I remember bank in 2003 or 2004 when the CBN made it compulsory for bank capitals to be at least 25billion naira (consolidation thing). I really believe that was where the whole problem in the banking industry started. Don’t quote me wrong though it’s a good move by the then governor of the CBN but a whole lot more could have been done to protect the “smaller” banks that were actually doing better than the so called major banks. There were lots of mergers in the banking industry which to me gave birth to a whole lot of problems for the banks. For example intercontinental bank was made up of four banks! This included Equity bank, a bank that was doing better than its parent bank Intercontinental. My point basically is the major banks were favored but now look around how many of the merged banks are still standing? Sigh!
Anyway here Is the list of banks approved by the CBN
Access Bank took over former intercontinental bank, creating an expanded Access Bank, one of the largest four commercial banks with over 5.7 million customers, 309 branches and over 1,600 ATMS.
Yeah! I was as shocked as you are right now. It’s the same new York city’s citi bank, well it turns out they do have a subsidiary here in Nigeria.
Former universal bank which was incorporated around December 1990, with well over 200 branches across the country.
Do you know Eco bank has over 600 branches nationwide? You also know it was established as far back as 1986? Well now you know.
Fidelity began operations in 1988 and as since then grown to be the 7th most capitalized bank in Nigeria and 25th in Africa .
First Bank Of Nigeria
A bank that was founded in 1984, FirstBank is the oldest banks in the country. The bank won best bank in Nigeria for five years in a row (2011, 2012, 2013, 2014 and 2015).
First City Monument Bank (FCMB)
Established in 1977 but was granted banking license in 1983. I should say FCMB has the best Customer care or at least the branches have been to.
Guarantee Trust Bank
Let us forget their ridiculous charges for a moment and let us focus on how easy it is to operate your account at your convenience.
Apart from sponsoring the big brother Nigeria wedding they do have cool adverts. I am joking, Societe Generale Bank rebranded and became Heritage Bank in March 2013.
Owned by Asset Management Corporation of Nigeria (AMCON). Keystone got its operating license the same day the CBN revoked Bank Phb license (used to be my favorite) in 2011.
Branches have been closing around the country makes me feel sad because it used to be my favorite. It used to be PRUDENT Bank back in the days, it is made up of about five merged banks.
The largest bank in Africa based in south Africa .
Standard Chatered Bank
A British bank that has a subsidiary in Nigeria.
I have personal problem with them they could do better really.
United Bank Of Africa(UBA)
Still one of the strongest banks in Africa not just Nigeria
Probably as old as first bank confused why they have so many Decapitated buildings and it’s a really good bank
This is actually the richest bank in africa somehow I look down on zenith bank the IT dept of the bank is actually the best.