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Top 10 Commercial Banks In Nigeria Licensed By Cbn (Updated List)
Nigeria's banking sector has evolved significantly over the years, with commercial banks playing a pivotal role in the nation's economic development. As of 2024, the Central Bank of Nigeria (CBN) has licensed several commercial banks, each contributing uniquely to the financial landscape. Here’s an updated overview of the top 10 commercial banks in Nigeria:
1. Zenith Bank PLC
Established in 1990, Zenith Bank has grown to become one of Nigeria's largest financial institutions. With a strong presence across the West African coast, including subsidiaries in Ghana, Gambia, and Sierra Leone, the bank offers a comprehensive range of services such as corporate banking, retail banking, and investment banking. Zenith Bank is renowned for its innovative financial solutions and robust digital platforms, catering to a diverse clientele.
2. Access Bank Plc
Founded in 1989, Access Bank has expanded its operations significantly, especially after its merger with Diamond Bank. This strategic move positioned Access Bank as one of Africa’s largest retail banks by customer base. The bank boasts an extensive branch network and a strong digital platform, offering services that include retail banking, corporate banking, and investment banking.
3. United Bank for Africa (UBA)
With a rich history spanning over seven decades, UBA operates in 20 African countries, providing a wide array of services such as corporate, commercial, SME, and retail banking. UBA is recognized for its expertise in key economic sectors across the continent and its commitment to financial inclusion.
4. First Bank of Nigeria
Established in 1894, First Bank is Nigeria’s oldest financial institution. It has played a significant role in the nation's financial sector, offering services that include retail banking, corporate banking, and investment banking. With over 750 branches nationwide, First Bank continues to be a trusted partner for millions of Nigerians.
5. Guaranty Trust Bank (GTBank)
Known for its innovative approach to banking, GTBank was established in 1990 and has since become a preferred choice for both businesses and individuals. The bank offers a range of services, including retail banking, corporate banking, and investment banking, and is acclaimed for its efficient service delivery and strong corporate governance.
6. Ecobank Nigeria Plc
As a member of the Ecobank Group, Ecobank Nigeria operates as a universal bank, providing wholesale, retail, corporate, investment, and transaction banking services. The bank's acquisition of Oceanic Bank further solidified its position as one of Nigeria’s largest banks by assets and branch network.
7. Fidelity Bank Plc
Incorporated in 1987, Fidelity Bank has grown from a marginal player into a stable banking institution. The bank offers services such as retail banking, SME banking, corporate banking, and private banking. With over 200 branches and a customer base exceeding 4 million, Fidelity Bank is committed to providing innovative financial solutions.
8. Union Bank of Nigeria
Established in 1917, Union Bank is one of Nigeria’s oldest and most respected financial institutions. The bank offers a portfolio of banking services to individuals, SMEs, and corporate clients, with a robust geographical network and a focus on quality customer experience.
9. Stanbic IBTC Bank Plc
A member of the Standard Bank Group, Stanbic IBTC offers a diverse range of financial services, including banking, stock brokerage, investment advisory, and asset management. The bank is known for its expertise in corporate and investment banking, serving a wide range of clients across various sectors.
10. Sterling Bank Plc
Originally established in 1960, Sterling Bank has evolved into a full-service national commercial bank. The bank offers services such as retail banking, corporate banking, and investment banking, with a focus on sectors like health, education, agriculture, renewable energy, and transportation.
Conclusion
These top 10 commercial banks have been instrumental in driving Nigeria's economic growth, offering a wide range of financial services that cater to the diverse needs of individuals, businesses, and government entities. Their commitment to innovation, customer satisfaction, and financial inclusion continues to shape the future of banking in Nigeria.
