Nigeria’s banking system is one of the largest and most active in Africa. It’s anchored by a mix of well-regulated commercial banks, fast-growing digital platforms, and institutions with strong regional and international links.
What’s the best bank in Nigeria for you? That depends on what you’re looking for. Some customers might prioritize wide branch coverage, while others may want mobile-first tools. And many might turn to banks with experience supporting cross-border payments.
It all comes down to how you bank.
Key takeaways
- Nigeria’s banking sector includes long-established commercial banks, regional institutions, and digital-only platforms.
- The best bank in Nigeria for you depends on the features that matter to you. For example, you might want a bank with a lot of branches or one offering a strong digital experience.
- Several major banks, such as Access Bank, First Bank of Nigeria, GT Bank, and UBA, provide broad national coverage and consistent digital platforms.
- If you support family or manage money between countries, services like Western Union offer additional ways to send money to Nigeria.
Comparing the best banks in Nigeria
| Bank name | Best for | Products | Special features |
| Access Bank | Full-service personal and business banking | Checking, savings, cards, loans, corporate banking, diaspora banking | Large branch network; regional presence across Africa |
| Fidelity Bank | Retail banking and small- and medium-sized enterprises (SMEs) | Checking, savings, loans, business accounts, diaspora banking | SME-focused services; digital banking tools |
| First Bank of Nigeria | Everyday banking with nationwide reach | Checking, savings, loans, cards, business banking, diaspora banking | Nigeria’s oldest bank; extensive branch/ATM network |
| FCMB (First City Monument Bank) | Personal banking and small businesses | Checking, savings, loans, mortgages, business services, diaspora banking | Range of consumer and SME products; digital account management |
| GT Bank (Guaranty Trust Bank) | Digital-forward personal banking | Checking, savings, cards, loans, business banking, diaspora banking | Noted for streamlined mobile and online platforms |
| Kuda Bank | Mobile-only banking | Checking, savings, budgeting tools | App-based, branchless model; low-fee structure |
| Stanbic IBTC Bank | Wealth management and corporate banking | Checking, savings, investments, loans, diaspora banking | Part of Standard Bank Group; investment and pension services |
| Sterling Bank | Consumer and commercial banking | Checking, savings, loans, business accounts, diaspora banking | Focus on digital channels and multi-sector services |
| United Bank for Africa (UBA) | Cross-border and regional banking | Checking, savings, loans, cards, business banking, diaspora banking | Operates in multiple African countries; international footprint |
| Zenith Bank | Personal and corporate banking | Checking, savings, cards, loans, business services, diaspora banking | Strong digital infrastructure; corporate banking capabilities |
Top banks in Nigeria
To help you decide which financial institution is right for you, here is a detailed breakdown of the top 10 banks in Nigeria, focusing on their core products, digital features, and ideal customer profiles.
1. Access Bank
Access Bank is a Nigerian commercial bank that has grown rapidly through both organic expansion and acquisitions. After merging with Diamond Bank in 2019, it became Nigeria’s largest bank by assets and serves more than 60 million customers across more than 20 countries.
The bank offers a broad suite of financial services, including checking and savings accounts, loans, cards, business banking, and digital banking platforms. It also offers a dedicated diaspora banking program, allowing Nigerians abroad to open savings, current, and domiciliary accounts remotely and access multi-currency options.
Strengths:
- Large customer base and extensive regional reach
- Full suite of personal, business, and corporate banking products
- Active expansion across Africa and internationally
Ideal for:
- Expats or global-minded customers who want access beyond Nigeria
- Businesses looking for a bank with regional network
- Customers who value scale and breadth of services
2. Fidelity Bank
Fidelity Bank is a commercial bank headquartered in Lagos with over 7 million customers and more than 250 business offices and digital channels. The bank has grown steadily in Nigeria’s digital-banking space.
Fidelity offers retail, small- and medium-sized enterprise (SME), and corporate banking services, featuring products such as savings and current accounts, loans, cards, and digital banking tools. It also offers diaspora banking services, providing non-resident Nigerians with access to savings, current, and domiciliary accounts.
Strengths:
- Large digital footprint and network of branches
- Focus on retail, SME, and corporate banking segments
- Strong growth in customer numbers and assets
Ideal for:
- Newcomers looking for a strong national network
- Small-business owners or SMEs needing supportive banking
- Students or consumers interested in accessible personal banking
3. First Bank of Nigeria
First Bank of Nigeria, established in 1894, is Nigeria’s oldest bank and one of West Africa’s longest-standing financial institutions. Its long history gives it a deeply embedded presence across Nigeria, with many branches, agent networks, and a wide reach.
The bank offers a wide portfolio of services, including savings and current accounts, loans, cards, mortgages, diaspora banking, and business banking. Its digital platforms (FirstMobile and FirstOnline) support everyday transactions, bill payments, and transfers.
Strengths:
- Deep local presence and historic brand recognition
- Diverse product offerings across retail and business banking
- Strong agent and branch networks for in-person banking
Ideal for:
- Individuals who value in-person branch access and legacy institutions
- Individuals maintaining financial ties between Nigeria and other countries
4. First City Monument Bank (FCMB)
First City Monument Bank (FCMB) is a full-service banking institution based in Lagos that also emphasizes digital banking and an overseas presence through a UK subsidiary. Founded in 1982 (as First City Merchant Bank) and rebranded in 2001, it was the first bank in Nigeria to be established without state or foreign support.
FCMB offers savings and current accounts, loans, cards, mortgages, diaspora banking, and business banking.
Strengths:
- Strong mix of retail, commercial, investment banking, and digital services
- UK linkage and broader financial-services group support
- Track record of innovation in SME and digital banking
Ideal for:
- SMEs and business owners seeking a bank with dedicated business services
- Individuals who want both digital tools and access to a traditional bank network
- Nigerians abroad maintaining accounts or investments in Nigeria
5. GT Bank
Guaranty Trust Bank (GT Bank) is a Nigerian-based multinational bank that operates in many African countries and the UK. Founded in 1990 and publicly listed in 1996, it pioneered multiple banking innovations in Nigeria, including early internet banking and global listings.
GT provides savings and current accounts, cards, loans, business banking, diaspora banking, and digital services, with its mobile app and internet banking platform widely used for everyday transactions.
Strengths:
- High-quality digital banking platform and innovative service offerings
- Strong international presence across Africa and beyond
- Credible brand in retail and corporate banking
Ideal for:
- Tech-savvy customers or expats comfortable with digital banking
- Businesses needing a bank with international reach
- Students or individuals looking for a modern banking experience
6. Kuda
Kuda is a digital-only bank often referred to as Nigeria’s first major “neobank.” Founded in 2019, it operates without physical branches and delivers checking, savings, budgeting, and payment tools entirely through its mobile app.
Kuda is licensed by the Central Bank of Nigeria (CBN) as a microfinance bank and uses a technology-first model aimed at reducing banking costs and simplifying everyday transactions.
Strengths:
- Fully app-based banking with no branch requirements
- Built-in budgeting, spending insights, and automated savings tools
- Low-fee structure supported by a digital-only model
Ideal for:
- Tech-forward customers comfortable with mobile banking
- Students or younger users seeking simple, low-cost accounts
- Individuals who prefer fast, app-based money management
7. Stanbic IBTC Bank
Stanbic IBTC Bank is part of Standard Bank Group, one of Africa’s largest financial institutions. Known for combining everyday banking with wealth management, pensions, and investment services, Stanbic IBTC holds a unique position in Nigeria as both a commercial bank and a major asset-management provider.
Stanbic IBTC offers personal banking, business banking, wealth management, pensions, and investment services through its multi-entity structure. Its digital platforms provide access to everyday transactions and broader financial tools.
Strengths:
- Access to banking, wealth, pensions, and investment products in one group
- Backed by Standard Bank Group’s continental network
- Strong digital platforms and branch availability
Ideal for:
- Professionals or expats needing both banking and investment services
- Customers who want long-term financial planning tools
- Businesses looking for corporate or commercial banking solutions
8. Sterling Bank
Sterling Bank is a Nigerian commercial bank founded in 1960, originally operating as NAL Bank before a series of mergers and restructuring. It focuses on personal, business, and commercial banking, along with an increasing push toward digital channels. Sterling is known for “The Alternative Bank” (its interest-free banking arm) and sector-focused initiatives in areas like agriculture, health, and energy.
Sterling Bank offers personal accounts, business accounts, loans, cards, diaspora banking, and digital banking services.
Strengths:
- Mix of personal, business, and commercial banking services
- Interest-free banking division (The Alternative Bank)
- Digital channels for everyday payments and account access
Ideal for:
- Customers comparing both conventional and interest-free banking options
- SMEs that may benefit from its sector-focused programs
- Individuals who use a mix of digital and in-branch services
9. United Bank for Africa (UBA)
United Bank for Africa is one of Nigeria’s oldest banks, with roots dating back to 1949. It operates in more than 20 African countries, as well as the US, UK, France, and the United Arab Emirates (UAE). UBA’s network gives customers access to regional and international banking, including multi-country account services, retail banking, business banking, and cross-border support.
Strengths:
- Large pan-African footprint with international offices
- Wide range of retail and business banking services
- Strong digital presence, including the UBA mobile app and Leo chatbot
Ideal for:
- Expats, cross-border workers, or individuals who travel frequently
- Businesses operating in multiple African markets
- Customers seeking a bank with broad regional coverage
10. Zenith Bank
Zenith Bank, established in 1990, is one of Nigeria’s largest commercial banks by tier-1 capital and customer volume. It offers checking and savings accounts, cards, loans, corporate banking, and digital services supported by an extensive network of branches and ATMs. Zenith’s online platforms and mobile app provide tools for transfers, bill payments, diaspora banking, and account management.
Strengths:
- Strong digital infrastructure and online banking tools
- Large national branch and ATM network
- Comprehensive personal and corporate banking services
Ideal for:
- Nigerians abroad who need non-resident or multi-currency account options
- Businesses requiring trade finance or corporate banking services
- Customers wanting both in-branch access and strong digital tools
How to choose the right bank in Nigeria
Deciding what is the best bank in Nigeria depends on how you plan to use your account. You might prefer banks prioritizing in-person service or lean more toward digital-first options. If you’re a newcomer from abroad or from the diaspora, you might look for reliable mobile apps and banks with experience supporting cross-border activity.
Whatever your banking preferences, it helps to compare fees, digital features, card options, and the availability of business or student accounts. If you send or receive money from outside Nigeria, reviewing tools like the USD-to-NGN exchange rate can help you get a sense for the value of your funds before choosing where to bank.
Send money abroad
Choosing the right bank in Nigeria gives you a solid foundation for managing your local finances, and many people pair their bank with additional options for sending money internationally.
Western Union offers another way to move funds across borders alongside your regular bank. You can use the app to send money or send money now when you need a reliable method for supporting family or covering expenses outside Nigeria.
FAQs
Expats generally look for broad digital access, clear account-opening requirements, and reliable customer support. Banks such as Access Bank, GT Bank, and Stanbic IBTC offer well-developed online platforms and nationwide branch coverage, making them practical options for newcomers.
Foreigners often choose banks that provide straightforward documentation processes and strong mobile banking tools. Access Bank and First Bank of Nigeria are commonly used because of their large network and familiarity to customers relocating from abroad.
Some Nigerian banks may allow non-residents to apply if they meet identification and compliance requirements, though eligibility varies by institution. Access Bank, UBA, and Zenith Bank offer options that may be available depending on documentation and regulatory guidelines.
Major banks, including Access Bank, First Bank of Nigeria, GT Bank, and UBA, provide international transfer services. Many people also use Western Union to send money internationally for added flexibility when sending funds abroad.
