Top 10 Banks with Highest Branches in Nigeria

 

Nigeria has 26 commercial banks with a combined 4,437 branches across the country.

These deposit money banks operate as international, national or regional banks depending on the types of licence issued to them by Central Bank of Nigeria in line with the Banking and Other Financial Institutions Act (BOFIA) 2010.

No bank is authorized to carry out banking business in Nigeria except one licensed under any of the following categories:

• commercial banks,
• merchant banks, and
• specialised banks (this includes non-interest banks, mortgage banks, microfinance banks development banks)

A commercial bank may be licensed to operate as regional, national, or international bank in compliance with rules, regulations and guidelines on licensing, authorization, operation and conduct of business which CBN issues from time to time.

A bank with an international commercial banking licence is permitted to operate across 36 states of the country and the FCT,  and also outside Nigeria.

However, the foreign countries such bank chooses to extend its operations are subject to the approval of the CBN and regulatory authorities in the host country. The paid-up capital required for this level according to BOFIA is ₦50 billion.

A National commercial bank is licensed to operate across all the states of the federation including the FCT, and should have at least one branch in each state. BOFIA provides that any financial institution seeking to be licensed as national commercial bank shall have minimum of N25 billion initial paid-up capital.

Regional commercial bank licence allows the bank to operate in a minimum of 6 states and a maximum of 12 states with a paid-up capital of ₦10 billion.

In other words, the number of branches a bank has may be influenced by the type of licence it has. 

We have compiled the list of top 10 commercial banks with highest numbers of breaches in Nigeria  according to report by Intelpoint on the Nigerian Financial Market Service.

Top 10 Commercial Banks in Nigeria with the most Branches

• First Bank: 591
• Access Bank: 583
• UBA: 460
• Zenith Bank: 393
• Ecobank: 273
• Polaris Bank: 252
• Fidelity Bank: 244
• Union Bank: 240
• Guaranty Trust Bank: 235
• Unity Bank: 210

First Bank — 591

First Bank is bank with many firsts in Nigeria’s banking sector. Established in 1894, First Bank is the oldest bank in Nigeria, and has the highest number of branches across Nigeria.

First Bank boost of over N7.1 trillion in assets, N400 billion market cap, and N147 billion profit before tax.

The bank started operations in Lagos as Bank of British West Africa (BBWA) and later changed its name to First Bank of Nigeria Limited in 1979. It has since then established a total of 591 branches and still counting.

First Bank also has branches abroad including, United States, United Kingdom, China, United Arab Emirates, Gambia, Ghana, South Africa, Sierra Leone, DR Congo, France, and many more.

Access Bank — 583

Access Bank has the second highest number of branches in Nigeria. Access Bank currently has 583 branches across the country. The bank achieved this feat after acquiring Intercontinental Bank in January 2012, merger with Diamond Bank in April 2019.

Established in 1988, Access is licensed to operate in Nigeria and outside Nigeria

With 583 branches across the country, it is the second bank on the list of top 10 banks with the most branches in Nigeria.

As of 2022, the bank posted a profit before tax of N167.68 billion.

United Bank for Africa — 460

Licensed in 1961, UBA has jurisdiction to operate outside Nigeria. With 460 branches across Nigeria, it sits comfortably as the third bank with the most branches in the country. UBA operates in 20 African countries, and in UK, USA and UAE.

With UBA's AfriCash, you don't need dollar to send more to these 20 African countries.

UBA also ranks 6 bank in Nigeria, With market cap of N294.1 billion, UBA ranks 6 largest bank in Nigeria. The bank recorded a ₦200 billion profit before tax in 2022.