Top 10 Best Banks in Nigeria
Banking is one of Nigeria’s most profitable businesses, even though a bank’s success is determined by the quality of service given to customers. Today more than ever before, Nigerian banks are doing a great job. Nigeria banks are one of the top financial institutions in Africa.
However, before anyone can start a financial institution or a bank in Nigeria, it has to be licensed and regulated by the Central Bank of Nigeria. Nigeria currently has 21 commercial banks and 916 microfinance banks that are licensed. All of these banks allow transactions like loans, deposits, and withdrawals.
You’ve come to the right place if you’re seeking for information about the most reputable banks with the most locations, the best banks to work for, or the most successful banks.
Managing deposits, lending, managing valuables, exchanging currencies, and venture banking are just a few of the financial services and goods that banks offer. These banks’ clients include businesses, corporations, and a range of institutional institutions.
Top 10 Best Banks in Nigeria
You’ll find variables used in placing each of the banks when writing this article regarding bank ratings in Nigeria. These are the largest banks 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. In an ascending order, here are the top ten best banks in Nigeria right now.
1. Guaranty Trust Bank
Guaranty Trust Bank, popularly known as GTB is the best bank in Nigeria. The amazing thing is that this same bank, known as GT world app, takes the lead in all banking apps in Nigeria. The bank was founded in 1990, and since it was founded, its customers have kept increasing annually due to its exceptional customer service and amazing financial arrangement. In 2016, GTB received many international and national awards for solid administration in banking and finance. Today, the banks have over 12,000 employees nationwide and have shareholder support of 575.5 billion Naira and a total asset value of 41 trillion Naira.
2. First Bank of Nigeria
First Bank is the second-best Nigeria bank. First Bank of Nigeria is known for its customers’ exceptional and first-class services. The bank has been in existence for over 126 years and today has over 17 million customers in more than 44,000 different business locations in Nigeria. It is also the largest bank regarding gross earnings and deposits. The bank has over 16,000 employees and its total assets are currently N8.5 trillion.
3. Access Bank
Access Bank is the third best bank in Nigeria. The bank started as a corporate bank, but in 2012, gained business and individual banking licenses. Access Bank is not just the third-best bank; it is also one of the biggest banks in Nigeria regarding deposits, assets, and a number of branch networks. The bank is able to achieve this milestone due to its merging with Diamond Bank in April 2019. Access Bank is now a great financial administration supplier in the country with an asset of 7.15 billion naira and shareholders of $2.3 billion. The bank has over 7,500 employees and over one thousand branches in the country.
4. Zenith Bank
Zenith Bank is the fourth best Nigeria bank. The bank was founded in 1990 and is known for its exceptional services. Zenith bank customers keep increasing annually due to its exceptional service. In the world finance magazine, the bank is called the best banking group. The bank has over 10,000 employees, shareholder support of N575.6 billion, and total assets of 3.287 trillion.
Ecobank, which is also an old bank in Nigeria, is the fifth best bank in Nigeria. The financial institution was founded in 1989. The bank operates in retail, speculation, corporate, and exchanging banking administration to customers. In 2019, the bank made it known to the public that it moved from a total asset of N7.84 trillion to N8.22 trillion. The bank currently has over 14,000 employees and over 28 million customers. In the first quarter of 2022, the bank has a total asset of $436 million.
6. United Bank for Africa
United Bank for Africa, popularly known as UBA, is Nigeria’s sixth-best bank. It is a Pan-African financial group whose headquarters is in Nigeria with several branches in Nigeria and across Africa. It is one of Africa’s best banks located in 20 African nations and some locations like New York, London, and Paris. Over the years, UBA kept on integrating technology into their customer services and currently recorded an asset of N5.6 trillion. The bank currently has nothing less than 20,000 employees in all branches.
7. Union Bank
Union is the seventh best bank in Nigeria and is a commercial bank known for serving people and partnering with several financial institutions. Union bank is known for its exceptional and first-class services to customers. The bank now has over 5 million active customers in all branches worldwide. Union bank has N82.7 billion in total assets as of 2022 and shareholder support of N286 billion. The total number of Union bank employees is 4923.
8. Stanbic IBTC Bank
Stanbic IBTC (Investment Banking & Trust Company) is the eighth best bank in Nigeria. Stanbic IBTC financial institution has backups in pension, banking, and stock financiers. The bank has a subsidiary under Standard IBTC Banks called Stanbic IBTC Holdings. The headquarters of this bank is located in South Africa. Stanbic IBTC Banks is located in 20 African nations and 13 countries outside Africa. The bank’s current asset is N367.98 billion, and the bank also has 4,200 employees nationwide.
9. Fidelity Bank
Fidelity Bank is the ninth-best bank in Nigeria. It is a commercial bank that is authorized by the Central Bank of Nigeria. The bank is known for its expertise and exceptional customer service. The bank currently has 2,869 employees in the country, with a total asset of US$4.2 billion (NGN:1.4 trillion) and shareholder support of US$610 million (NGN:203 billion). Fidelity Bank currently has 5 million customer accounts, 4,346 POS, 240 branches, and 775 ATMs throughout Nigeria.
10. Sterling Bank
Sterling bank is the tenth best bank in Nigeria, whose service is divided into four categories. Sterling banks are known for commercial, retail, corporate, and consumer banking. The bank has several branches across the country, with headquarters in Lagos. Sterling bank has 179 branches throughout Nigeria, 847 ATMs, and 7,853 POS. Sterling bank has over 3,000 professional employees and 1 million customers.