Commercial banks have been given operational authorization by the Central Bank of Nigeria (CBN). Still, despite this, they have maintained a solid reputation in the banking industry both locally and overseas. To figure out how many banks there are in Nigeria, you must be sure of the type of bank, such as commercial, microfinance, or mortgage.

There are 24 licensed commercial banks in Nigeria, although not all are the same.

While some are bigger and older, some newer banks are wealthy regarding overall assets and consolidation. In Nigeria, annual bank ratings are announced based on several important parameters. For example, the market value, name recognition, size by total assets, number of branches and ATMs, customer happiness, and other characteristics are used to rate these financial organizations. 

This article highlights some of these operational commercial banks as they remain the most popular among several Nigerian folks.

Sterling Bank

As one of the reliable banks in the country currently, Sterling bank has gone through various changes but has remained tall and robust as well as remaining operational. Small and medium-sized enterprises (SMEs) and big firms can use the bank’s services.

The bank had 141 branches spread over Nigeria in December 2021, with assets worth more than NGN 1.6 trillion.
In January 2006, Magnum Trust Bank, NBM Bank, Trust Bank of Africa, and Indo-Nigeria Merchant Bank (INMB) merged with NAL Bank to form Sterling Bank. This move was made as part of the consolidation of the Nigerian banking sector.
The combined group has been operating since the merged firms were effectively integrated.
As a result of the Central Bank of Nigeria’s repeal of universal banking, Sterling Bank is now a national commercial bank. Accordingly, it has sold its stakes in affiliated and subsidiary businesses.

Polaris Bank

Polaris Bank, one of Nigeria’s largest financial institutions, has assets worth at least $4 billion. According to customer reviews, they have emerged as one of Nigeria’s top ten safest banks to open an account. Formerly known as Skye Bank, this financial institution operates in several other African countries, including Sierra Leone, the Republic of Guinea, Angola, and Liberia. It is now listed on the Nigerian Stock Exchange (NSE). It has been listed for sale by the CBN, but it remains operational. The sale may probably see a merger with Access and Diamond banks.

Fidelity Bank

Fidelity is another reputable Nigerian bank that has significantly improved its status with Nigerians and the financial industry. Given that over 2.5 million individuals use this bank, they are impossible to ignore.
This licensed bank was founded in 1988 and had assets of more than $6.51 billion.

Corporate banking and the micro, small, and medium-sized company sectors have been supported by Fidelity Bank (MSMEs). In addition, the increase in savings deposits made over the past three years utilizing their mobile and online banking products shows that their retail digital banking service is among the finest.

Union Bank

Union Bank of Nigeria, one of Nigeria’s oldest commercial banks, was established in 1917 as a leading financial institution to support both large corporations and small and medium-sized businesses.

Union Bank is one of the wealthiest banks in the country and has gained the trust of Nigerians with a $6.8 billion asset base. This bank is great for opening a savings account if you’re a student or a government worker in the country. Additionally, they provide their customers with low-interest financing services.

You can quickly create a current account, a savings account, or even a domiciliary account at more than 400 Union Bank offices distributed across every state in the country. 

Access Bank

Access Bank is also an excellent customer-friendly Nigerian bank.

Since recently acquiring Diamond Bank Plc, they have gained even more strength, making them one of Nigeria’s safest banks with the most extensive customer base. With assets of #8.680 trillion, Access Bank has increased by #1.537 trillion in just one year, making it the largest bank in Nigeria by assets.

As a result of this success, Access Bank is currently Nigeria’s biggest lender. The Central Bank of Nigeria permitted Access Bank Nigeria to operate as a financial institution and began operations in 1989.

The bank aspires to lead the financial industry in Nigeria shortly. This became clear when Access Bank acquired both Diamond and Intercontinental Bank and merged the two institutions.

United Bank Of Africa

UBA is one of the leading banks in Nigeria that provides excellent digital banking services. They offer some of the most outstanding customer services and will take care of your issues until you are satisfied.

With more than 500 offices across the continent and 10 million customers in Nigeria, UBA is a trustworthy bank to keep your money.

The bank’s fees are cheaper when compared to those of other recent commercial banks. UBA is also valued at $13.2 billion in terms of its acquired assets.

EcoBank Nigeria

Ecobank Nigeria is a well-known commercial bank in Nigeria with many branches all across the country. Ecobank operates in 32 countries and has its corporate office in Lome.

This financial organization offers its customers wholesale and retail loans, savings, investments, debit and credit cards, corporate banking services, and transactional, corporate, and retail banking services.

Keystone Bank Limited

Keystone Bank is one of the contemporary banks worthy of note on this list.

Small and medium-sized businesses, private citizens, and government organizations can take advantage of their banking services.

The Central Bank of Nigeria (CBN) gave Keystone Bank Limited a commercial banking license.

Additionally, they acquired Bank PHB following the CBN’s suspension of their license, making them one of Nigeria’s largest financial services providers.

Guarantee Trust Bank

Guaranty Trust Bank, or GTBank, is Nigeria’s top bank in banking and customer care.

Reviews show that the majority of Nigerians use GTBank as their bank because of its good reputation and dedication to serving its customers.

It is impossible to imagine other players in the banking industry overtaking this bank with assets of $11.77 trillion, given that it is one of the largest financial institutions in all of West Africa and has a vast customer base.

First Bank Of Nigeria

First Bank is the oldest bank in the country and one of the top 10 best banks in Nigeria to open a savings account with.

With $21.3 billion in assets, they are a significant company in the banking sector. It was established in 1894, and for five years running, The Banker magazine of the Financial Times Group has named it “The Best Bank Brand in Nigeria”  consecutively from the year 2011 through to 2015.

Zenith Bank Nigeria

According to the Top 1,000 World Bank rating for 2022, Nigeria’s most considerable tier-one capital belongs to Zenith Bank PLC. It is a well-known commercial bank subject to regulation and provides financial services in Nigeria and West Africa.

Zenith Bank, established in 1990, is the largest bank in Nigeria by tier-1 capital, and its shares, valued at more than $2.79 billion, are listed on the Nigerian Stock Exchange (NSE).

Zenith Bank provides various financial services, including pension management, corporate and investment banking, retail and consumer banking, personal and private banking, trade services and foreign exchange, and Treasury and cash management services.

Their total assets are estimated to be over $15.7 billion, making them one of the wealthiest banks in Nigeria.