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List of Banks in Nigeria (2026): Commercial, Non-Interest, Merchant and Digital Banks
Nigeria’s banks went through a big recapitalisation in 2024–2026, when the Central Bank of Nigeria (CBN) raised the minimum capital every bank must hold. Here is who is who now — the big international banks, national and regional banks, Islamic (non-interest) banks, merchant banks and the digital apps millions of Nigerians use every day.
33banks confirmed by CBN as meeting the new capital rules (April 2026)
₦500bnminimum capital for an international licence
₦4.65trnnew capital banks raised in 2 years
🏦 What changed in 2026
In March 2024 the CBN told banks to raise much more capital by 31 March 2026: ₦500 billion for banks with an international licence, ₦200 billion for national banks, ₦50 billion for regional banks and merchant banks, and ₦20 billion for national non-interest banks. Banks sold new shares, merged or changed licence to meet the target.
On 1 April 2026 the CBN said 33 banks had met the new requirements. Union Bank, Keystone Bank and Polaris Bank were still under regulatory or court processes and raising money; the CBN said they remain open and customers do not need to withdraw their money.
✅
Is my money safe?
Your money in any licensed bank is also covered by the Nigeria Deposit Insurance Corporation (NDIC) up to its insurance limit if a bank ever fails. Use banks and apps that are licensed by the CBN.
🌍 Banks with an international licence
These are the biggest Nigerian banks, allowed to run branches and subsidiaries abroad.
Bank
Known for
Access Bank
Largest network, *901#, very many branches across Africa
Zenith Bank
*966#, strong corporate and retail banking
GTBank (Guaranty Trust)
*737#, popular app and online banking
First Bank of Nigeria
Oldest bank in Nigeria (1894), *894#
UBA (United Bank for Africa)
*919#, operates in 20+ African countries
Fidelity Bank
*770#
FCMB (First City Monument Bank)
*329#
🇳🇬 National banks
Bank
Notes
Stanbic IBTC
Part of Standard Bank Group
Ecobank Nigeria
*326#, pan-African group
Wema Bank
Owner of the ALAT digital bank, *945#
Sterling Bank
*822#
Standard Chartered Nigeria
International group
Citibank Nigeria
Mainly corporate customers
Globus Bank
Newer bank (2019)
Optimus Bank
Newer bank (2023)
PremiumTrust Bank
Newer bank (2021)
Providus Bank
Merging with Unity Bank (*7799#)
Union Bank
Recapitalisation in progress (*826#)
Keystone Bank
Recapitalisation in progress (*7111#)
Polaris Bank
Recapitalisation in progress (*833#)
📍 Regional banks
Regional banks can operate in a limited number of states: Parallex Bank, Signature Bank, SunTrust Bank, Alpha Morgan Bank, Nova Bank and Tatum Bank.
🌙 Non-interest (Islamic) banks
These banks follow non-interest (Sharia-compliant) principles but are open to everyone: Jaiz Bank, TAJ Bank, Lotus Bank and The Alternative Bank (formerly Sterling’s non-interest window).
💼 Merchant banks
Merchant banks serve companies and investors, not everyday savers: Coronation Merchant Bank, FSDH Merchant Bank, Greenwich Merchant Bank, Rand Merchant Bank and Quest Merchant Bank.
Many Nigerians now use mobile money apps for daily transfers and POS. Most are licensed as microfinance banks (MFBs) or payment service banks (PSBs):
🟢
OPay
Licensed mobile money operator; huge agent and POS network.
Mobile money
🟣
PalmPay
Licensed mobile money operator; transfers, bills and savings.
Mobile money
🔵
Moniepoint
Microfinance bank behind many POS agents and business accounts.
MFB
🟪
Kuda
App-only microfinance bank with free transfers.
MFB
🟠
MTN MoMo PSB
Payment service bank from MTN.
PSB
🔴
Airtel SmartCash PSB
Payment service bank from Airtel.
PSB
⚠️
Fake banking apps
Before you save money in any app, check that it is licensed by the CBN (look for “Licensed by the CBN” and its deposit insurance with NDIC). Fake “investment apps” promising high daily returns are not banks.
🤔 Which bank should I choose?
Many branches near you if you deal with cash: First Bank, UBA, Access, Zenith.
Best app and USSD if you live on your phone: GTBank, Access, Zenith, Kuda, OPay, Moniepoint.
Non-interest banking: Jaiz, TAJ, Lotus or The Alternative Bank.
Business account with POS: Moniepoint, OPay or your main bank’s business account.
Which bank do you use and why? · Have you moved from a big bank to an app like OPay or Moniepoint?
Frequently asked questions
How many banks are in Nigeria?
In April 2026 the CBN said 33 banks had met the new recapitalisation rules, with three more (Union, Keystone and Polaris) still completing the process. On top of these there are hundreds of microfinance banks and several payment service banks.
Which is the biggest bank in Nigeria?
Access Bank, Zenith Bank, First Bank, UBA and GTBank are the largest by assets and customers. All five hold international licences.
Is OPay a bank?
OPay is licensed by the CBN as a mobile money operator, not a commercial bank, but customer deposits are held with licensed banks and it is regulated by the CBN.
Is my money safe in Union, Keystone or Polaris Bank?
The CBN said in April 2026 that these banks remain fully operational and depositors do not need to panic or withdraw their money while their recapitalisation is completed.
Written by the askJBoss team from public information and our own research; last updated November 2026. Prices, dates and rules change — always confirm with the official source. Spotted something that has changed? Tell us in the comments.
