Mitrobe Network

Banking in Nigeria has gone beyond a mere avenue for safeguarding funds and for executing transactional purposes. In reality, it has become a huge industry contributing immensely to the country’s economic footing.
While the history of concrete banking in Nigeria dates back to the establishment of Nigeria’s oldest bank, present-day First Bank of Nigeria, it’s fascinating to see how banking has metamorphosed into a giant industry with a host of banks making dramatic waves.
As it stands, there are well over 20 consolidated banks in Nigeria and these banks fall under categories depending on their modes of operation. Above all, the Central Bank of Nigeria (CBN) is regarded as Nigeria’s apex bank for its regulatory authority over the other banks in the country.
Currently, there are 22 “CBN-authorized” commercial banks in Nigeria. While most of these commercial banks hold licenses for operation only within Nigeria, several others are authorized to operate beyond Nigeria and a few of them operate only in certain Nigerian regions.

Names of Banks In Nigeria-Coins, Banknotes, Money, Currency, Finance, Cash
Banks In Nigeria-Coins, Banknotes, Money, Currency

Role of Banks in the Economic Development of a Country

The banking industry plays a crucial role within the modern economic world. Banks collect the savings of several individuals and lend them out to business- people and makers . Bank loans facilitate commerce.Manufacturers borrow from banks the necessary cash needed for the acquisition of raw materials and to satisfy other requirements like capital investments . it’s  also safe to keep money in banks.ALSO CHECK OUT:

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Interest is additionally earned when money are kept in the banks. Thus, the banks play a crucial role within the creation of latest capital (or capital formation) and as a result help the expansion process.
Banks arrange for the sale of shares and debentures. Thus, business houses and makers can get fixed capital with the help of banks. There are banks referred to as industrial banks, which assist the formation of latest com­panies and new industrial enterprises and provides long-term loans to manu­facturers.
The banking industry can create money. When business expands, extra money is required for exchange transactions. The tender money of a rustic cannot usually be expanded quickly. Bank money are often increased quickly and used when there’s need of extra money . during a developing economy (like that of India) banks play a crucial part as supplier of cash .
The banking industry facilitates internal and international trade. An out-sized  part of trade is completed on credit. Banks provide references and guarantees, on behalf of their customers, on the idea of which sellers can supply goods on credit. This is often particularly important in international trade when the parties reside in several countries and are fairly often unknown to at least one another.
There are special sorts of banks which give facilities to different sorts of economic activities. In recent times, virtually  in every country, there’s a financial institution which controls the activities of all other banks, and in Nigeria, CBN perform such task.
Imagine a country or a World Without commercial BanksIf there were no banks…

  • Where would you go to borrow money to in order settle  minor issues?
  • What would you do with your savings?
  • Would you be able to borrow (save) as much as you need, when you need it, in a form that would be convenient for you at all time?
  • What risks might you face as a saver (borrower)?
  • Will you be able to sleep with your eyes close?
  • How will you respond to criminals invading your privacy and house storage to steal your hard earned money
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An analysis of the banking industry shows that Nigeria has 8 internationally authorized commercial banks, 11 nationally authorized commercial banks, 3 regionally authorized commercial banks, 5 merchant banks and 2 non-interest banks.
JAIZ Bank Plc and TAJBank Limited seem to be the only two Nigerian banks operating on a zero-interest basis. However, JAIZ Bank is the only non-interest Nigerian bank with CBN-granted national authorization.

This post contains a complete list of “authorized” Nigerian banks with essential details (in specific cases) including their official website links and telephone contacts.

A Comprehensive List of Banks in Nigeria

Bank NamesContactsWebsite LinksCategories
1.First Bank of Nigeria LTD+2347080625000www.firstbanknigeria.comCommercial
2. Titan Trust Bank LimitedCommercial
3. JaizBank PlcNon-Interest
4. Globus Bank LimitedCommercial
5. First City Monument Bank (FCMB)+23412798800www.fcmb.comCommercial
6.TAJBank LimitedNon-Interest
7. Access Bank Plc+23412802500www.accessbankplc.comCommercial
8.FBNQuest Merchant BankMerchant
9. Heritage Banking Company LTD+23412369000www.hbng.comCommercial
10.Coronation Merchant BankMerchant
11. Guaranty Trust Bank Plc+23414480000www.gtbank.comCommercial
12. FSDH Merchant BankMerchant
13.  Standard Chartered Bank Nigeria
14.Rand Merchant BankMerchant
15.Ecobank Nigeria Plc+2347005000000www.ecobank.comCommercial
16. Providus Bank Limited+23470077684387www.providusbank.comCommercial
17. Nova Merchant BankMerchant
18.Fidelity Bank Plc+2349030005252www.fidelitybank.ngCommercial
19. Zenith Bank Plc+234-1-2787000www.zenithbank.comCommercial
20. Union Bank of Nigeria Plc+23412716816www.unionbankng.comCommercial
21. Polaris Bank Limited+2348069880000www.polarisbanklimited.comCommercial
22.  SunTrust Bank Nigeria Limited+2349087331440www.suntrustng.comCommercial
23.  Wema Bank Plc+2348039003700www.wemabank.comCommercial
24.Unity Bank Plc+2347080666000www.unitybankng.comCommercial
25.  CitiBank Nigeria Limited+23412798400www.citigroup.comCommercial
26.  United Bank for Africa Plc+23412808822www.ubagroup.comCommercial
27.  Sterling Bank Plc+234144844815www.sterlingbankng.comCommercial
28.  Stanbic IBTC Bank Ltd+23414222222www.stanbicibtcbank.comCommercial
29. Keystone Bank Limited+23470020003000www.keystonebankngCommercial
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We hope this post has provided you with comprehensive information on the number of banks in Nigeria. While information elsewhere might present a higher number of banks, it should be noted that we have only listed the recognized and “CBN-authorized” banks in Nigeria.

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