Best banks in Nigeria are recognized for their stability, innovation, and customer service.
Nigeria’s banking sector is one of the most vibrant and competitive in Africa, with numerous banks offering a wide range of financial products and services.
The top banks in Nigeria include Access Bank, Zenith Bank, Guaranty Trust Bank, First Bank of Nigeria, and United Bank for Africa (UBA).
These banks have a strong presence, with a network of branches across the country and innovative digital banking solutions.
They offer a range of financial services, including savings and current accounts, loans, mortgages, and investment opportunities.
They are also known for their customer-centric approach, ensuring that their services are tailored to meet the needs of their customers.
Nigerian banks have played a significant role in driving economic growth in the country. They have supported small and medium-sized enterprises, providing funding and financial advice to help them grow and expand.
Additionally, the Nigeria top banks have a strong reputation for financial stability, with a sound regulatory framework that ensures the safety and security of customers’ deposits.
In this article, we will explore the best banks in Nigeria, their services, and what makes them stand out in a competitive industry.
If you are looking to invest as an expat or high-net-worth individual, which is what I specialize in, you can email me (advice@adamfayed.com) or WhatsApp (+44-7393-450-837).
In general, we don’t suggest investing with banks. What is more, we do suggest people use international, non-Nigerian banks, where possible.
We also recommend that most wealthy locals and expats invest offshore despite this list, and we can help with that.
10 Best Banks In Nigeria
1. Zenith Bank
The Zenith Bank Plc is a major Nigerian and Anglophone West African financial services company.
The Central Bank of Nigeria, the country’s central bank, has approved it as a commercial bank.
The year 1990 saw the establishment of Zenith Bank. It has more than 1.6 million consumers and 7,000 staff, and it offers service to all of them.
The bank’s 500 branches, affiliates, and representative offices ensure its success. This bank operates branches in many African countries, including Ghana, the Gambia, South Africa, and Sierra Leone. The United Arab Emirates (UAE), the United Kingdom, and China.
It offers a variety of banking, investment, currency exchange, treasury, and trade services to its customers, as well as to the general public and small and medium-sized enterprises.
The 2021 Top 1000 Global Banks Ranking was released by The Banker Magazine, and Zenith Bank Plc was rated as the top bank in Nigeria by Tier-1 Capital. This ranking was used to determine which banks were the best in the world.
The bank has maintained its position as the top Tier-1 bank in Nigeria for the third year in a row.
With a Tier-1 Capital of $2.64 billion, the bank has emerged as the 454th bank internationally and is the only Nigerian bank to rank among the top 500 banks in the world. As such, it is one of the safest banks in Africa.
The ranking, which was based on the Tier-1 capital of banks throughout the world as of the end of the year 2020 and was published in the July 2021 issue of The Banker Magazine by the Financial Times Group in the United Kingdom, was determined.
In spite of a challenging macroeconomic environment that was made worse by the COVID-19 pandemic, Zenith Bank was able to improve its market share in both the retail and corporate sectors, which contributed to the bank’s strong financial performance for the year.
This was made possible by an increase of 8% in the bank’s non-interest income.
2. Guaranty Trust Bank (GT Bank)
On January 17, 1990, Guaranty Trust Bank, more often referred to as GTB, was established. That same day, the bank got formed as a limited liability company and was granted a license to offer banking services to the general public in Nigeria.
Yet, it wasn’t until the following year, 1991, that it began actual business activities.
Since it began operations, GTB has solidified its position as one of the best, most respected, and customer-service-oriented banks in Nigeria. Additionally, as a result of its trajectory of excellence, the bank has been granted permission to conduct business in a number of countries other than Nigeria.
Nairobi is the location of the main office for this bank. It serves something in the neighborhood of 8 million clients and has close to 5000 staff.
This bank offers a variety of banking services, including retail banking, corporate banking, investment banking, internet banking, and asset management.
Guaranty Trust Bank, often known as GTBank, is now regarded as the most superior financial institution in Nigeria in terms of both customer care and banking practices.
According to reports, the majority of people in Nigeria prefer GTBank as their primary financial institution because of its trustworthy reputation, customer-friendly nature, and competitive pricing.
It also has a presence in a number of other South African nations in addition to the United Kingdom. It has a total of 220 domestic branches, 1165 ATMs, and 44 online branches.
Considering that this bank has a substantial client base and is one of the largest financial institutions in all of West Africa, it is difficult to envision other players in the banking industry topping it given that it has assets of $11.77 trillion.
3. Keystone Bank Limited
Keystone Bank is one of the most up-to-date financial institutions that deserves to be included on our list.
Nigeria is home to a commercial banking institution known as Keystone Bank Ltd. The Central Bank of Nigeria, which is Nigeria’s main banking regulator, has granted the bank a license, making it one of the commercial banks in the country.
Large organizations, governmental institutions, small to medium businesses (SMEs), and individual customers may all take use of the financial services provided by Keystone Bank. In Nigeria, the bank is a significant supplier of monetary and financial services.
On Friday, August 5, 2011, a commercial banking license was presented to Keystone Bank Limited by the Central Bank of Nigeria (CBN).
On the same day, the CBN took away Bank PHB’s permission to operate as a bank. The now-defunct Bank PHB was purchased in its entirety by Keystone Bank, which also took over part of the Bank PHB’s obligations.
On March 22, 2017, the Asset Management Corporation of Nigeria made the announcement that investors had purchased Keystone bank for the price of 25 billion naira ($81.5 million). It was purchased by a group comprised of Sigma Golf and Riverbank.
A former owner of the bank was the Asset Management Corporation of Nigeria (AMCON), which is an agency that is part of the Federal Government of Nigeria.
After being purchased from the Asset Management Company of Nigeria (AMCON) in March of 2017, the bank is now controlled by the Sigma Golf River Bank Consortium.
Small and medium-sized enterprises, as well as individuals and governmental bodies, may take use of the banking services offered by this financial institution.
Also, once the Central Bank of Nigeria (CBN) cancelled their license, they purchased Bank PHB, which allowed them to develop this financial institution into one of the largest suppliers of financial services in Nigeria.
4. First Bank of Nigeria
First Bank is not only the oldest bank in the country, but it is also regarded as one of the best banks in Nigeria for opening a savings account.
Their total assets amount to $21.3 billion, making them a big company.
In Lagos, Nigeria, you’ll find the headquarters of First Bank of Nigeria Ltd, a financial services provider and Nigerian multinational bank.
It was established in 1894, and for the last five years in a row, The Banker magazine, which is published by the Financial Times Group, has conferred upon it the distinction of “The Best Bank Brand in Nigeria” (2011, 2012, 2013, 2014 and 2015).
The year 1894 marks the establishment of this banking institution. The city of Lagos serves as the location of the company’s headquarters.
It is the most prestigious financial institution in West Africa. The First Bank of Nigeria Limited operates as a parent company, and its subsidiaries include:
- ‘FBN Bank’ in the Republic of Congo, The Gambia, Ghana, Guinea, Senegal, and Sierra-Leone;
- FBN Bank UK Limited in the United Kingdom, which has a branch in Paris; and
- First Bank Representative Office in Beijing, which aims to capture trade-related business between different geographical locations.
Moreover, First Bank runs First Pension Custodian Nigeria Ltd, which is widely regarded as the most reputable pension custodian in all of Nigeria.
Customers of the First Bank Group are served through a network that extends across Africa and includes more than 700 different business sites.
This financial institution is comprised of four primary strategic divisions, namely the Retail Banking, Corporate Banking, Commercial Banking, and Public Sector Banking departments.
First Bank has an expansive Agent Banking network, which spans the whole of Nigeria and includes more than 200,000 different sites, in order to further the cause of financial inclusion and communicate with those who do not use banks.
The bank focuses on retail banking and has over 18 million clients, making it the institution with the greatest customer base in West Africa.
The title of “Best Retail Bank in Nigeria” was bestowed to First Bank Nigeria by The Asian Banker for an unprecedented eight years running, from 2011 to 2018.
Almost 16,000 people are employed by First Bank Group, which is a multiple-time winner of the “Best Place to Work” award.
Until the installation of a non-operating Holding Company structure (FBN Holdings) in 2011/2012, it was previously organized as an operational holding company. This changed in 2011/2012.
FBN Holdings said that their profit before taxes increased by 45 percent for the half year that ended on June 30, 2022. This increase was compared to the same time period the previous year.
5. Ecobank Nigeria
Ecobank Nigeria is yet another well-established commercial bank that made it to this list of best banks in Nigeria. The bank has multiple branches in different cities and towns around the country.
Ecobank is one of the most established financial institutions in Nigeria. It continues to be the most important pan-African banking behemoth, with activities spread over 36 of the continent’s nations.
According to the quarterly financial result of the bank for the third quarter of 2020, which was authorized by the board of directors of the bank on the 25th of November, 2020, Ecobank is one of the best banks in Nigeria in terms of the value of its assets.
1986 was the year that the bank was established. It brings in a total of NGN506.17 billion in income. This financial institution was a branch of the multinational banking conglomerate Ecobank Transnational Inc.
Retail Banking, Treasury and Financial Institutions, and Wholesale Banking are the three primary divisions that it consists of.
This is the bank that the vast majority of military leaders and government officials would rather have their pay accounts opened with.
Ecobank has operations in 32 different countries, and its corporate headquarters are located in Lome.
This particular financial institution offers its customers a variety of banking services, including transactional, corporate, and retail banking, as well as wholesale and retail loan services, savings and investment services, debit and credit card services, and corporate banking services.
It is often regarded as one of the best banks in Nigeria for those who get a salary. This particular financial institution has close to 600 locations throughout the United States.
6. United Bank of Africa
UBA is widely regarded as one of the best banks in Nigeria and is well regarded for its superior digital banking services.
They provide some of the greatest customer service and will answer all of your problems until you are satisfied, making them one of the most reliable companies.
United Bank for Africa, often known as UBA, is a significant pan-African financial organization that has its headquarters in Lagos, Nigeria, with subsidiaries in over 21 countries around Africa.
Hence, the United Bank for Africa (UBA) is the most significant financial institution in Nigeria, and it is also one of the most significant in all of Africa.
The British and French Bank Limited was the original name given to this financial institution when it opened its doors for business in 1949.
It was the first company to ever be listed on the Nigerian stock market, which occurred in the year 1970. In addition to providing various types of financial services, they provide their products and assistance in the retail, commercial, and corporate markets.
UBA provides several excellent banking and financial services, including corporate banking, wholesale banking, investment banking, savings, trade financing, consumer banking, online banking, and mobile banking amongst others.
Since it is so effective at providing Internet banking services, it has justifiably earned the title of having the greatest website of any commercial bank in the year 2020.
Because of its expertise in providing high-quality banking services in Nigeria and worldwide, the Business Day Banks and Other Financial Institutions (BAFI) has recognized UBA as the International bank of the year for the year 2020.
With over 500 branches spread out over the continent and 10 million consumers in Nigeria alone, UBA is a dependable financial institution in which to save your money.
The fees charged by this bank are lower than those charged by other recently established commercial banks.
UBA is also estimated to be worth $13.2 billion when viewed in terms of the assets that it has acquired.
This financial institution has more than 14 million clients and 12 500 staff all around the globe.
This particular financial institution brings in a total of NGN222.78 billion each year while also posting a net income of NGN42.34 billion.
It operates a total of 1740 automated teller machines, 13500 point-of-sale terminals, and 1000 branches throughout Africa.
7. Access Bank
Access Bank is another customer-oriented Nigerian financial institution that is regarded as one of the best banks in Nigeria.
In the year 1988, the Central Bank of Nigeria issued a license to this bank, allowing it to engage in commercial banking activities.
They are now one of Nigeria’s most secure banks and have the largest client base thanks to their recent acquisition of Diamond Bank Plc, which has allowed them to become even more formidable.
Access Bank is now one of the major banks in Nigeria in terms of its assets, loan portfolio, deposit base, and total number of branch locations.
It is essential to note that as a result of the merger that took place between Access bank and Diamond bank on April 1, 2019, Access bank is now one of the major banks not just in Nigeria, but also in Africa.
Access Bank is currently the biggest bank in Nigeria based on assets, having grown by 1.537 trillion over the course of only one year to reach a total of 8.680 trillion.
As a result of this accomplishment, Access Bank is currently the biggest lender in Nigeria.
In 1989, Access Bank Nigeria received a license to operate as a financial institution from the Central Bank of Nigeria, allowing it to begin commercial activities.
The bank hopes to make waves in the Nigerian banking industry soon. This became clear when Access Bank merged with Diamond Bank and Intercontinental Bank.
The bank’s services include the institutional, commercial, retail, transaction, and financial markets sectors.
Throughout the last decade, Access Bank has amassed significant total assets, capital, and customer satisfaction ratings, making it one of the most successful banks in Nigeria. Because of this, it is now considered one of Nigeria’s top commercial banks.
This bank has 317 locations in Nigeria, a presence in the United Kingdom, and representative offices in China, the United Arab Emirates, India, and Lebanon, generating annual revenues of NGN381.32 billion and net income of NGN71.4 billion.
2.965 people are employed by this bank. The Access Bank network of automated teller machines is the largest in Nigeria.
8. Union Bank of Nigeria
The Union Bank of Nigeria is one of the oldest commercial banks in Nigeria. It was established in 1917 as a top financial organization to service major industries in addition to small and medium-sized businesses.
The previous name of this financial institution was the Colonial Bank. This financial institution is involved in consumer and business banking, as well as dealing with small and medium-sized businesses and large organizations.
Union Bank is recognized as one of the best banks in Nigeria thanks to its asset base of $6.8 billion. As a result, Nigerians place their trust in the institution.
This bank is a good option for opening a savings account, whether you are a student or work for the government in the country. In addition to that, they provide their customers the opportunity to get low-interest financing.
You may establish a checking account, savings account, or domiciliary account at any of the over 400 Union Bank branches distributed throughout all 50 states.
More than 2,700 people work for the company, which serves 4.3 million customers. There are 7,000 point-of-sale terminals and 950 automated teller machines in this bank’s 300 branches.
This financial institution had a profit of NGN13.18 billion last year on revenues of NGN157.57 billion.
9. Fidelity Bank
Fidelity is one of the best banks in Nigeria that has achieved tremendous headway in preserving its reputation among Nigerians and in the financial sphere.
When more than 2.5 million customers use this bank each year, it is hard to overlook them. The ladies who shop at the market like them quite a bit.
In 1988, Fidelity Bank Plc started out as a merchant bank; however, in 1999, it changed its business model and became a commercial bank.
The next year, in 2001, it obtained its universal banking license, and the following year, in 2011, it received its international banking license.
Fidelity has grown into one of Nigeria’s premier financial institutions since it first opened for business.
The bank has a solid reputation for reliability, safety, honesty, and the high quality of the services it provides to its clients.
The total value of this chartered bank’s holdings has risen to about $6.51 billion. The bank earns NGN9.73 billion annually after taking in NGN152 billion in yearly revenue.
Fidelity Bank has been an advocate for the MSMEs (micro, small, and medium-sized business communities).
Fidelity Bank provides a full suite of banking products and services, with an emphasis on small and medium-sized enterprises (SMEs), specialty corporate banking, digital banking, and retail banking. Because of its proficiency in these areas, it is now regarded as the fourth-best retail bank.
It is clear that their retail digital banking offering is among the finest since there has been an increase in the amount of savings deposits made over the course of the previous three years utilizing their mobile and online banking products.
Their online and mobile banking products have experienced an increase in the number of savings deposits placed over the previous three years, which is evidence that their retail digital banking service is among the finest available.
10. Polaris Bank
Polaris Bank is one of the most prominent financial institutions in Nigeria; its assets amount to more than $4 billion.
One of the newer generation of banks in Nigeria is Polaris Bank, which was once known as the defunct Skye Bank.
It is presently traded on the Nigerian Stock Exchange (NSE), and it operates in numerous other African countries, including Angola, Liberia, the Republic of Guinea, and Sierra Leone. The company is listed on the NSE.
After buying the assets and liabilities of the bankrupt Skye bank on the day that it was founded (the 21st of September, 2018), it immediately began doing business on that same day.
Polaris bank has won a position on the list of the best banks in Nigeria despite the fact that it has only been in existence for a very short period of time. This accomplishment is due to the bank’s excellent record in Customer care and great Customer experience.
Most of the banks listed above have digital banking services. If you are interested in digital banks in Nigeria, check out our article on Best Digital Banks in Nigeria by Fintechs and Traditional Banks and Best Digital Banks in Nigeria by Microfinance Banks.
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