Oldest Banks in Nigeria

By Osordi Ayomide

Do you know that prior to the advert of FinTech disruptors like OPAY, Palmpay and the likes, there are a few legendary institutions have survived decades of economic shifts, regulatory reforms, and history to remain standing?

Here are 5 of the longest-running banking heavyweights in Nigeria today:

 1. First Bank (Est. 1894)
The Grandfather of them all.
Originally known as the Bank of British West Africa (BBWA), First Bank holds the undisputed title of Nigeria’s oldest bank. With a history spanning three centuries and about 591 branches, it remains a massive force in the sector.
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2. Union Bank (Est. 1917)
The Centenarian.
Union Bank has solidly stood the test of time for over 100 years. With roughly 240 branches and both national and international licenses, it remains a key player in the industry.

3. Wema Bank (Est. 1945)
The Resilient Innovator.
Starting its journey as the modest Agbonmagbe Bank, it rebranded to Wema in 1969. Today, with over 300 branches, it combines a rich history with a strong modern digital footprint and the popular ALAT by Wema brand.

4. United Bank for Africa - UBA (Est. 1961)
The Independence Giant.
Licensed just a year after Nigeria gained independence, UBA took over from the British and French Bank Ltd (founded in 1948). Today, it is one of Africa’s biggest banking brands with over 460 branches in Nigeria alone.

5. Access Bank (Est. 1988)
The Modern Titan.
While younger than the others on this list, Access Bank earns its spot through sheer growth. Through aggressive mergers and acquisitions, it has become one of Nigeria’s largest and most profitable lenders, boasting about 583 branches nationwide.

 Which of these banks do you have an account with? Let us know in the comments!