Last updated on March 30th, 2024 at 11:18 am
Nigerian banks are classified into eight: commercial, merchant, microfinance, mobile money operators, non-interest, non-interest window, payment service, and primary mortgage.
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All these financial institutions are insured by the Nigeria Deposit Insurance Corporation (NDIC), meaning depositors’ monies are safe and secured.
List of Commercial Banks in Nigeria
There are 28 commercial banks in Nigeria:
- Access Bank Plc
- Ecobank Nigeria Limited
- Citibank Nigeria Limited
- Heritage Bank Plc
- Keystone Bank Limited
- Globus Bank Limited
- Guaranty Trust Bank Limited
- First Bank of Nigeria Limited
- Premium Trust Bank
- Providus Bank Plc
- Parallex Bank Limited
- Polaris Bank Limited
- Optimus Bank
- Signature Bank Limited
- Fidelity Bank Plc
- Stanbic IBTC Bank Plc
- First City Monument Bank Limited
- Sterling Bank Plc
- Union Bank Plc
- United Bank for Africa Plc
- SunTrust Bank Limited
- Standard Chartered Bank Limited
- Titan Trust Bank Limited
- Unity Bank Plc
- Wema Bank Plc
- Zenith Bank Plc
List of Merchant Banks
There are six merchant banks in Nigeria:
- Coronation Merchant Bank Limited
- FBN Quest Merchant Bank Limited
- FSDH Merchant Bank Limited
- Greenwhich Merchant Bank Limited
- Nova Merchant Bank Limited
- Rand Merchant Bank Limited
List of Microfinance Banks
There are over 950 microfinance banks in Nigeria. Most of them offer credit facility-related services employing hard sells and analysts call most them “loan sharks”.
List of Mobile Money Operators in Nigeria
Bank Led Mobile Money Operators
- Access Bank Plc.
- Ecobank Nigeria Limited
- Fidelity Bank Plc.
- First Bank of Nigeria Limited
- First City Monument Bank Limited
- Guaranty Trust Bank Limited
- Polaris Bank Limited
- Stanbic IBTC Bank Plc.
- Sterling Bank Plc.
- Union Bank Plc
- United Bank for Africa Plc.
- Wema Bank Plc
- Zenith Bank Plc.
Non Bank Led Mobile Money Operators
- Abeg Technologies Limited
- Cellulant Nigeria Ltd.
- Chams Plc
- E-tranzact International Plc.
- Funds and Electronic Transfer Solution
- Fortis Mobile Money Ltd
- Hendomark Nigeria Ltd.
- KongaPay Technologies Limited
- Mkudi Mobile Money
- Now Now Digital Services Ltd
- Opay Digital Services Limited
- Pagatech Ltd
- Palmpay Ltd.
- Parkway Project Ltd.
- Teasy International Ltd.
- Virtual Terminal Network Ltd.
- Visual ICT Ltd.
- Xpress Mts Limited
Non Interest Banks in Nigeria
At the time of updating this page, there are three non-interest banks in Nigeria. They operate under the Islamic principle of lending
List Of Non-Interest Window Banks
- Sterling Bank PLC
- Suntrust Bank Nigeria Limited
List Of Payment Service Banks
There are five payment service banks in Nigeria:
- 9 PSB
- Hope PSB
- Money Master PSB
- MOMO PSB
- SmartCash PSB
List of Primary Mortgage Banks
There are 43 primary mortgage financial institutions in Nigeria, they are:
- SunTrust Mortgage Bank
- Aso Savings & Loans Plc
- Trust Bond Mortgage Bank
- Nigeria Police Mortgage Bank
- (FOKAS Savings & Loans)
- Infinity Trust Mortgage Bank Plc
- Haggai Mortgage Bank
- Imperial Mortgage Bank
- Centage Savings & Loans
- Resort Savings & Loans
- Skyfield Savings and Loans
- FHA Homes Limited
- FBN Mortgages Ltd
- STB Building Society
- Omoluabi (Living Spring) Savings & Loans
- First Generation Homes
- Abbey Mortgage Bank Plc
- Platinum Mortgage Bank
- Mayfresh Mortgage Bank
- Jubilee-Life Mortgage Bank
- Mutual Alliance Savings & Loans
- Lagos Building and Invest. Co.
- Refuge Home S & L
- Safe Trust Savings & Loans
- Delta Mortgage Finance
- New Prudential Building Society
- Home-Base Mortgage
- Global Trust Savings & Loans
- AG Homes Savings & Loans
- Kebbi State Homes S & L
- Akwa Savings & Loans
- Gateway Savings & Loans
- United/Spring Mortgage
- Taraba State Savings & Loans
- MGSL Mortgage Bank
- AHCOL Savings & Loans
- Coop Savings and Loans
- Kogi State Savings & Loans
- Jigawa Savings & Loans
- City-Code Savings & Loans
- Accord Savings & Loans
- Adamawa Savings & Loans
- Trans-Atlantic Mortgages Limited
Category of banking licence for banks in Nigeria
According to the Central Bank of Nigeria (CBN), the aforementioned banks different category of licences, which are:
- commercial banking licence with international authorization,
- Commercial banking licence with national authorization
- Commercial banking licence with regional authorization
- Non-interest banking licence with national authorization
- Non-interest banking licence with regional authorization
- Merchant banking licence with national authorization
- financial holding companies
