves millions of customers through its extensive branch network, robust digital platforms, and international presence.
Positioned as a gateway to pan-African trade and finance, Ecobank connects Nigerian businesses and individuals to opportunities across more than 30 African countries where the group operates. With its strong retail, corporate, and digital offerings, Ecobank stands as a significant player among the top banks in Nigeria and across Africa.
Core Offerings of Ecobank Nigeria Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, personal loans, debit and credit cards, and consumer banking. |
| Corporate & Investment Banking | Trade finance, corporate loans, treasury services, and cross-border business advisory. |
| SME Banking | Special SME loans, working capital financing, and digital solutions for entrepreneurs. |
| Digital Banking | Ecobank Mobile App, Ecobank Online, USSD (326#), OmniLite (for businesses), and digital payments. |
| Wealth & Asset Management | Investment services, pension products, and insurance solutions. |
| International & Pan-African Banking | Cross-border remittances, diaspora banking, and regional trade facilitation. |
12. Heritage Bank Plc
Heritage Bank Plc is one of the relatively young commercial banks in Nigeria, formally established in 2012 after acquiring the license of the defunct Societe Generale Bank of Nigeria (SGBN).
Headquartered in Lagos, Heritage Bank prides itself on innovation and entrepreneurship support. It has positioned itself as a leader in SME banking, offering tailored financial solutions to startups and growing businesses.
Through initiatives like the Youth Innovative Entrepreneurship Development Programme (YIEDP) and the Creative Industry Financing Initiative (CIFI), Heritage Bank provides funding and mentorship to young entrepreneurs in Nigeria.
Core Offerings of Heritage Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, debit and credit cards, personal loans, and lifestyle banking. |
| Corporate Banking | Business loans, trade finance, treasury services, and corporate advisory. |
| SME Banking | Special SME financing, entrepreneurial support, and capacity-building initiatives. |
| Digital Banking | HBPadie mobile app, internet banking, USSD (745#), and digital payment services. |
| Wealth & Investment | Asset management, investment advisory, and pension-related services. |
| Development & Inclusive Banking | Products focused on startups, creative industries, and underbanked communities. |
13. Stanbic IBTC Bank Plc
Stanbic IBTC Bank is a subsidiary of Standard Bank Group, one of Africa’s largest financial institutions. It offers a range of financial services, including personal banking, business banking, investment banking, and wealth management.
Stanbic IBTC is a top player in asset management and capital markets, providing investment solutions for both individuals and corporations.
The bank is also known for its strong partnerships with international businesses and its focus on corporate social responsibility, particularly in education and healthcare.
Core Offerings of Stanbic IBTC Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, debit and credit cards, and consumer banking. |
| Corporate & Investment Banking | Corporate loans, capital raising, mergers & acquisitions, and trade finance. |
| SME Banking | Working capital financing, SME advisory services, and capacity-building support. |
| Digital Banking | Stanbic IBTC Mobile App, USSD (909#), internet banking, and digital payments. |
| Wealth & Asset Management | Asset management, stockbroking, pensions, mutual funds, and insurance products. |
| International Banking | Cross-border transactions, foreign exchange services, and international trade solutions. |
14. Keystone Bank Limited
Keystone Bank Limited is a full-service commercial bank in Nigeria that was established in 2011 after the Central Bank of Nigeria revoked the license of the defunct Bank PHB. Since then, it has grown into a reliable financial institution offering personal banking, SME financing, and corporate banking services.
Keystone Bank has made significant strides in digital banking with its Keystone Mobile App and USSD banking services, allowing customers to carry out transactions with ease.
The bank also offers various business support initiatives, helping SMEs access funding and advisory services.
Core Offerings of Keystone Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, personal loans, debit and credit cards, and consumer products. |
| Corporate Banking | Trade finance, business loans, treasury solutions, and advisory services. |
| SME Banking | Specialised SME financing, working capital loans, and capacity-building initiatives. |
| Digital Banking | Keystone Mobile App, internet banking, USSD (7111#), and digital payment platforms. |
| Wealth & Investment | Asset management, investment products, and pension services. |
| International Banking | Diaspora banking, remittances, and foreign exchange services. |
15. Titan Trust Bank Limited
Titan Trust Bank Limited (TTB) is one of the youngest yet fastest-growing commercial banks in Nigeria, licensed by the Central Bank of Nigeria (CBN) in 2019.
Despite being relatively new, it made a bold move by acquiring Union Bank of Nigeria in 2022, significantly increasing its market share.
Titan Trust Bank focuses on innovation, customer service, and digital banking solutions. The bank provides retail banking, trade finance, corporate banking, and treasury services, aiming to redefine banking with speed and efficiency.
Core Offerings of Titan Trust Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, debit and credit cards, personal loans, and lifestyle products. |
| Corporate Banking | Business loans, trade finance, treasury services, and corporate advisory solutions. |
| SME Banking | Special financing for SMEs, capacity-building support, and tailored digital solutions. |
| Digital Banking | TTB Mobile App, internet banking, USSD services, and digital payment solutions. |
| Wealth & Investment | Asset management, investment products, and pension-related services. |
| International Banking | Diaspora banking, foreign exchange services, and cross-border payments. |
16. Globus Bank Limited
Globus Bank Limited is one of the newest commercial banks in Nigeria, licensed by the Central Bank of Nigeria (CBN) in 2019.
It aims to provide seamless banking services through a combination of modern technology and customer-centric policies.
The bank offers retail banking, SME financing, and wealth management services. Its digital banking platform provides an easy way for customers to access financial services from anywhere, making it attractive to tech-savvy Nigerians.
Core Offerings of Globus Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, personal loans, debit and credit cards, and consumer banking. |
| Corporate Banking | Business loans, trade finance, treasury services, and corporate advisory. |
| SME Banking | SME financing, tailored credit facilities, and digital tools for entrepreneurs. |
| Digital Banking | Globus Mobile App, internet banking, USSD (9955#), and digital payment solutions. |
| Wealth & Investment | Investment products, asset management, and wealth advisory. |
| International Banking | Foreign exchange, remittances, and diaspora banking services. |
17. Providus Bank Limited
Providus Bank Limited is a new-generation commercial bank in Nigeria, licensed by the Central Bank of Nigeria (CBN) in 2016. It focuses on high-net-worth individuals and corporate clients.
Unlike traditional retail banks, Providus Bank tailors its financial solutions to meet the specific needs of businesses and affluent individuals. It offers services such as investment banking, asset management, trade finance, and real estate financing.
The bank is also known for its premium customer service and high-tech digital banking solutions.
Core Offerings of Providus Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, debit and credit cards, and lifestyle-focused financial products. |
| Corporate Banking | Corporate accounts, trade finance, treasury services, and strategic advisory. |
| SME Banking | Specialised SME funding, growth support, and tailored business solutions. |
| Digital Banking | ProvidusMobile App, internet banking, USSD (997#), and digital payment solutions. |
| Wealth & Investment | Investment advisory, portfolio management, and asset growth products. |
| Niche/Innovative Services | Partnerships with fintechs, creative industry support, and bespoke financial services. |
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Merchant Banks
Merchant banks in Nigeria provide financial services primarily to corporate clients, high-net-worth individuals, and government institutions. They focus on investment banking, asset management, trade finance, and advisory services.
Unlike commercial banks, merchant banks do not offer regular savings or current accounts. Instead, they specialise in large-scale financial transactions such as mergers, acquisitions, and capital raising.
18. Coronation Merchant Bank Limited
Coronation Merchant Bank Limited is a leading merchant bank in Nigeria, established in 2015 and headquartered in Lagos.
It was created to provide investment banking and corporate finance solutions, serving as a trusted partner for institutions, governments, and high-net-worth individuals.
Unlike traditional commercial banks in Nigeria, Coronation focuses on wholesale banking, specialising in capital markets, advisory, and wealth management. The bank is part of the Coronation Group, which also offers insurance and asset management services, reinforcing its position as one of Nigeria’s most respected financial institutions.
Core Offerings of Coronation Merchant Bank Limited
| Category | Core Offerings |
|---|---|
| Corporate & Investment Banking | Capital raising, mergers & acquisitions, structured finance, and advisory services. |
| Treasury & Global Markets | Foreign exchange, fixed income trading, risk management, and market solutions. |
| Private Banking & Wealth Management | Portfolio management, investment advisory, and wealth planning for high-net-worth clients. |
| Trade Services | Trade finance, import and export support, and structured trade solutions. |
| Digital Platforms | Online banking, treasury platforms, and digital transaction management. |
| Research & Insights | Market research, economic analysis, and investment intelligence. |
19. FSDH Merchant Bank Limited
FSDH Merchant Bank Limited is Nigeria’s first indigenous merchant bank, licensed in 2012 by the Central Bank of Nigeria (CBN).
The bank evolved from FSDH Securities, a leading discount house, into a full-fledged merchant bank in Nigeria. FSDH is recognised for its strong expertise in investment banking, corporate finance, asset management, and securities trading.
Unlike traditional commercial banks in Nigeria, FSDH focuses on wholesale banking services, catering to corporates, institutions, and high-net-worth individuals. It is also part of the larger FSDH Group, which includes subsidiaries in asset management, capital markets, and pensions.
Core Offerings of FSDH Merchant Bank Limited
| Category | Core Offerings |
|---|---|
| Investment Banking | Capital raising, debt and equity financing, financial advisory, and M&A services. |
| Treasury & Global Markets | Fixed income trading, foreign exchange, and risk management solutions. |
| Asset & Wealth Management | Portfolio management, mutual funds, pension management, and tailored investment advisory. |
| Corporate Banking | Structured financing, trade finance, and working capital solutions for corporates. |
| Securities & Capital Markets | Brokerage services, research, and market intelligence. |
| Digital Platforms | Online investment platforms and digital trading tools for institutional clients. |
20. Rand Merchant Bank Nigeria Limited
Rand Merchant Bank Nigeria Limited (RMB Nigeria) is a subsidiary of FirstRand Group, one of South Africa’s largest financial services groups.
Licensed by the Central Bank of Nigeria in 2012, RMB Nigeria is a specialised merchant and investment bank in Nigeria with a focus on corporate and institutional clients. The bank is well-regarded for providing innovative investment banking, financing, and advisory solutions tailored to both local and multinational businesses.
By leveraging its pan-African network and global expertise, RMB Nigeria positions itself as a key player in facilitating trade, infrastructure development, and capital market growth across Nigeria and the wider African continent.
Core Offerings of Rand Merchant Bank Nigeria Limited
| Category | Core Offerings |
|---|---|
| Investment Banking | Mergers & acquisitions, corporate advisory, capital raising, and structured finance. |
| Corporate & Institutional Banking | Trade finance, lending solutions, treasury services, and working capital support. |
| Treasury & Global Markets | Foreign exchange, fixed income, commodities trading, and risk management solutions. |
| Infrastructure & Project Finance | Financing for large-scale projects in energy, transport, real estate, and telecoms. |
| Wealth & Asset Management | Investment products and portfolio solutions for institutional and high-net-worth clients. |
| Pan-African & International Banking | Cross-border trade, financing solutions, and access to global capital markets. |
21. Nova Merchant Bank Limited
Nova Merchant Bank Limited, licensed in 2017 by the CBN, is a fast-growing merchant bank in Nigeria headquartered in Lagos.
It focuses on corporate, institutional, and high-net-worth clients, offering investment banking, securities trading, and asset management.
Known for its technology-driven approach, Nova aims to redefine merchant banking through innovation, digitalisation, and sustainable finance.
Core Offerings of Nova Merchant Bank Limited
| Category | Core Offerings |
|---|---|
| Investment Banking | Corporate advisory, mergers & acquisitions, capital raising, and project finance. |
| Corporate & Institutional Banking | Structured financing, trade services, and working capital solutions. |
| Treasury & Global Markets | Fixed income trading, FX, risk management, and market research insights. |
| Asset & Wealth Management | Portfolio management, investment advisory, and mutual fund products. |
| Securities & Brokerage | Securities trading, research, and access to capital markets. |
| Digital Platforms | Tech-driven merchant banking solutions, digital channels, and real-time transaction systems. |
Non-Interest (Islamic) Banks
Non-interest banks, also known as Islamic banks, operate under Sharia-compliant banking principles.
They do not charge or pay interest (riba) on transactions. Instead, they use profit-sharing models, leasing agreements, and ethical investments to generate revenue.
These banks are open to all customers, regardless of religious background, as long as they adhere to Islamic financial principles.
22. Lotus Bank Limited
Lotus Bank Limited is a non-interest (Islamic) bank in Nigeria, licensed by the Central Bank of Nigeria in 2021. The bank operates fully on Sharia principles, avoiding interest-based transactions and focusing on ethical banking practices.
Though relatively new, Lotus Bank has quickly positioned itself as a modern financial institution offering inclusive and technology-driven services.
With its emphasis on transparency, ethical finance, and customer-focused products, Lotus Bank is contributing to the growth of non-interest banking in Nigeria.
Core Offerings of Lotus Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Non-interest savings and current accounts, debit cards, and consumer financing. |
| Corporate Banking | Sharia-compliant business financing, trade services, and treasury management. |
| SME Banking | Ethical financing solutions for small and medium enterprises. |
| Digital Banking | Lotus Mobile App, USSD banking (5045#), and internet banking. |
| Wealth & Investment | Sharia-compliant investment products and ethical asset management. |
| Non-Interest Financing | Murabaha (cost-plus financing), Ijara (leasing), and other Islamic finance tools. |
23. Taj Bank Limited
TAJ Bank Limited is a fast-growing non-interest (Islamic) bank in Nigeria, licensed by the Central Bank of Nigeria in 2019. TAJ Bank operates fully under Sharia principles, offering ethical, interest-free financial services.
It is notable for being Nigeria’s second non-interest bank, after Jaiz Bank, and has expanded rapidly, combining a strong physical presence with digital banking platforms.
With its focus on transparency, customer service, and innovative products, TAJ Bank is positioning itself among Nigeria’s leading non-interest financial institutions.
Core Offerings of TAJ Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Non-interest savings and current accounts, debit cards, and consumer finance solutions. |
| Corporate Banking | Sharia-compliant business financing, trade services, and treasury solutions. |
| SME Banking | Interest-free financing and tailored support for small and medium enterprises. |
| Digital Banking | TAJ Mobile App, internet banking, USSD (898#), and digital payment services. |
| Wealth & Investment | Ethical investment products and Sharia-compliant asset management. |
| Non-Interest Financing | Murabaha (cost-plus financing), Ijara (leasing), and partnership-based financing. |
24. Jaiz Bank Plc
Jaiz Bank Plc is Nigeria’s first full-fledged non-interest (Islamic) bank, licensed by the Central Bank of Nigeria in 2011 and commencing operations in 2012. Jaiz Bank pioneered Sharia-compliant banking in the country, operating strictly on ethical, interest-free principles.
Over the years, the bank has grown steadily with branches across Nigeria, serving individuals, businesses, and government institutions.
By promoting transparency, financial inclusion, and socially responsible banking, Jaiz Bank has established itself as the leading player in Nigeria’s non-interest banking sector.
Core Offerings of Jaiz Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Non-interest current and savings accounts, debit cards, and personal finance products. |
| Corporate Banking | Sharia-compliant business financing, trade services, and treasury management. |
| SME Banking | Ethical financing products tailored for small and medium-sized businesses. |
| Digital Banking | JaizMobile App, internet banking, USSD (773#), and digital payment services. |
| Wealth & Investment | Sharia-compliant investment products and ethical wealth management solutions. |
| Non-Interest Financing | Murabaha (cost-plus), Ijara (leasing), Musharaka (partnership), and Istisna (project finance). |
See Also: How to Open a Business Bank Account for an LLC or Corporation- A Proven Guide
Development Banks
Development banks in Nigeria are specialised financial institutions established to provide long-term funding for key sectors such as agriculture, infrastructure, housing, and small business development.
Unlike commercial banks, they do not focus on profit-making but instead aim to stimulate economic growth by offering low-interest loans, grants, and business advisory services.
25. Development Bank of Nigeria (DBN)
The Development Bank of Nigeria (DBN) Plc was established in 2017 by the Federal Government of Nigeria with support from international financial institutions such as the World Bank, African Development Bank (AfDB), and European Investment Bank (EIB).
Unlike commercial banks in Nigeria, DBN operates as a wholesale development finance institution, providing funding to microfinance banks and other financial institutions, which then lend to MSMEs (micro, small, and medium enterprises).
Headquartered in Abuja, DBN’s mission is to tackle financing gaps faced by small businesses and entrepreneurs, thereby driving inclusive economic growth and job creation in Nigeria.
Core Offerings of Development Bank of Nigeria (DBN)
| Category | Core Offerings |
|---|---|
| Wholesale Financing | On-lending funds to commercial banks, microfinance banks, and other financial institutions for MSME support. |
| MSME Support | Access to affordable long-term financing for micro, small, and medium enterprises. |
| Risk Sharing & Guarantees | Credit guarantees to reduce lending risks for partner financial institutions. |
| Capacity Building | Entrepreneurial training, business advisory, and financial literacy programmes. |
| Sustainable Development | Financing initiatives that promote economic growth, innovation, and job creation. |
26. Bank of Industry (BOI)
The Bank of Industry (BOI), established in 1959 and rebranded in 2001, is Nigeria’s largest development finance institution.
It provides long-term funding for industries such as manufacturing, agro-processing, renewable energy, and creative enterprises.
Unlike commercial banks in Nigeria, BOI focuses on driving industrialisation, SME growth, and economic diversification through loans, capacity building, and partnerships with local and international stakeholders.
Core Offerings of Bank of Industry (BOI)
| Category | Core Offerings |
|---|---|
| Industrial Financing | Long-term loans for manufacturing, agro-processing, solid minerals, and creative industries. |
| SME Development | Special funds and financing programmes for small and medium-sized enterprises. |
| Special Intervention Funds | Partnership programmes with the Federal Government (e.g., CBN intervention funds, MSME funds). |
| Renewable Energy Financing | Support for off-grid and clean energy projects to drive sustainable development. |
| Capacity Building | Entrepreneurial training, technical assistance, and advisory services for businesses. |
| Partnerships & Co-Financing | Joint financing with commercial banks, state governments, and international lenders. |
27. Nigeria Export-Import Bank (NEXIM Bank)
The Nigerian Export-Import Bank (NEXIM Bank) was established in 1991 as Nigeria’s official export credit agency, jointly owned by the Federal Government and the Central Bank of Nigeria (CBN).
Its mandate is to promote non-oil exports, diversify the economy, and support Nigeria’s participation in global trade. Unlike commercial banks in Nigeria, NEXIM provides specialised financing, guarantees, and export insurance to businesses engaged in manufacturing, agro-processing, solid minerals, and services for export.
The bank plays a vital role in reducing Nigeria’s dependence on oil by funding value-added exports and enabling businesses to compete internationally.
Core Offerings of NEXIM Bank
| Category | Core Offerings |
|---|---|
| Export Financing | Short, medium, and long-term loans for export-oriented businesses. |
| Export Credit Guarantees | Risk-mitigation facilities that encourage banks to lend to exporters. |
| Export Credit Insurance | Protection against political and commercial risks in international trade. |
| Trade & Project Finance | Structured financing for large export projects in manufacturing, mining, and agriculture. |
| SME Export Support | Special programmes to finance small exporters and boost value-added exports. |
| Advisory Services | Technical support and guidance on global trade opportunities and compliance. |
28. The Infrastructure Bank Plc
The Infrastructure Bank Plc (TIB), originally incorporated in 1992 as Urban Development Bank of Nigeria Plc, is a specialised development finance institution focused on funding critical infrastructure projects.
The bank provides medium to long-term financing for sectors such as transportation, power, housing, and municipal services. Unlike commercial banks in Nigeria, TIB’s mandate is to bridge Nigeria’s infrastructure financing gap by mobilising funds from both public and private sources.
Through partnerships with government, private investors, and international financiers, TIB plays a key role in driving sustainable economic development.
Core Offerings of The Infrastructure Bank Plc
| Category | Core Offerings |
|---|---|
| Infrastructure Financing | Long-term loans for transport, power, housing, and municipal projects. |
| Public-Private Partnerships (PPP) | Structuring and financing PPPs for infrastructure delivery. |
| Project Finance Advisory | Technical assistance, financial structuring, and project advisory services. |
| Municipal & Urban Development | Funding for urban renewal, housing, and waste management projects. |
| Capital Mobilisation | Attracting local and international investments for infrastructure projects. |
| Sustainable Finance | Supporting green and renewable energy projects. |
29. Federal Mortgage Bank of Nigeria (FMBN)
The Federal Mortgage Bank of Nigeria (FMBN) was established in 1977 as Nigeria’s primary mortgage institution, taking over the functions of the Nigerian Building Society.
Unlike commercial banks in Nigeria, FMBN focuses on long-term mortgage lending, providing funding to Primary Mortgage Banks (PMBs) and directly to contributors of the National Housing Fund (NHF).
Through this, the bank helps citizens own homes at affordable rates while promoting housing development nationwide.
Core Offerings of Federal Mortgage Bank of Nigeria (FMBN)
| Category | Core Offerings |
|---|---|
| National Housing Fund (NHF) Loans | Mortgage loans for NHF contributors at single-digit interest rates. |
| Estate Development Loans | Financing for real estate developers to build affordable housing. |
| Cooperative Housing Development Loans | Funding for housing projects developed by cooperatives and associations. |
| Individual Construction Loans | Support for individuals building personal residential homes. |
| Mortgage Refinancing | Liquidity support for Primary Mortgage Banks to strengthen mortgage lending. |
| Rent-to-Own Scheme | An affordable housing finance scheme that allows contributors to transition from tenants to homeowners. |
Microfinance Banks
Microfinance banks (MFBs) are financial institutions that cater to individuals, small businesses, and low-income earners who may not have access to traditional banking services.
They provide small loans, savings accounts, insurance, and financial literacy programs to help their customers grow financially.
30. AFEX Microfinance Bank Limited
AFEX Microfinance Bank Limited is a specialised microfinance bank in Nigeria, licensed by the Central Bank of Nigeria to provide financial services primarily to farmers, agribusinesses, and rural communities.
It operates under the umbrella of AFEX Commodities Exchange, Nigeria’s leading commodities trading platform. The bank’s mandate is to bridge financing gaps in agriculture, offering smallholder farmers and agro-SMEs access to credit, savings, and digital financial services.
By leveraging AFEX’s value chain infrastructure, AFEX Microfinance Bank helps strengthen food security, financial inclusion, and sustainable agricultural development in Nigeria.
Core Offerings of AFEX Microfinance Bank Limited
| Category | Core Offerings |
|---|---|
| Agricultural Financing | Loans and credit facilities for smallholder farmers and agribusinesses. |
| Micro-Savings & Deposits | Savings products designed for rural and low-income individuals. |
| SME Support | Tailored financial solutions for agro-SMEs and supply chain operators. |
| Digital Banking | Mobile banking, agency banking, and digital payments for farmers and rural users. |
| Financial Inclusion | Access-to-finance initiatives for underserved rural communities. |
| Value Chain Integration | Financing linked to AFEX’s commodities trading and warehouse receipt systems. |
31. LAPO Microfinance Bank Limited
LAPO Microfinance Bank Limited (LAPO MfB) is one of the largest and most established microfinance banks in Nigeria, with roots dating back to 1987 as a non-governmental organisation before becoming a licensed microfinance bank in 2010.
Headquartered in Benin City, Edo State, LAPO MfB has built a strong reputation for empowering low-income households, women entrepreneurs, and small businesses with access to finance.
Its mission is deeply rooted in poverty alleviation, financial inclusion, and enterprise development. Today, LAPO serves millions of clients nationwide, making it a leader among Nigerian microfinance institutions.
Core Offerings of LAPO Microfinance Bank Limited
| Category | Core Offerings |
|---|---|
| Microloans | Small, collateral-free loans for women, petty traders, and low-income households. |
| SME & Business Loans | Larger credit facilities for small and medium-scale enterprises. |
| Savings & Deposits | Flexible savings products tailored to low-income earners and small businesses. |
| Digital & Agency Banking | Mobile banking, LAPO USSD (577#), and agent banking services nationwide. |
| Insurance Services | Micro-insurance products covering health, assets, and life risks. |
| Capacity Building | Training, business advisory, and empowerment programmes for clients. |
32. Accion Microfinance Bank Limited
Accion Microfinance Bank Limited (Accion MfB) is a leading microfinance bank in Nigeria, licensed by the Central Bank of Nigeria in 2007.
Headquartered in Lagos, it was established as a joint initiative between Accion International (a global nonprofit focused on financial inclusion), major Nigerian banks, and other investors.
The bank is dedicated to providing accessible financial services for low-income individuals, micro-entrepreneurs, and SMEs, with a strong emphasis on women’s economic empowerment. By combining traditional microfinance with digital innovation, Accion MfB has become one of the most impactful microfinance institutions in Nigeria.
Core Offerings of Accion Microfinance Bank Limited
| Category | Core Offerings |
|---|---|
| Microloans | Small, collateral-free loans tailored for micro-entrepreneurs and low-income earners. |
| SME Loans | Credit facilities to support small and growing businesses. |
| Savings & Deposits | Flexible savings plans designed for individuals and micro-businesses. |
| Digital & Mobile Banking | Accion Mobile App, USSD (572#), and agency banking services. |
| Insurance Services | Micro-insurance products for health, business, and life coverage. |
| Financial Literacy & Capacity Building | Training and advisory services to support entrepreneurship and business growth. |
33. Mutual Trust Microfinance Bank
Mutual Trust Microfinance Bank Limited is one of the fastest-growing microfinance banks in Nigeria, licensed by the Central Bank of Nigeria (CBN).
Headquartered in Abuja, the bank is widely recognised for its customer-focused lending solutions, particularly its quick, collateral-free loan products.
Over the years, Mutual Trust MfB has built a strong reputation for providing accessible credit, savings, and digital banking services to individuals, salary earners, and SMEs. Its emphasis on convenience, speed, and technology-driven banking has positioned it among the top microfinance banks in Nigeria.
Core Offerings of Mutual Trust Microfinance Bank Limited
| Category | Core Offerings |
|---|---|
| Microloans | Instant, collateral-free loans for individuals, salary earners, and micro-entrepreneurs. |
| SME Loans | Business loans tailored to support small and medium enterprises. |
| Savings & Deposits | Flexible and high-yield savings products for individuals and groups. |
| Digital Banking | Mobile banking, internet banking, and USSD services (540#). |
| Salary Advance & Consumer Loans | Quick-access loans for salary earners to meet urgent financial needs. |
| Financial Inclusion | Access-to-finance initiatives designed for underserved populations. |
34. Baobab Microfinance Bank
Baobab Microfinance Bank Nigeria is a subsidiary of the Baobab Group, an international microfinance network operating across Africa and Asia.
Licensed by the Central Bank of Nigeria (CBN), the bank is headquartered in Lagos and focuses on providing financial services to micro-entrepreneurs, SMEs, and underserved individuals.
Its commitment to financial inclusion, business empowerment, and poverty reduction places it among the most impactful microfinance banks in Nigeria.
Core Offerings of Baobab Microfinance Bank Nigeria
| Category | Core Offerings |
|---|---|
| Microloans | Collateral-free loans for individuals, petty traders, and micro-businesses. |
| SME Loans | Financing solutions for small and medium-sized businesses to expand operations. |
| Savings & Deposits | Flexible savings accounts for individuals and groups. |
| Digital & Mobile Banking | Mobile app, USSD (682#), and agency banking services for easy transactions. |
| Insurance Services | Micro-insurance products to protect clients against health and business risks. |
| Financial Literacy & Support | Training and advisory services to strengthen entrepreneurship and financial management |
35. VFD Microfinance Bank
VFD Microfinance Bank (VFD MFB) is one of Nigeria’s leading digital-first microfinance banks, licensed by the Central Bank of Nigeria (CBN). It operates as part of the VFD Group, a financial services conglomerate.
Unlike traditional microfinance banks, VFD MfB focuses on delivering innovative digital banking solutions through its flagship product, V Bank, which provides branchless, app-based banking.
Known for convenience, transparency, and a youthful brand appeal, VFD MfB has quickly established itself among the top-performing digital banks in Nigeria, targeting tech-savvy individuals, SMEs, and the unbanked population.
Core Offerings of VFD Microfinance Bank
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings and current accounts, debit cards, and consumer-focused digital banking. |
| Microloans & Credit | Quick digital loans and salary advances through the V Bank app. |
| SME Banking | Business accounts, credit facilities, and digital tools for entrepreneurs. |
| Digital Banking | V Bank App, virtual cards, bill payments, and 24/7 branchless banking. |
| Savings & Investments | Target savings, fixed deposits, and high-yield investment products. |
| Financial Inclusion | Branchless, mobile-driven banking for underserved and unbanked Nigerians. |
36. Sparkle Microfinance Bank
Sparkle Microfinance Bank is a fully digital microfinance bank in Nigeria, licensed by the Central Bank of Nigeria (CBN) in 2019. Founded by Uzoma Dozie, former CEO of Diamond Bank, Sparkle MfB is headquartered in Lagos and operates with a mobile-first strategy, offering banking services entirely through its Sparkle App.
Unlike traditional microfinance banks in Nigeria, Sparkle blends finance with lifestyle, providing tools for payments, savings, and business management.
Its mission is to empower individuals and SMEs with simple, transparent, and technology-driven financial solutions, making it one of the most innovative digital banks in Nigeria.
Core Offerings of Sparkle Microfinance Bank
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, debit cards, and lifestyle banking via the Sparkle App. |
| Micro & SME Banking | Business accounts, expense tracking, invoicing tools, and SME support. |
| Digital Banking | 100% app-based banking: transfers, bill payments, virtual cards, and budgeting tools. |
| Credit Services | Access to microloans and salary advances through digital channels. |
| Savings & Investments | Target savings plans and goal-based digital savings. |
| Lifestyle Services | Integration of financial services with shopping, payments, and community features. |
37. Kuda Microfinance Bank
Kuda Microfinance Bank, licensed by the CBN in 2019, is Nigeria’s first digital-only bank. Known as “the bank of the free”, it offers zero-fee accounts, instant loans, and savings tools entirely through its mobile app.
Backed by global investors, Kuda is one of the most popular digital banks in Nigeria, targeting individuals, SMEs, and the unbanked.
Core Offerings of Kuda Microfinance Bank
| Category | Core Offerings |
|---|---|
| Retail Banking | Free current and savings accounts, debit cards, and no maintenance fees. |
| Micro & SME Banking | Business accounts, loans, and payment solutions for entrepreneurs. |
| Digital Banking | 100% app-based banking with transfers, bill payments, budgeting tools, and virtual cards. |
| Credit Services | Instant overdrafts and microloans are accessible through the Kuda App. |
| Savings & Investments | Automated savings, spend & save, fixed deposits, and goal-based savings features. |
| Financial Inclusion | Affordable, branchless banking designed for underserved and unbanked Nigerians. |
38. FairMoney Microfinance Bank
FairMoney started as a mobile lending platform and has grown into a fully licensed microfinance bank. It provides quick loans, bill payments, and digital banking services through its mobile app.
FairMoney is known for its instant loan disbursement process, allowing customers to access funds without collateral. It has expanded its services to include savings accounts, bank transfers, and investment options, making it a competitive player in Nigeria’s digital banking sector.
Core Offerings of FairMoney Microfinance Bank
| Category | Core Offerings |
|---|---|
| Digital Banking | Mobile-only banking via the FairMoney App: transfers, bill payments, and airtime purchases. |
| Credit Services | Instant loans, salary advances, and SME financing with flexible repayment plans. |
| Savings & Deposits | High-interest savings accounts, fixed deposits, and automated goal-based savings. |
| SME Support | Business loans and financial tools tailored for entrepreneurs and small businesses. |
| Financial Inclusion | Affordable, branchless banking targeting underserved and unbanked Nigerians. |
39. Moniepoint Microfinance Bank
Moniepoint MFB is a leading agency banking provider that helps small businesses process financial transactions. It operates through a vast network of POS agents, enabling merchants and business owners to accept card payments, withdraw cash, and manage business finances.
Moniepoint has also introduced business loans, payroll solutions, and digital banking services to support small and medium enterprises (SMEs). It is one of Nigeria’s fastest-growing fintech-powered microfinance banks.
Core Offerings of Moniepoint Microfinance Bank
| Category | Core Offerings |
|---|---|
| Retail Banking | Current and savings accounts, debit cards, and consumer banking services. |
| SME Banking | Business accounts, loans, working capital support, and digital tools for entrepreneurs. |
| Agency Banking | Nationwide agent network enabling cash-in and cash-out services across communities. |
| Digital Banking | Moniepoint App for transfers, bill payments, airtime/data, and digital wallets. |
| Credit Services | Loans for SMEs and individuals with flexible repayment structures. |
| Financial Inclusion | Banking solutions for the unbanked and underbanked, leveraging agent distribution. |
40. Carbon Microfinance Bank
Formerly known as Paylater, Carbon MFB has established itself as one of Nigeria’s most reliable digital lending platforms. It offers instant loans, bill payments, credit facilities, and investment opportunities through its mobile app.
Carbon is unique because it provides free credit reports, a buy-now-pay-later service, and cashback rewards on transactions. It also allows customers to earn interest on savings, making it a well-rounded financial service provider.
Core Offerings of Carbon Microfinance Bank
| Category | Core Offerings |
|---|---|
| Digital Banking | 100% app-based accounts, transfers, bill payments, and debit cards. |
| Credit Services | Instant loans, buy-now-pay-later (BNPL), and overdraft facilities. |
| Savings & Investments | High-yield savings accounts, fixed deposits, and investment options. |
| SME Support | Business loans and payment solutions for small and growing enterprises. |
| Financial Inclusion | Affordable, accessible digital banking for underserved individuals. |
| Lifestyle Services | In-app services like airtime, data, and utility payments. |
41. Opay Digital Services (Microfinance Banking License)
Opay is a fintech giant that offers a range of financial services, including mobile banking, bill payments, loans, and merchant solutions.
Originally launched as a mobile payments platform, Opay has expanded into a full-scale microfinance bank. It has a user-friendly mobile app that allows customers to send and receive money, top up airtime, and pay utility bills with ease.
Opay is widely used for transport services, food delivery, and online shopping payments, making it an integrated financial platform for Nigerians.
Core Offerings of OPay
| Category | Core Offerings |
|---|---|
| Digital Banking | OPay App for account opening, transfers, bill payments, and debit and virtual cards. |
| Mobile Money & Wallets | Cash-in and cash-out services, airtime and data top-ups, and P2P transfers. |
| Agency Banking | Thousands of OPay agents nationwide, enabling financial access in underserved areas. |
| Credit Services | Quick loans, merchant credit, and salary advances. |
| Savings & Investments | High-interest savings, target savings, and fixed deposit products. |
| Merchant & SME Support | POS terminals, business wallets, and payment solutions for SMEs and retailers. |
42. Eyowo Microfinance Bank
Eyowo is a cashless banking solution designed for individuals and businesses. It allows customers to perform transactions without a traditional bank account, using just their phone number.
Eyowo provides instant loans, savings accounts, business financing, and payment services. One of its standout features is its ability to send and receive money without an ATM card, making it a valuable option for underbanked Nigerians.
Core Offerings of Eyowo Microfinance Bank
| Category | Core Offerings |
|---|---|
| Digital Banking | Eyowo App and USSD (4255#) for account opening, transfers, and bill payments. |
| Retail Banking | Savings or current accounts, and debit or virtual cards. |
| Credit Services | Instant digital loans and credit facilities for individuals and SMEs. |
| Savings & Investments | Automated savings, target savings, and fixed deposit products. |
| SME Banking | Business wallets, payments, and credit solutions for small businesses. |
| Financial Inclusion | Affordable, branchless banking tailored for unbanked and underserved Nigerians. |
43. PalmPay Microfinance Bank
PalmPay is a fast-growing digital banking platform that offers a seamless way for Nigerians to send money, pay bills, and make online purchases.
It provides instant cashback rewards, merchant payment solutions, and zero-fee transactions on transfers between PalmPay users.
PalmPay also partners with local businesses to provide easy payment solutions, making it a convenient choice for both individuals and small business owners.
Core Offerings of PalmPay Microfinance Bank
| Category | Core Offerings |
|---|---|
| Digital Banking | PalmPay App for transfers, bill payments, airtime or data top-ups, and virtual cards. |
| Retail Banking | Digital savings accounts, debit or virtual cards, and consumer financial services. |
| Credit Services | Quick digital loans, salary advances, and buy-now-pay-later (BNPL) options. |
| Savings & Rewards | High-interest savings, fixed deposits, and cashback rewards on transactions. |
| Merchant & SME Services | POS terminals, merchant wallets, and payment collection solutions. |
| Agency Banking | Nationwide agents providing financial access to underserved communities. |
Foreign Banks Operating in Nigeria
Foreign banks in Nigeria are branches or subsidiaries of international financial institutions. These banks bring global financial expertise, facilitate international trade, and provide corporate banking services to multinational companies and high-net-worth individuals.
They also support foreign direct investment (FDI) by helping businesses navigate cross-border transactions.
44. Standard Chartered Bank Nigeria
Standard Chartered Bank is a global financial institution with a strong presence in Nigeria. It focuses on providing corporate and investment banking, wealth management, and digital banking services.
The bank caters to high-net-worth individuals, multinational corporations, and international trade partners. Standard Chartered is known for its seamless foreign exchange services, trade finance solutions, and premium banking packages.
Core Offerings of Standard Chartered Bank Nigeria
| Category | Core Offerings |
|---|---|
| Retail Banking | Current or savings accounts, debit or credit cards, and personal loans. |
| Wealth & Investment | Wealth management, investment advisory, and structured savings solutions. |
| Corporate Banking | Trade finance, cash management, and working capital solutions. |
| Institutional Banking | Cross-border financing, treasury, and capital markets services. |
| Digital Banking | Mobile banking app, internet banking, and 24/7 online services. |
| Global Connectivity | Access to Standard Chartered’s international banking network across 60+ markets. |
45. Citibank Nigeria Limited
Citibank Nigeria is a subsidiary of Citigroup, one of the world’s largest banking institutions. It primarily serves corporate and institutional clients, offering treasury solutions, risk management, cash management, and trade finance services.
Citibank also plays a crucial role in facilitating foreign investments and cross-border banking transactions in Nigeria.
Core Offerings of Citibank Nigeria Limited
| Category | Core Offerings |
|---|---|
| Corporate & Investment Banking | Financing, mergers & acquisitions advisory, and structured trade solutions. |
| Treasury & Markets | Foreign exchange, derivatives, and risk management products. |
| Commercial Banking | Working capital, cash management, and trade finance for corporates. |
| Global Connectivity | Seamless access to Citi’s international banking network. |
| Digital Banking | Corporate online platforms for payments, trade, and treasury management. |
| Wealth Management | Investment advisory and personalised solutions for high-net-worth clients. |
46. SunTrust Bank Nigeria Limited
SunTrust Bank is a hybrid bank that operates both as a commercial and digital bank. It is one of the newest banks in Nigeria, focusing on technology-driven banking services.
SunTrust offers loans, investment banking, and trade finance solutions, catering to both retail and business customers. The bank is known for its efficient mobile banking services and its emphasis on cashless transactions.
Core Offerings of SunTrust Bank Nigeria Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings or current accounts, debit cards, and personal loans. |
| SME Banking | Business accounts, SME loans, and working capital support. |
| Corporate Banking | Trade finance, treasury, and structured credit facilities. |
| Digital Banking | Mobile app, internet banking, and USSD (5230#) for seamless transactions. |
| E-Channels | Bill payments, transfers, and merchant services through digital platforms. |
| Wealth & Investment | Structured savings, deposits, and investment advisory services. |
47. Unity Bank Plc
Unity Bank is a Nigerian financial institution that focuses on agriculture financing, retail banking, and SME support.
The bank is particularly active in providing funding for farmers, agribusinesses, and rural enterprises, helping to drive economic development in Nigeria’s agricultural sector.
It also offers business loans, personal savings accounts, and digital banking solutions.
Core Offerings of Unity Bank Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings/current accounts, debit cards, personal loans, and consumer finance. |
| SME Banking | Credit facilities, business accounts, and capacity-building support for SMEs. |
| Corporate Banking | Treasury, trade finance, and structured credit for large businesses and institutions. |
| Agricultural Financing | Specialised loans and funding for farmers and agribusinesses. |
| Digital Banking | USSD (7799#), mobile app, and internet banking for seamless transactions. |
| Public Sector Banking | Payroll services, collections, and financing for government bodies. |
48. First City Monument Bank (FCMB) Plc
FCMB is a well-established Nigerian bank that provides retail banking, investment banking, and asset management services. It is known for supporting small and medium enterprises (SMEs), mortgage financing, and digital banking innovations.
FCMB also operates in the UK, facilitating trade between Nigeria and Europe.
Core Offerings of First City Monument Bank (FCMB) Plc
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings or current accounts, debit or credit cards, personal loans, and mortgages. |
| SME Banking | Business loans, overdrafts, and capacity-building programmes for small businesses. |
| Corporate Banking | Treasury, trade finance, project finance, and structured lending. |
| Wealth & Investment | Asset management, investment advisory, and pension services via FCMB Group. |
| Digital Banking | FCMB Mobile App, internet banking, and USSD (329#) services. |
| Agriculture & Housing Finance | Specialised lending for farmers, agribusinesses, and affordable housing. |
49. Mainstreet Microfinance Bank
Mainstreet Microfinance Bank is a leading MFB that provides microloans, financial advisory services, and business funding to individuals and small businesses.
It is known for its quick loan processing and flexible repayment structures, making it a preferred choice for entrepreneurs and low-income earners.
Core Offerings of Mainstreet Microfinance Bank
| Category | Core Offerings |
|---|---|
| Microloans | Collateral-free loans for traders, artisans, and micro-entrepreneurs. |
| SME Loans | Business financing solutions to support small and medium-sized enterprises. |
| Savings & Deposits | Flexible savings plans tailored to low-income earners and groups. |
| Digital Banking | Mobile and USSD banking for easy access to accounts and payments. |
| Salary Advances | Short-term credit facilities for salary earners. |
| Financial Inclusion | Community-driven banking to reach underserved and unbanked populations. |
50. Parallex Bank Limited
Parallex Bank started as a microfinance bank before transitioning into a fully licensed commercial bank. It offers personal banking, SME financing, corporate banking, and digital financial services.
Parallex Bank is known for its customer-centric approach, flexible loan offerings, and competitive interest rates on savings and deposits.
Core Offerings of Parallex Bank Limited
| Category | Core Offerings |
|---|---|
| Retail Banking | Savings or current accounts, debit cards, personal loans, and lifestyle banking. |
| SME Banking | Business loans, working capital, and tailored SME support services. |
| Corporate Banking | Treasury, trade finance, and structured credit facilities for large businesses. |
| Digital Banking | Parallex Mobile App, internet banking, and USSD (1242#) for seamless transactions. |
| E-Channels & Payments | Bill payments, merchant solutions, and card services. |
| Wealth & Investment | Structured deposits, wealth advisory, and investment products. |
The Role of Banks in Nigeria’s Economy
Banks are the engine of Nigeria’s economy. Their functions go beyond savings and loans. Here is how they contribute to national growth:
| Role | Description |
|---|---|
| Providing Financial Inclusion | Expanding access to credit, savings, and insurance for unbanked and underserved Nigerians. |
| Supporting Businesses & SMEs | Offering capital, loans, and financial tools that help startups and established firms grow. |
| Driving Investments | Attracting local and foreign investors while providing safe platforms for transactions. |
| Enhancing Digital Banking | Promoting mobile banking, e-payments, and cashless systems through fintech-driven innovation. |
| Funding Infrastructure & Development | Financing key projects in agriculture, energy, housing, and transport through development banks. |
Challenges Facing the Banking Sector in Nigeria
While Nigeria’s banking sector has made remarkable progress, it continues to grapple with structural, regulatory, and technological challenges that shape its growth and competitiveness.
| Challenge | Description |
|---|---|
| High Non-Performing Loans (NPLs) | Loan defaults remain a major burden, weakening banks’ balance sheets and profitability. |
| Regulatory Hurdles | Stringent CBN policies and compliance demands sometimes slow innovation and operations. |
| Cybersecurity Threats | Rising digital adoption exposes banks to fraud, hacking, and data breaches. |
| Competition from Fintech | Disruptive players like Opay, Kuda, and FairMoney are redefining customer expectations. |
Banks are investing in stronger security, customer-centric services, and innovative products to overcome these challenges.
Future Trends in the Nigerian Banking Industry
Nigeria’s banking industry is undergoing rapid transformation, fuelled by technology, regulation, and changing customer needs. These trends will define how banks operate and compete in the coming years.
| Trend | Description |
|---|---|
| Rise of Digital-Only Banks | The growth of fully online banks is reducing reliance on physical branches. |
| Stronger Financial Inclusion | Microfinance banks will expand services to rural and underserved communities. |
| Blockchain & AI Integration | Adoption of blockchain for security and AI for smarter, personalised services. |
| Adoption of Cashless Policies | CBN’s push for a cashless economy is driving digital payments and e-transactions. |
Conclusion
Nigeria’s banking sector remains a cornerstone of the economy, balancing opportunities in digital innovation, financial inclusion, and investment growth with challenges such as regulation and fintech disruption.
As the industry evolves, banks that embrace technology, adapt to customer needs, and strengthen trust will shape the future of finance in Nigeria.
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Frequently Asked Questions (FAQs)
How many banks are in Nigeria?
Nigeria has over 50 licensed banks, including commercial banks, merchant banks, development banks, microfinance banks, and non-interest banks.
What is the biggest bank in Nigeria?
The biggest banks in Nigeria by total assets and customer base include Access Bank, First Bank of Nigeria, United Bank for Africa (UBA), Zenith Bank, and Guaranty Trust Bank (GTBank).
What is the best bank in Nigeria for small businesses?
Banks like Fidelity Bank, Sterling Bank, FCMB, and LAPO Microfinance Bank offer excellent SME support, business loans, and advisory services tailored for small businesses.
What are the best digital banks in Nigeria?
Some of Nigeria’s best digital banks include Kuda Bank, ALAT by Wema, Carbon Microfinance Bank, and FairMoney Microfinance Bank. They offer seamless online banking, instant loans, and zero-fee transactions.
What is the difference between a commercial bank and a merchant bank?
A commercial bank serves individuals and businesses with regular banking services such as savings accounts, loans, and payments. A merchant bank focuses on corporate finance, investment banking, and wealth management, catering to businesses and high-net-worth individuals.
Which banks in Nigeria offer non-interest banking?
Nigeria’s non-interest (Islamic) banks include Jaiz Bank, Lotus Bank, and Taj Bank. These banks operate under Sharia-compliant finance principles, avoiding interest-based transactions.
Which banks in Nigeria support international transactions?
Banks like Standard Chartered Bank, Citibank Nigeria, UBA, and Stanbic IBTC provide international banking services, including foreign exchange, trade finance, and cross-border transactions
