9 Best Banks to Open Savings and Business Account in Nigeria

Are you looking for the best banks in Nigeria to open a bank account (current, savings, corporate, fixed-deposit, and domiciliary) with less charges for business, online transaction, and treasury bills as a civil servant, business owner, student, or trader?

If YES, this article is only what you need to read today.

The banking business is one of the most profitable businesses in Nigeria and the success of a bank depends on the quality of service they provide to their customers.

This post is about the top private and commercial banks in Nigeria (their functions).

You can open an account today for your personal and business purposes.

What is a Bank?

Banks are financial institutions that provide a variety of financial services and products, such as managing deposits, lending, managing valuables, currency exchange, venture banking, as well as act as an intermediary in financial transactions.

Individual consumers, corporations, and a variety of institutional customers are among the clients of these banks.

Bank Types in Nigeria

These are the banks operating in Nigeria:

  • Central Bank
  • Commercial Banks
  • Cooperative or Mutual Banks
  • Development Banks
  • Merchant Banks
  • Micro-finance Banks
  • Mortgage Banks
  • Non Interest Banks
  • Saving Banks

In this article, we shall focus on commercial banks.

What is a Commercial Bank?

Commercial banks are financial institutions which accept deposits from the public, and render financial services to make profit.

Financial services provided by commercial banks in Nigeria include accepting deposits, aiding foreign exchange transactions, serving as an agent of payment, providing loans, investment, savings, and financial advice.

These commercial banks licensed to operate by the Central Bank of Nigeria (CBN) have not only maintained a solid reputation locally in the banking industry, but also internationally.

While there are over 22 licensed commercial banks in Nigeria which possess international, national, or regional authorization, not all these financial institutions are equal.

Some are bigger and older, while other new generation banks are richer in terms of total assets and consolidation.

The rankings of the top banks in Nigeria right now are graded based on market value, brand esteem, the biggest banks by total assets, bank with the highest number of branches and ATM, customer relation level and fulfillment, services/networks stability, the number of customers they have, and their nationwide coverage.

Requirements to Open a Bank Account in Nigeria

These are the requirements and documents needed to open a bank account in Nigeria:

  • You must be above the age of 18 years old.
  • You must have a Valid ID card for verification (National ID, Voters Card or Passport).
  • You must have a Utility Bill for the previous 3 months.
  • Have a passport photograph.
  • Have a BVN (optional for the first time bank users).

Best Banks in Nigeria 2024

Here is the list of the best banks in Nigeria to open an account for savings and business:

9. First City Monument Bank (FCMB)

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.

Having successfully transformed into a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of our customers.

8. Polaris Bank

Polaris Bank was established by the Central Bank of Nigeria (CBN) on September 21, 2018, to offer commercial banking services to the Nigerian public.

The bank began services on the same day, having purchased the assets and assumed certain liabilities of the defunct Skye Bank.

With a footprint of over 350 branches across the country, Polaris Bank prides itself on delivering exceptional customer experience, leveraging best in class/state-of-the-art Information Communication Technology (ICT).

Polaris Bank is well positioned to deliver industry-defining products, services and platforms across all the key market segments of the Nigerian economy; serving a wide customer base in the public and private sector, including large and small corporate organizations, SMEs, professional groups and institutions.

The bank has correspondent banking relationships with notable players in the international financial service sector, largely to support its customers’ requirements for project and trade finance.

Polaris bank plays strongly in these areas:

  • Retail Banking
  • Commercial Banking
  • Corporate Banking
  • Investment Banking
  • International Operations and Trade Services
  • Treasury and Public Sector

Polaris cards offer you the convenience of global acceptance.

Being more than just a card, they deliver unprecedented benefits and opportunities, providing you with incredible purchasing power and financial flexibility.

Credit Cards

  • Visa Naira Classic Credit Card
  • Visa Naira Gold Credit Card
  • Visa Naira Platinum Credit Card
  • Visa Classic USD Credit Card
  • Visa Gold USD Credit Card
  • Visa Platinum USD Credit Card

Debit Cards

  • MasterCard Naira Debit Card
  • MasterCard Gold USD Debit
  • MasterCard Platinum Naira Debit
  • Verve Debit Card

Prepaid Cards

  • Xplorer
  • Verve Prepaid

7. Fidelity Bank

Fidelity Bank is a full-fledged commercial bank operating in Nigeria, with over 5 million customers who are serviced across its 250 business offices and various other digital banking channels.

Focused on select niche corporate banking sectors and Micro Small and Medium Enterprises (MSMEs), Fidelity Bank is rapidly implementing a digital based retail banking strategy which has resulted in an exponential growth in savings deposits over the last Six (6) years, with over 40% customer enrollment on the Bank’s flagship mobile/internet banking products.

Fidelity bank plays strongly in these areas:

  • Personal Banking
  • SME Banking
  • Digital Banking
  • Corporate Banking
  • Private Banking
  • Diaspora Banking
  • Agriculture and Export Banking

6. Keystone Bank

Keystone Bank is a full service commercial bank currently owned by Sigma Golf River Bank Consortium after being acquired from the Asset Management Corporation of Nigeria (AMCON) in 2017.

Keystone bank was granted banking license on August 5, 2011, by the Central Bank of Nigeria (CBN).

The bank has 157 branches and 10 cash offices spread across Nigeria; an insurance subsidiary – KBL Insurance Limited; a subsidiary in Sierra Leone – Keystone Bank (Sierra Leone) Limited; and another one in Liberia – Global Bank Liberia Limited.

The bank has met and exceeded all capital adequacy requirements of the CBN and assumed the deposit liabilities, certain other liabilities and assets of former Bank PHB Plc, following the revocation of the erstwhile bank’s operating license by the CBN.


  • Personal Savings Account
  • Personal Current Account
  • Quick Save Account
  • Quick Save Plus Account
  • Future Account
  • Evolve Account
  • Savings Account Extra
  • Paytime Account
  • Pink Account
  • NIDA
  • Domiciliary Account


  • *7111#
  • Keymobile
  • Cards Services
  • Internet Banking
  • International Money Transfer
  • Transaction Notification Services
  • ATM (Find Nearest ATM)
  • Oxygen Chat Banking
  • Keyserv Agency Banking
  • Merchant Services
  • Keystone Pay
  • Collections

Commercial Banking

  • Corporate Current Account
  • GrowBiz Account
  • Domiciliary Account
  • Dom Extra Account
  • Trade Finance
  • ActivCollect

SME Banking

  • GrowBiz Account
  • Corporate Current Account
  • Domiciliary Account
  • Domiciliary Extra Account
  • Asset Financing for MSMEs
  • Keystone School Support Loan
  • Savings Extra Account
  • Trade Finance
  • ActivCollect

Credit and Loans

  • Personal Loans
  • Auto Loan
  • Asset Finance
  • Device Financing

5. Stanbic IBTC Bank

Stanbic IBTC Bank offers current, savings, and domiciliary accounts, personal loans, vehicle and asset finance; MasterCard debit cards, Visa credit cards; home loans; internet banking; small and medium scale enterprise (SME) loans and *909#.

The bank caters for both individuals and businesses through carefully designed retail and business banking products.

Stanbic IBTC Bank has the best savings account in Nigeria and offers self-service channels powered by sophisticated technology to bring convenient banking to customers.

4. United Bank for Africa (UBA)

UBA has a large footprint across the globe operating in 20 African countries: Republique du Benin, Burkina Faso, Cameroun, Congo Brazzaville, Congo DRC, Cote d’lvoire, Gabon, Ghana, Guinea, Kenya, Liberia, Mali, Mozambique, Nigeria, Senegal, Sierra Leone, Tanzania, Tchad, Uganda and Zambia.

UBA Bank operates fully in the United Kingdom, the United States of America and with presence in France.

Today, the UBA is one of the largest financial services groups on the African continent.

The bank provides corporate, commercial, SME, consumer and personal (retail) banking services to over 25 million customers, served through diverse channels: over 1,000 business offices and customer touch points (2,669 ATMs, 87,223 POS, robust online banking and mobile banking, social media etc.).

UBA offers pension custody and related services.

3. Zenith Bank

Zenith Bank Plc was established in May 1990 and begun operations in July of the same year as a commercial bank.

Zenith Bank Plc currently has a shareholder base of about one million and is Nigeria’s biggest bank by tier-1 capital.

Headquartered in Lagos, Nigeria, Zenith Bank Plc has over 500 branches and business offices in prime commercial centres in all states of the federation and the Federal Capital Territory (FCT).

Zenith Bank also has subsidiaries in United Kingdom Ghana, Zenith Bank (Ghana) Limited; Sierra Leone, Zenith Bank (Sierra Leone) Limited; Gambia, Zenith Bank (Gambia) Limited.

Zenith Bank Plc blazed the trail in digital banking in Nigeria; scoring several firsts in the deployment of Information and Communication Technology (ICT) infrastructure to create innovative products that meet the needs of its teeming customers.

Zenith Bank Plc, founded by Jim Ovia in 1990, has since grown astronomically to become one of the leading financial institutions in Africa.

Zenith Bank Plc currently ranks as the 6th biggest bank in Africa.

The Bank grew its shareholder’s fund of ₦20million in 1990 to ₦704.50billion as at year end 2016.

Today, the Bank continues to thrive on the strong values, brand equity, corporate culture of professionalism and service excellence which are the foundations upon which the bank was built.

Zenith Bank’s core businesses include:

  • Corporate and Investment Banking
  • Commercial and Consumer Banking
  • Personal and Private Banking
  • Trade Services and Foreign Exchange
  • Treasury and Cash Management Services

Zenith Bank has clearly distinguished itself in the banking industry through superior service quality, unique customer experience, and sound financial indices.

With Zenith Bank, you can open an account easily without BVN.

2. First Bank of Nigeria

First Bank of Nigeria Limited (FirstBank) is the premier Bank in West Africa with its impact woven into the fabric of society.

The Bank, which has been sustaining its development-oriented services for over 125 years as the region’s foremost financial inclusion services provider, offers a comprehensive range of retail and corporate financial services through over 57,000 business outlets to over 17 million customer accounts.

FirstBank, being the oldest bank in Nigeria, has continued to build relationships and alliances with key sectors of the economy that have served as strategic building blocks for the well-being, growth and development of the country.

With its huge asset base and expansive branch network, as well as continuous reinvention, FirstBank is Nigeria’s safest banking franchise, maintaining market leadership on all fronts in the nation’s financial services industry.

1. Guaranty Trust Bank PLC

Guaranty Trust Bank Limited (GTBank) is a multinational financial institution that provides individuals, businesses, private and public institutions across Africa and the United Kingdom with a broad range of market-leading financial products and services.

Headquartered in Lagos, Nigeria and with subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone and the United Kingdom, GTBank currently employs over 12,000 professionals and has Total assets and Shareholders’ Funds of ₦4.057trillion and ₦661.1Billion respectively.

Guaranty Trust Bank Limited, as the No. 1 bank in Nigeria, constantly strives to create the best outcomes for their customers and communities.

GTBank has the fastest network and efficient online banking system in Nigeria.

The bank is also revolutionizing access to consumer loans with its first-of-its-kind digital lending product, Quick Credit, which gives individuals and small businesses instant, real-time access to loans anytime, anywhere.

Top 9 Banks in Nigeria

Here are the best banks in Nigeria to open an account with today:

  • Guaranty Trust Bank PLC
  • First Bank of Nigeria
  • Zenith Bank
  • United Bank for Africa (UBA)
  • Stanbic IBTC Bank
  • Keystone Bank
  • Fidelity Bank
  • Polaris Bank
  • First City Monument Bank (FCMB)

Which bank is best to bank with in Nigeria?

The best bank to save money in Nigeria is the Guaranty Trust Bank.

First Bank of Nigeria is the closest competition.


Choosing the right bank in Nigeria can be difficult because of the various competing options available today.

That’s why this post was written for you.

The banks listed in this post are the largest in terms of total assets, market capitalization, brand esteem, the total number of branches, the total number of ATMs, national reputation, and the total number of ATMs, history, stages of online banking, and customer satisfaction.

I spent several hours researching each bank on this list, so you can trust the integrity of the content.

Hope you enjoyed this article?

If you know any bank in Nigeria that is equally a good option or shouldn’t be on this list, please let us know in the comment section.

Tell us the bank and why it is excellent or bad for Nigerians.

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Saint Chinedu

My GOAL is to equip you with the right strategy and working information to improve your academic performance, financial situation, and health this month.


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