Nigeria’s banking sector has a long and evolving history. Some banks have been around since the early days of banking in the country and continue to operate today. These veteran banks have weathered economic storms and changes in regulations and technologies to stand solid as pillars of the nation’s financial system.
Here are the 10 oldest banks in Nigeria.
10. Polaris Bank (Founded 2006)
Year Opened: 2006
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
Polaris Bank was created from the merger of various banks within the old Skye Bank, which no longer operates. Polaris Bank took on its current name in 2018. Although a relatively new brand, the bank combines heritage institutions with origins as far back as 1989, like the prudent bank.
Polaris Bank operates a wide network of over 350 branches across Nigeria, offering services from digital banking to health insurance and pension management primarily tailored to the informal sector, SMEs, and rural communities across Nigeria.
Did You Know?
Polaris Bank recently launched an app called VULTe that allows cardless ATM withdrawals & payments.
9. Guaranty Trust Bank (GTBank) (Founded 1990)
Year Opened: 1990
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
GTBank started its operations in 1991 and has rapidly expanded to become one of Nigeria’s largest banks. Alongside growth, GTBank upholds strong corporate governance and service delivery standards.
Beyond high-volume retail banking, GTBank provides solutions for major corporate clients and public sector institutions. It regularly pioneers innovative platforms like Nigeria’s first fully biometric ATM and smartwatch banking apps.
Did You Know?
GTBank installed Nigeria’s first horizontally installed ATM machine, making it more user-friendly for wheelchair users.
8. Access Bank (Founded 1989)
Year Opened: 1989
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
Access Bank was established as a commercial bank in 1989. Following the industry consolidation of 2005, Access Bank undertook a series of strategic mergers and acquisitions to quickly expand its reach.
Today, Access Bank operates one of the largest retail customer bases in Nigeria. In line with its goal to be Africa’s gateway to the world, Access Bank continues growing both its domestic footprint and operations across the continent.
Did You Know?
Access Bank recently opened a full branch offering zero-touch digital banking services in Port Novo, Benin Republic.
7. Fidelity Bank (Founded 1987)
Year Opened: 1987
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
Started as a merchant bank in 1987, Fidelity Bank became a commercial bank in 1999. The bank has a strong presence across Nigeria’s rural communities, enabled by its extensive branch network and mobile banking solutions.
Fidelity Bank positions itself as digitally innovative – it adopted the use of Robotics & AI and also runs bank-wide initiatives on skills improvement and gender equality.
Did You Know?
Fidelity Bank funds a free e-library with over 60,000 books to promote education amongst rural youth.
6. Ecobank Nigeria (Founded 1985)
Year Opened: 1986
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
Ecobank Nigeria is part of the larger Ecobank Group, a leading pan-African banking conglomerate founded in 1985. As a key member of the group, Ecobank Nigeria has an extensive reach across Africa with operations in over 30 countries.
In fulfilling its positioning as a truly unified African bank, Ecobank provides digital services that allow convenient money transfers and wealth management across different African countries.
Did You Know?
Ecobank Nigeria introduced SMS notifications for all card transactions, an extra security feature uncommon before then.
5. Wema Bank (Founded 1969)
Year Opened: 1945
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
Wema Bank’s origins trace back to 1945 when it was founded as Agbonmagbe Bank Limited. It assumed the name Wema Bank in 1969. As the oldest surviving indigenous bank in Nigeria, Wema Bank is recognized for driving financial inclusion.
In recent years, Wema Bank has accelerated its digital banking capabilities. Initiatives like ALAT, Nigeria’s first fully digital bank, reinforce its industry leadership in driving digital transformation.
Did You Know?
Wema Bank designed and launched Nigeria’s first fully biometric ATM machine for better security.
4. ASO Savings and Loans (Founded 1955)
Year Opened: 1955
Location: Lagos
Still Operating: Yes
Photo Source: Pitchbook
Founded in 1955 as a small thrift society in the Agege community in Lagos, it was incorporated as Agege Savings and Loans Limited. It later assumed the name ASO Savings & Loans.
Although its operations are relatively small-scale compared to commercial banks, ASO Savings & Loans has maintained decent liquidity levels through economic changes. It specializes in mortgages and SME loans and continues to focus on community banking.
Did You Know?
ASO Savings and Loans has given out over 100,000 microloans to small entrepreneurs across five states since 2015.
3. United Bank for Africa (UBA) (Founded 1949)
Year Opened: 1949
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
British and French Bank Limited, the forerunner to UBA, commenced operations in Nigeria in 1949. Following Nigeria’s independence, it was incorporated as United Bank for Africa in 1961.
Headquartered in Lagos, UBA has grown its network across Africa and globally through strategic acquisitions and the opening of subsidiaries. With a presence in over 20 African countries as well as in Europe, America, and Asia, it brands itself as ‘Africa’s Global Bank.’
Did You Know?
UBA became the first Sub-Saharan African company to launch Global Depository Receipts on an international stock exchange in 2021.
2. Union Bank of Nigeria (Founded 1917)
Year Opened: 1917
Location: Lagos
Still Operating: Yes
Photo Source: Medium
Established in 1917 as Colonial Bank, it was acquired by Barclays Bank in 1925 and renamed Barclays Bank (Dominion, Colonial, and Overseas). Following Nigeria’s independence, the bank was incorporated as Barclays Bank of Nigeria in 1969. It adopted the name Union Bank of Nigeria in 1979 to reflect its Nigerian identity after Barclays reduced its stake.
With over 300 branches, Union Bank serves individuals and businesses across Nigeria. It has played a key role in areas like agriculture financing and the adoption of technology, including computerization of operations.
Did You Know?
Union Bank discovered and began using computers for routine bank operations as early as 1959.
1. FirstBank (Founded 1894)
Year Opened: 1894
Location: Lagos
Still Operating: Yes
Photo Source: Wikimedia Commons
The story of modern banking in Nigeria starts with FirstBank. Founded in 1894 as the Bank of British West Africa, it was originally focused on financing foreign trade. It issued Nigeria’s first banknotes in the early 1900s. In 1965, Standard Bank acquired the bank and renamed it Standard Bank of West Africa. It adopted the First Bank of Nigeria name in 1979 and its current name, FirstBank, in 1991.
Over 128 years, FirstBank has built an extensive network of over 750 locations across Africa and pioneered innovative services like the first ATM and cash deposit ATM in Nigeria. It is Nigeria’s biggest bank by assets and deposits.
Did You Know?
FirstBank financed the first mining industry in Nigeria in 1915 by facilitating the shipment of coal from Enugu to the Port of Lagos.
Conclusion
These 10 oldest banks in Nigeria have long histories of building trust and relevance within Nigeria’s financial services industry today. Learning their history is the best place to start to learn about the history of financial history in Nigeria.
Being around for decades and even a century, these banks have funded many industries that helped the growth of the country.
