Commercial banks in Nigeria and indeed in the world over, are crucial players in the financial sector. They are saddled with the responsibilities of providing loans be it personal or business, to the provision of investment options to accepting deposits. Their importance cannot be overemphasized.
By definition, a commercial bank is a financial institution that gives a wide range of banking services, including accepting deposits and providing loans to individuals and businesses.
In this post, we shall be looking at the list of Commercial banks with international recognition or authorization, national authorization, regional authorization and non interest banks in Nigeria.
The names of commercial banks with international authorization are:
- First Bank of Nigeria Limited
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Zenith Bank Plc
- Access Bank Plc
- Fidelity Bank Plc
- First City Monument Bank Limited
- Guaranty Trust Holding Company Plc
We also have Commercial banks with National authorization in Nigeria. These are:
- Keystone Bank Limited
- Polaris Bank Limited.
- Stanbic IBTC Bank Plc
- Standard Chartered
- Sterling Bank Plc
- Titan Trust bank
- Unity Bank Plc
- Wema Bank Plc
- Citibank Nigeria Limited
- Ecobank Nigeria
- Heritage Bank Plc
There are Commercial banks with Regional authorization in Nigeria. They include:
- Providus Bank Limited
- SunTrust Bank Nigeria Limited
- Globus Bank Limited
- Parallex Bank Limited
- Premium Trust Bank Limited
The non-interest banks in Nigeria are:
- Jaiz Bank Plc
- LOTUS BANK
- TAJBank Limited
Microfinance Banks also made the list of commercial banks in Nigeria, otherwise referred to as Mutual Trust Microfinance Bank. Examples of these banks include:
- Accion Microfinance Bank
- Peace Microfinance Bank
- Infinity Microfinance Bank
- Pearl Microfinance Bank Limited
- Covenant Microfinance Bank Ltd
- Advans La Fayette Microfinance Bank
- Rephidim Microfinance Bank
- Shepherd Trust Microfinance Bank
- Empire Trust Microfinance Bank
- Finca Microfinance Bank Limited
- Fina Trust Microfinance Bank and others.
We also have Online-Only Microfinance Banks in Nigeria:
- Sparkle Bank
- Opay
- Palmpay
- Rubies Bank
- VFD Microfinance Bank
- Kuda Bank
- Moniepoint Microfinance Bank
- Mint Finex MFB
- Mkobo MFB
Finally, we have Merchant banks in Nigeria, good examples of which are:
- Coronation Merchant Bank[
- FBNQuest Merchant Bank
- FSDH Merchant Bank
- Rand Merchant Bank
- Nova Merchant Bank etc.
In summary, the list of commercial banks in Nigeria are many. They are doing amazingly well in the Nigerian banking system, contributing significantly to the financial sector of the country’s economy as well as increasing the gross domestic product (GDP), which probably forms the most significant part.