First Bank Review (2026): Nigeria's Oldest Bank — Is It Right for You?

First Bank of Nigeria is a national institution — literally the oldest bank in the country, founded in 1894, and one of its largest and most recognisable. For generations of Nigerians, it's the bank. But heritage alone doesn't make it the right bank for you in 2026. Here's an honest look at what First Bank does well, where it falls short, and who it suits.

Verdict: A solid, stable, full-service choice built on unmatched heritage and one of the widest branch and agent networks in Nigeria — strong if you value reach, tradition and a complete product range. If your priority is the lowest fees and the slickest app, a neobank may suit day-to-day money better; many people use both.

What First Bank does well

Heritage and stability. Founded in 1894, First Bank is the oldest bank in Nigeria and a tier-1 institution with deep roots and a long track record. Deposits are NDIC-insured up to ₦5m per depositor, per bank.
Enormous reach. One of the largest branch, ATM and agent-banking networks in the country — wherever you are in Nigeria, there's likely a First Bank touchpoint nearby. Its FirstMonie agent network extends banking deep into communities.
Full product range. Current and savings accounts, domiciliary (dollar) accounts, debit/credit cards, loans, and comprehensive corporate and business banking.
Digital and USSD. The FirstMobile app and internet banking, plus the *894# USSD code for transfers, airtime, bills and balance checks without data — invaluable across Nigeria.
Cards that work abroad for travel and international payments (subject to prevailing CBN card rules).

Where it falls short

Fees. As a big full-service bank, expect the usual account maintenance, card and transaction charges; a fintech is often cheaper for everyday transfers. See how to reduce bank charges to trim them.
Service at scale. A very large customer base can mean queues in-branch and slower support at peak times.
App experience. Capable and much improved, but many users still find dedicated neobank apps snappier for day-to-day use.

Who it's for

Good fit: anyone who values a big, stable, established bank with nationwide reach; people who want a domiciliary account, full corporate/business banking, or access to agent banking in less urban areas.
Maybe look elsewhere: if you mainly want fee-light, mobile-first day-to-day banking — compare a neobank, and remember you can hold both.

More than a century of heritage — why it matters

First Bank's founding in 1894 isn't just trivia — it shapes what the bank is today. Over more than a century, it has built:

Deep trust across generations. For many Nigerian families, First Bank has been the bank for decades — an institution woven into the country's financial history.
An enormous physical and agent footprint, built up over that long history, that newer banks simply can't replicate quickly.
Institutional resilience. Surviving well over a century of Nigeria's economic ups and downs speaks to a stability that matters when you're choosing where to keep your money.

Heritage doesn't automatically make a bank the best for your day-to-day needs — but for stability, reach and trust, First Bank's longevity is a genuine, tangible asset.

Accounts and products at a glance

First Bank offers the full range you'd expect from a tier-1 bank:

Savings accounts — for everyday saving, including options aimed at different customer groups (students, women, children, and more).
Current accounts — for individuals and businesses needing transactional banking.
Domiciliary accounts — to hold and transact in foreign currency.
Cards — debit and credit, including cards usable abroad (subject to CBN rules).
Loans — personal, business and asset finance.
Digital — the FirstMobile app, internet banking, and *894# USSD.

Match the account type to how you actually bank, and compare the specifics on our bank accounts page.

Tips for banking with First Bank

Use *894# for quick, data-free transactions, but guard your PIN fiercely and never share OTPs — see how to protect yourself from bank fraud.
Use the app and free in-app alerts rather than paid SMS where possible, to cut fees.
Leverage the agent network (FirstMonie) for deposits/withdrawals where branches are far.
Keep the right account type — a savings account (no maintenance fee) for saving, a current account only if you genuinely need one.

First Bank for businesses

First Bank has a long history serving Nigerian businesses, from small enterprises to large corporates. If you run a business, its strengths are its reach (useful for cash-handling and agent banking across locations), its full suite of business accounts and services, and its established relationships. As with personal banking, weigh those strengths against the fees, and compare business-account options — see how to open a business bank account.

Domiciliary accounts and international

If you need to hold or transact in dollars — for travel, dollar earnings, or international payments — First Bank offers domiciliary accounts, and its scale makes it a practical choice for foreign-currency needs. See the best domiciliary account to compare, and how to invest in dollars if your goal is a dollar hedge rather than just holding.

Is your money safe with First Bank?

Yes — First Bank is a tier-1 Nigerian bank with a very long track record, and deposits are NDIC-insured up to ₦5m per depositor, per bank. As with any bank, the insurance is per bank, so if you hold very large balances, spreading them across banks keeps more of your money within the insured limit. For how NDIC cover works, see is my money safe.

How to decide

Compare it on our bank accounts page against other tier-1 banks and fintechs — look at fees, features, and what matters for how you actually bank.
Consider your priorities — reach and tradition (First Bank's strengths) versus low fees and app polish (often a neobank's).
You can hold both — many Nigerians keep a big bank like First Bank for its reach, dom account and corporate services, and a neobank for cheap day-to-day transfers.

First Bank vs a neobank: which should you choose?

The honest answer for many Nigerians is both — but here's how they differ:

First Bank wins on reach, heritage, agent banking, dollar accounts, and full corporate/business services. It's the anchor bank you keep for stability and the things fintechs can't do.
A neobank — like Kuda or OPay — typically wins on lower fees, a slicker app, and fast day-to-day transfers.

A common, sensible setup is to keep First Bank as your main, stable, full-service bank (salary, dom account, business, agent access) and use a neobank for cheap everyday transfers. You don't have to choose one; using each for what it does best is often the smartest approach. Compare them side by side on our bank accounts page.

The bottom line

First Bank earns its place through heritage, stability and unmatched reach. It's a dependable, full-service bank that suits people who value a big, established institution with a branch or agent almost everywhere, plus dollar accounts and full business banking. Its trade-offs are the fees and service-at-scale that come with any large bank. If low fees and a slick app are your top priority, a neobank may serve your day-to-day money better — but for a stable, full-service anchor bank, First Bank remains one of Nigeria's safest and most far-reaching choices.

Frequently asked questions

Is First Bank safe? Yes — it's Nigeria's oldest bank (founded 1894), a tier-1 institution with a long track record, and deposits are NDIC-insured up to ₦5m per depositor. As with any bank, the insurance is per bank, so spread very large balances across banks to stay within the insured limit.

What is First Bank's USSD code? *894# — use it for transfers, airtime, bill payments and balance checks without data or internet. Keep your PIN private and never share it with anyone, including callers claiming to be from the bank.

Does First Bank offer domiciliary (dollar) accounts? Yes — First Bank offers domiciliary accounts for holding and transacting in foreign currency, useful for travel, dollar earnings and international payments. Its scale makes it a practical choice for foreign-currency banking.

Is First Bank good for everyday banking? It's a solid, full-service option with unmatched reach and agent banking, but as a big bank it carries the usual fees, and its app — while capable — may feel less slick than a dedicated neobank's. Many people pair First Bank (for reach and dom/business services) with a neobank (for cheap day-to-day transfers).

Is First Bank good for business? Yes — with a long history serving Nigerian businesses, a full suite of business accounts and services, and one of the widest branch and agent networks, First Bank is a strong choice for businesses, especially those needing cash handling or reach across multiple locations. Weigh its strengths against the fees, and compare business-account options.

How old is First Bank? First Bank of Nigeria was founded in 1894, making it the oldest bank in the country — over a century of operation that underpins its reputation for stability, trust and reach.

What can I do with First Bank's *894# code? Transfers, airtime top-ups, bill payments, and balance checks — all without data or internet, on any phone. It's ideal for quick, offline banking. Always keep your PIN private and never share OTPs, as your bank will never ask for them.

Educational review, not financial advice or an endorsement. Fees, features and rules change — confirm current terms with First Bank before opening an account.