List of Banks in Nigeria (2026): Updated Commercial, Digital and Other Banks
Are you looking for the list of banks in Nigeria in 2026? Whether you want to open a bank account, transfer money, save, obtain a loan, or learn about Nigeria’s banking industry, knowing the available banks and their services is important.
Nigeria has a diverse banking sector consisting of commercial banks, merchant banks, non-interest banks, microfinance banks, and payment service banks. These financial institutions provide essential services to individuals, businesses, and the wider economy.
The Central Bank of Nigeria (CBN) regulates banks and other financial institutions in the country, while the Nigeria Deposit Insurance Corporation (NDIC) provides deposit protection for eligible customers of insured institutions.
In this article, you will discover the updated list of banks in Nigeria, the different types of banks, examples of digital banking providers, and important factors to consider before choosing a bank.
How Many Banks Are in Nigeria in 2026?
The number of banks in Nigeria depends on the type of financial institution being counted.
A compilation of the CBN’s supervised-institution lists dated 17 October 2026 contained 28 commercial-bank entries, five merchant banks, and six entries under non-interest banking.
However, these entries should not automatically be interpreted as 39 separate, currently operating deposit money banks.
For example, Providus Bank and Unity Bank completed their merger and began operating as ProvidusUnity Bank in June 2026, although their former names appeared separately in the October compilation. The non-interest category also included Mint Microfinance Bank, which requires separate consideration as a microfinance institution.
Nigeria additionally has payment service banks, microfinance banks, mortgage banks, and development finance institutions.
For an accurate understanding, banks should therefore be considered according to their licence categories and current legal identities.
Updated List of Commercial Banks in Nigeria
Commercial banks are the most familiar banking institutions in Nigeria. They provide services such as savings accounts, current accounts, transfers, debit cards, loans, and business banking.
The following table lists commercial banking institutions recorded in the 2026 CBN-based directory, with the Providus–Unity merger reflected.
| S/N | Name of Bank | Common Name |
|---|---|---|
| 1 | Access Bank Plc | Access Bank |
| 2 | Alpha Morgan Bank Limited | Alpha Morgan Bank |
| 3 | Citibank Nigeria Limited | Citibank |
| 4 | Ecobank Nigeria Plc | Ecobank |
| 5 | Fidelity Bank Plc | Fidelity Bank |
| 6 | First Bank of Nigeria Limited | FirstBank |
| 7 | First City Monument Bank | FCMB |
| 8 | Globus Bank Limited | Globus Bank |
| 9 | Guaranty Trust Bank Limited | GTBank |
| 10 | Keystone Bank Limited | Keystone Bank |
| 11 | Nova Commercial Bank Limited | NOVA Bank |
| 12 | Optimus Bank | Optimus Bank |
| 13 | Parallex Bank Limited | Parallex Bank |
| 14 | Polaris Bank Limited | Polaris Bank |
| 15 | PremiumTrust Bank | PremiumTrust Bank |
| 16 | ProvidusUnity Bank | ProvidusUnity Bank |
| 17 | Signature Bank Limited | Signature Bank |
| 18 | Stanbic IBTC Bank Limited | Stanbic IBTC |
| 19 | Standard Chartered Bank Nigeria Limited | Standard Chartered |
| 20 | Sterling Bank Limited | Sterling Bank |
| 21 | SunTrust Bank Nigeria Limited | SunTrust Bank |
| 22 | Tatum Bank Limited | Tatum Bank |
| 23 | Titan Trust Bank Limited | Titan Trust Bank |
| 24 | Union Bank of Nigeria Plc | Union Bank |
| 25 | United Bank for Africa Plc | UBA |
| 26 | Wema Bank Plc | Wema Bank |
| 27 | Zenith Bank Plc | Zenith Bank |
Important: This is a consolidated reference list rather than a new official CBN certification of each institution’s present operating status. Authorisation levels, mergers, and regulatory conditions should be confirmed through the CBN.
Popular Commercial Banks in Nigeria and Their Services
Some banks in Nigeria have established extensive customer networks and are widely known for their personal, commercial, and digital banking services.
1. Access Bank
Access Bank is one of Nigeria’s major commercial banks, providing financial services to individuals, businesses, and corporate customers.
Its services include savings and current accounts, loans, mobile banking, international banking, and payment solutions.
Website: https://www.accessbankplc.com
2. Zenith Bank
Zenith Bank is a major Nigerian commercial bank offering personal, corporate, and digital banking services.
Customers can access savings accounts, current accounts, payment cards, electronic transfers, and various business banking products.
Website: https://www.zenithbank.com
3. First Bank of Nigeria (FirstBank)
FirstBank is one of Nigeria’s oldest banking institutions, with a history dating back to 1894.
It serves individual customers, small businesses, and large organisations through physical branches and electronic banking channels.
Website: https://www.firstbanknigeria.com
4. United Bank for Africa (UBA)
United Bank for Africa, commonly known as UBA, is a major pan-African financial institution with operations across several African countries.
Its banking services include savings, business accounts, electronic transfers, loans, and corporate banking.
Website: https://www.ubagroup.com
5. Guaranty Trust Bank (GTBank)
GTBank is widely recognised for its retail and business banking services.
The bank offers account management, electronic payments, transfers, loans, and online banking through its digital channels.
Website: https://www.gtbank.com
6. Fidelity Bank
Fidelity Bank provides retail, commercial, and corporate banking services to individuals and businesses.
Its services include savings accounts, current accounts, digital payments, loans, and financial solutions for small and medium-sized enterprises.
Website: https://www.fidelitybank.ng
7. First City Monument Bank (FCMB)
FCMB offers financial services to personal customers, businesses, and corporate organisations.
It provides savings and current accounts, loans, mobile banking, payment services, and business financing.
Website: https://www.fcmb.com
8. Ecobank Nigeria
Ecobank Nigeria is part of a pan-African banking group.
The bank provides retail and corporate banking services, payments, transfers, and other financial solutions for customers engaged in domestic and cross-border business.
Website: https://www.ecobank.com
9. Wema Bank
Wema Bank is an established Nigerian commercial bank known for combining traditional banking with digital financial services.
Its digital banking platform, ALAT, enables customers to access various banking services electronically.
Website: https://www.wemabank.com
10. Stanbic IBTC Bank
Stanbic IBTC Bank provides personal, business, corporate, and investment-related banking services.
It is part of the wider Stanbic IBTC financial services group and serves individuals as well as business customers.
Website: https://www.stanbicibtcbank.com
List of Merchant Banks in Nigeria
Merchant banks generally focus on corporate financing, investment banking, trade finance, and financial advisory services rather than ordinary retail banking.
The following five names appeared in the October 2026 CBN-based merchant-bank directory.
| S/N | Merchant Bank |
|---|---|
| 1 | Coronation Merchant Bank |
| 2 | FSDH Merchant Bank |
| 3 | Greenwich Merchant Bank |
| 4 | Quest Merchant Bank |
| 5 | Rand Merchant Bank |
Merchant banks are especially relevant to businesses and institutions seeking specialised financial services.
For example, a large company seeking financing for expansion may approach a merchant bank for advice on capital raising or other suitable financing arrangements.
List of Non-Interest Banks in Nigeria
Non-interest banks provide financial services using arrangements that do not rely on conventional interest-based lending.
Their products may use profit-sharing, leasing, trade-based financing, and other approved non-interest financial contracts.
The following institutions appeared in the CBN-based non-interest banking directory in October 2026:
| S/N | Non-Interest Banking Institution |
|---|---|
| 1 | Jaiz Bank Plc |
| 2 | TAJBank |
| 3 | Lotus Bank Limited |
| 4 | The Alternative Bank Limited |
| 5 | Summit Bank Limited |
The CBN-based directory also placed Mint Microfinance Bank Limited under non-interest banks. Because it is identified as a microfinance bank, it should not be treated as an additional full-service commercial bank without confirming its precise licence classification.
Non-interest banks provide options for customers seeking financial products structured around non-interest banking principles.
List of Payment Service Banks in Nigeria
Payment service banks (PSBs) were introduced to improve access to basic financial services, particularly for underserved communities.
They can provide approved services such as deposits, payments, transfers, and remittances. However, their permitted activities differ from those of conventional commercial banks.
The five payment service banks listed in the October 2026 CBN-based directory are:
| S/N | Payment Service Bank |
|---|---|
| 1 | 9 Payment Service Bank (9PSB) |
| 2 | Hope Payment Service Bank |
| 3 | MoMo Payment Service Bank |
| 4 | MoneyMaster Payment Service Bank |
| 5 | SmartCash Payment Service Bank |
Unlike commercial banks, payment service banks are not authorised to grant conventional loans or overdrafts under the applicable PSB framework.
List of Digital Banks and Popular Fintech Banking Services in Nigeria
Digital banking has become increasingly popular in Nigeria because customers can access financial services through mobile applications without visiting physical branches.
However, not every platform commonly called a digital bank holds a commercial banking licence.
Some operate as microfinance banks, while others provide financial services through mobile money or other payment licences.
Examples of popular digital banking platforms include:
| Digital Banking Platform | Banking or Financial Service Model |
|---|---|
| Kuda | Digital banking through a microfinance bank |
| Moniepoint | Digital banking and business payment services |
| OPay | Mobile money and digital payment services |
| PalmPay | Mobile money and digital payment services |
| ALAT by Wema | Digital banking platform of Wema Bank |
| FairMoney | Digital financial services associated with microfinance banking |
These services may offer convenient transfers, bill payments, account management, merchant payments, and other financial products.
Before opening an account, customers should check the legal institution providing the service and confirm its regulatory status.
List of Development Banks in Nigeria
Development finance institutions provide specialised financing and support for economic sectors such as agriculture, manufacturing, housing, infrastructure, and international trade.
Examples include:
- Bank of Industry (BOI).
- Bank of Agriculture (BOA).
- Development Bank of Nigeria (DBN).
- Nigerian Export-Import Bank (NEXIM).
- Federal Mortgage Bank of Nigeria (FMBN).
These institutions are different from conventional retail banks because their activities generally focus on specific development objectives and financing programmes.
Types of Banks in Nigeria
Understanding the different categories of Nigerian banks can help customers choose appropriate financial services.
| Type of Bank | Main Function | Examples |
|---|---|---|
| Commercial banks | Personal and business banking | Access Bank, Zenith Bank, UBA |
| Merchant banks | Corporate finance and financial advisory | Coronation, FSDH |
| Non-interest banks | Non-interest banking and financing | Jaiz Bank, TAJBank |
| Microfinance banks | Financial services for individuals and smaller enterprises | Kuda, Moniepoint MFB |
| Payment service banks | Basic deposits and payment services | MoMo PSB, SmartCash PSB |
| Development finance institutions | Sector-specific development financing | BOI, BOA, DBN |
| Primary mortgage banks | Housing and mortgage financing | Licensed mortgage institutions |
Each category performs a different role in Nigeria’s financial system.
Which Banks Have International Banking Licences in Nigeria?
Commercial banking licences in Nigeria may carry international, national, or regional authorisation.
Banks historically recognised under the international commercial banking category include:
- Access Bank.
- Zenith Bank.
- United Bank for Africa (UBA).
- FirstBank.
- Guaranty Trust Bank.
- Fidelity Bank.
- First City Monument Bank.
The CBN’s 2024 banking recapitalisation programme established different minimum capital requirements according to licence category.
These requirements include:
| Banking Licence Category | Minimum Capital |
|---|---|
| International commercial bank | ₦500 billion |
| National commercial bank | ₦200 billion |
| Regional commercial bank | ₦50 billion |
| Merchant bank | ₦50 billion |
| National non-interest bank | ₦20 billion |
| Regional non-interest bank | ₦10 billion |
The recapitalisation deadline was 31 March 2026. Individual licence authorisations may have changed during or after the exercise, so customers and researchers should consult the latest CBN announcements rather than assume that earlier classifications remain unchanged.
How to Choose the Best Bank in Nigeria
Choosing a bank depends on your financial needs, location, preferred services, and banking habits.
Before opening an account, consider the following factors.
1. Confirm CBN Licensing
Make sure the financial institution is properly licensed by the Central Bank of Nigeria.
This is especially important when using unfamiliar digital banking applications or financial platforms.
2. Check Banking Charges
Compare account maintenance fees, transfer charges, ATM withdrawal fees, and other applicable costs.
Understanding these charges can help you avoid unexpected deductions.
3. Consider Digital Banking Services
A convenient banking application can make it easier to transfer money, pay bills, check balances, and manage accounts.
Consider reliability, security features, and customer support rather than relying only on promotional claims.
4. Check Branch and ATM Availability
If you regularly make cash deposits or need in-person assistance, choose a bank with accessible branches or suitable service channels.
5. Compare Savings and Loan Products
Different banks offer different account conditions, interest rates, financing products, and eligibility requirements.
Compare the available options and review the terms before making a decision.
6. Evaluate Customer Service
Reliable customer service is important when you need assistance with failed transfers, card issues, account restrictions, or other problems.
Are Nigerian Banks Safe?
Banks in Nigeria are regulated by the Central Bank of Nigeria, while the Nigeria Deposit Insurance Corporation provides protection for eligible deposits in insured institutions.
As of 2026, the NDIC’s stated maximum insurance coverage includes:
- ₦5 million per depositor per deposit money bank.
- ₦2 million per depositor per microfinance bank, primary mortgage bank, or payment service bank.
Applicable mobile money deposit protection operates under separate pass-through arrangements.
Deposit insurance does not mean that every deposit is fully guaranteed regardless of the amount. Coverage is subject to the applicable rules, limits, and eligible deposit arrangements.
For additional protection, customers should use strong passwords, enable available security features, avoid sharing transaction PINs, and report suspicious activity promptly.
Is Heritage Bank Still Operating in Nigeria?
Heritage Bank should not be included among Nigeria’s currently licensed commercial banks.
The Central Bank of Nigeria revoked Heritage Bank Plc’s banking licence on 3 June 2024, and the Nigeria Deposit Insurance Corporation was appointed as its liquidator.
This is one reason readers should be cautious when using older online lists of Nigerian banks.
Frequently Asked Questions About Banks in Nigeria
How Many Commercial Banks Are in Nigeria in 2026?
A CBN-based directory compilation dated 17 October 2026 contained 28 commercial-bank entries. However, this included Providus Bank and Unity Bank separately even though they had merged into ProvidusUnity Bank. Therefore, the number of directory entries should not be treated as the exact number of independently operating commercial banks.
What Are the Major Banks in Nigeria?
Some major Nigerian commercial banks include Access Bank, Zenith Bank, FirstBank, UBA, GTBank, Fidelity Bank, FCMB, Ecobank, Stanbic IBTC, and Wema Bank.
Which Is the Oldest Bank in Nigeria?
First Bank of Nigeria is generally recognised as Nigeria’s oldest surviving banking institution, tracing its history to 1894.
What Are the Top Five Banks in Nigeria?
Access Bank, Zenith Bank, UBA, FirstBank, and GTBank are among Nigeria’s major banking institutions.
However, identifying the top five depends on the measurement used, such as total assets, customer deposits, profits, customer numbers, or branch networks. An authoritative ranking requires a specified metric and reporting period.
Is OPay a Commercial Bank in Nigeria?
No. OPay provides mobile money and financial payment services rather than operating as a conventional commercial bank. Its regulated activities should be distinguished from those of deposit money banks.
Is PalmPay a Bank in Nigeria?
PalmPay is a digital financial services platform operating through mobile money authorisation. It is not the same type of institution as a conventional commercial bank such as Zenith Bank or Access Bank.
Is Kuda a Licensed Bank in Nigeria?
Kuda operates digital banking services through a Nigerian microfinance banking institution. Microfinance banking is a different licence category from conventional commercial banking.
Which Bank Is Best for Students in Nigeria?
The most suitable bank for a student depends on account charges, minimum balance requirements, mobile banking convenience, campus accessibility, and customer support.
Students should compare available student accounts and digital banking services before choosing.
Which Bank Is Best for Business Accounts in Nigeria?
Businesses can consider banks such as Access Bank, Zenith Bank, UBA, GTBank, FirstBank, FCMB, and other licensed institutions.
The best choice depends on business size, payment processing requirements, credit needs, transaction charges, and international banking requirements.
Who Regulates Banks in Nigeria?
The Central Bank of Nigeria is the principal banking regulator. The Nigeria Deposit Insurance Corporation also performs important deposit insurance and banking-system protection functions.
Conclusion
Nigeria has a diverse banking sector comprising commercial banks, merchant banks, non-interest banks, microfinance banks, payment service banks, and development finance institutions.
Popular institutions such as Access Bank, Zenith Bank, UBA, FirstBank, GTBank, Fidelity Bank, and FCMB continue to play important roles in personal and business banking.
Meanwhile, digital banking platforms and payment service providers have expanded access to financial services through mobile technology.
When using any list of banks in Nigeria, it is important to distinguish between licence categories, current bank names, and digital service brands. Banking mergers and regulatory changes can also affect which institutions are operating independently.
Before choosing a bank, verify its licence, compare its services, understand its charges, and confirm the applicable deposit insurance protection.
References and Official Sources
For additional information and the latest regulatory records, consult:
- Central Bank of Nigeria: https://www.cbn.gov.ng/
- CBN financial institutions directory: https://www.cbn.gov.ng/supervision/finstitutions.html
- Nigeria Deposit Insurance Corporation: https://ndic.gov.ng/
- NDIC insured institutions directory: https://ndic.gov.ng/insured-banks
- ProvidusUnity Bank: https://www.providusbank.com/about
Editorial note: Banking information in this article has been updated with sources available through November 2026. Because financial institutions can merge, change names, or experience licensing changes, the latest official records should be consulted before relying on a bank’s operating status.