Last Updated on November 18, 2025 by admin
The banking sector in Nigeria plays a pivotal role in the country’s economic landscape, facilitating financial transactions, providing loans, and promoting savings among individuals and businesses alike.
With a diverse range of institutions, the 28 commercial banks in Nigeria offer a variety of services tailored to meet the needs of their customers
Choosing a bank in Nigeria can feel like picking a team. Your choice affects how easy it is to save, get paid, transfer money, or run your business. Having a full list of all 28 commercial banks in Nigeria in one place makes that choice easier.
This guide gives you an up to date list of the commercial banks currently licensed by the Central Bank of Nigeria (CBN), along with short, practical notes on each one. You will see the big names, the newer digital focused banks, and the niche players that many people overlook.
Bank licenses, names, and owners can change over time. Always double check the latest information on the official CBN website or the bank’s own site, especially before opening an account or moving large funds.
Read; How to buy Airtime and Data from Ecobank
What Is a Commercial Bank in Nigeria?
In simple terms, a commercial bank is a bank that is licensed by the CBN to:
- Take deposits from people, businesses, and government
- Give loans and overdrafts
- Offer payment services like transfers, cards, and ATM withdrawals
These are the regular banks you see with branches, ATMs, mobile apps, and internet banking. They serve students, salary earners, traders, SMEs, and large companies.
Commercial banks are different from:
- Merchant banks, which focus mainly on big corporate deals and investments
- Microfinance banks, which serve very small businesses and low income groups
- Fintech apps or wallets, which often sit on top of banks and do not hold a full banking license
Some commercial banks in Nigeria also run non interest banking. These banks do not charge or pay interest but still offer current accounts, savings, and other services under Islamic finance rules.
How Commercial Banks in Nigeria Are Regulated
The Central Bank of Nigeria is the main regulator of all commercial banks. The CBN:
- Gives licenses to new banks
- Sets rules on capital, risk, and customer protection
- Monitors banks to keep them safe and stable
- Can merge, recapitalize, or revoke a bank if needed to protect depositors
Because of this, the list of licensed banks can change. A bank might change its name, merge with another bank, or move from one license category to another. For any serious decision, such as large savings or business banking, always confirm the current list on the official CBN website.
Read: How to transfer money from ecobank & buy airtime and data
Breakdown of each requirement for different categories of banks in Nigeria
The primary requirement that differentiates the categories is the Minimum Paid-in Common Equity Capital. The CBN is requiring banks to meet these new thresholds by March 31, 2026.
1. Commercial Banks (Deposit Money Banks – DMBs)
Commercial banks are the most common type, engaging in retail banking (deposits, loans, financial services to the public). Their authorization level determines their operational scope.
That’s an excellent request. The requirements for banks in Nigeria, particularly the minimum capital base, have recently been significantly revised by the Central Bank of Nigeria (CBN) through a recapitalization program announced in March 2024.
The core requirements for the different categories of Commercial Banks and other key banking institutions are outlined below.
Breakdown of Key Banking Categories in Nigeria
The primary requirement that differentiates the categories is the Minimum Paid-in Common Equity Capital. The CBN is requiring banks to meet these new thresholds by March 31, 2026.
1. Commercial Banks (Deposit Money Banks – DMBs)
Commercial banks are the most common type, engaging in retail banking (deposits, loans, financial services to the public). Their authorization level determines their operational scope.
Note on Capital: For existing banks, the CBN only considers Paid-up Capital and Share Premium for this new minimum requirement, excluding retained earnings, reserves, and other funds previously counted in the Shareholders’ Fund.
2. Merchant Banks
Merchant banks focus on wholesale banking, corporate finance, and capital markets. They cannot offer retail banking services or accept retail deposits.
3. Non-Interest Banks (NIBs)
NIBs operate based on principles that forbid interest (riba), often following Sharia-compliant finance principles.
That’s an excellent request. The requirements for banks in Nigeria, particularly the minimum capital base, have recently been significantly revised by the Central Bank of Nigeria (CBN) through a recapitalization program announced in March 2024.
The core requirements for the different categories of Commercial Banks and other key banking institutions are outlined below.
Breakdown of Key Banking Categories in Nigeria
The primary requirement that differentiates the categories is the Minimum Paid-in Common Equity Capital. The CBN is requiring banks to meet these new thresholds by March 31, 2026.
1. Commercial Banks (Deposit Money Banks – DMBs)
Commercial banks are the most common type, engaging in retail banking (deposits, loans, financial services to the public). Their authorization level determines their operational scope.
Note on Capital: For existing banks, the CBN only considers Paid-up Capital and Share Premium for this new minimum requirement, excluding retained earnings, reserves, and other funds previously counted in the Shareholders’ Fund.
2. Merchant Banks
Merchant banks focus on wholesale banking, corporate finance, and capital markets. They cannot offer retail banking services or accept retail deposits.
3. Non-Interest Banks (NIBs)
NIBs operate based on principles that forbid interest (riba), often following Sharia-compliant finance principles.
4. Other Key Requirements Across All Categories
Beyond the minimum capital, all banks must satisfy continuous regulatory and operational requirements as set by the CBN and the Banks and Other Financial Institutions Act (BOFIA), which include:
Full List of All 28 Commercial Banks in Nigeria
The most up-to-date lists from the Central Bank of Nigeria (CBN) and financial institutions generally cite a varying number of commercial banks, often falling around 24 to 28, depending on how licenses (National, International, Regional) and recent corporate actions (mergers, acquisitions) are accounted for.
Based on recent listings from various sources, including regulatory bodies, here is a consolidated list of the institutions that generally constitute the Commercial Banks (Deposit Money Banks) in Nigeria.
List of Commercial Banks in Nigeria
