Which are the top 10 best banks in Nigeria?
If you want information about the most reliable bank with the highest number of branches, the best bank to work, the most profitable bank, then you’re in the right place.
Banks are financial establishments giving a wide range of financial solutions and administrations, including overseeing deposits, loaning, management of valuables, currency exchange, and venture banking.
These banks’ clients incorporate individual consumers, businesses, and numerous different kinds of institutional customers.
If you’re wondering how many banks are in Nigeria, there are more than enough.
That’s why this rundown of the top 10 best banks in Nigeria is assembled after intensive research on commercial banks in Nigeria today.
While drafting this article about bank ratings in Nigeria, the accompanying variables were utilized in positioning every one of the banks.
These are the biggest banks by total assets, Market Capitalization, Brand esteem, Total number of branches, Total Number of ATM, National fame of the bank, History, Online banking stages, and Customer fulfillment.
List of the Top Ten Best Nigerian Banks
Recorded beneath is the ranking of the ten best banks in Nigeria.
1. First Bank of Nigeria
First Bank of Nigeria Limited (FirstBank) is the best bank in Nigeria, and tops the list of the oldest Banks in Nigeria.
This is the definitely the best among all the banks in Nigeria due to its longevity, and first-class services.
For more than 126 years, it has been the Nation’s foremost financial incorporation administration supplier.
It offers a far-reaching scope of retail and corporate financial administrations through in excess of 44,000 business outlets to more than 17 million client accounts.
First bank greatest bank in Nigeria by total deposits and gross earnings.
It operates a wide network of more than 750 business areas across Africa, the United Kingdom, and delegate workplaces in Abu Dhabi, Beijing and Johannesburg set up to obtain exchange-related business between topographies.
The Nigerian banking business operates broadly, with a functioning client base of more than 10 million, and utilizes more than 7,000 staff.
FirstBank operates along with four key Strategic Business Units (SBUs) – Retail Banking, Corporate Banking, Commercial Banking, and Public Sector Banking.
As of December 2019, the Bank had assets totalling NGN5.2 trillion ($12.2B as indicated by 2017 exchange rates).
The Bank’s profit before tax for the end of the year finishing 31 December 2019 was roughly NGN10.2 billion.
FirstBank has been named “The Best Bank Brand in Nigeria” for five years straight – 2011, 2012, 2013, 2014 and 2015 – by The Banker magazine of the Financial Times Group.
2. Access Bank
Initially a corporate bank, the association gained individual and business banking license from Nigeria’s International Commercial bank in 2012.
Access Bank is directly one of the five biggest banks in Nigeria as far as assets, loans, deposits, and branch networks are concerned.
The merger of Access Bank and Diamond Bank on 1 April 2019 has made Access Bank the biggest bank in Africa.
At the end of its merger with Diamond Bank. Access Bank Plc, disclosed its new logo, flagging the initiation of another amplified banking institution.
Access Bank plc is an enormous financial-administrations supplier.
As of December 2019, the bank had the value of an asset in the abundance of NGN7.15 trillion and shareholders’ equity esteemed at roughly US$2.3 billion.
They have over a thousand branches all over Nigeria and furthermore utilizes more than 7,500 specialists.
3. Guaranty Trust Bank
Next on the list of top ten best banks in Nigeria is Guaranty Trust Bank Plc.
The bank was set up in 1990, on an establishment of greatness, demonstrable skill and best practices.
The bank’s reliable conveyance of innovative financial arrangements and excellent client support has empowered it to record yearly development in the number of customers and key financial files since the beginning.
In 2016, GTBank got a few national and international awards for product and administration development and sound corporate administratio.
For example, it was awarded the Best Banking Group by World Finance Magazine, The Most Innovative African Bank by The African Banker Magazine, and The Best Bank in Nigeria and Best Digital Bank in Africa by Euromoney Magazine.
The bank operates on a total asset value worth ₦3.287 Trillion Naira and a Shareholders support worth ₦575.6 Billion Naira and has more than 10,000 workers.
4. Zenith Bank
Zenith Bank is an enormous financial specialist co-op in Nigeria and Anglophone West Africa.
It is authorized as a commercial bank by the Central Bank of Nigeria, the national banking controller.
Starting on 31 December 2019, it holds ₦6.35 trillion in total assets, with shareholders’ equity of ₦616,353 million.
The company is registered on the Nigeria Stock Exchange and the London Stock Exchange.
Zenith Bank has in excess of 500 branches and business workplaces in all states and the Federal Capital Territory.
It has different backups in the United Kingdom, United Arab Emirates, Ghana, Sierra Leone, and The Gambia. The Bank additionally has an office in China.
The bank started financial activities in 1989.
It operates as a universal bank, giving wholesale, retail, corporate, speculation, and exchange banking administrations to its clients in the Nigerian market.
The Bank’s operations are divided mainly in 3 groups: (a) Retail Banking (b) Wholesale Banking and (c) Treasury and Financial Institutions.
Eco Bank likewise offers capital markets and many other banking administrations.
Ecobank Transnational Incorporated (ETI) on Tuesday, April 30, 2019, made public its 2019 first quarter (Q3) result, with total assets down to N7.84 trillion from N8.22 trillion during the same time last year.
Nonetheless, the association announced a profit after tax of N30.587 billion for the quarter (Q1), an expansion of 11 percent from N27.863 billion in Q1 2018.
Profit before tax likewise expanded from N33.9 billion in 2018, to N37.09 billion in 2019, resulting in an expansion of 12 percent.
A further breakdown of the financial foundation’s outcomes, which was discharged on the Nigerian Stock Exchange (NSE), demonstrated that gross earnings developed by 0.5 percent.
This means a jump to N199.448 billion from N198.615 billion in 2018, while income went marginally down from N142.157 billion out of 2018 to N140.446 billion.
More information can be found on their official Website at www.ecobank.com
6. United Bank for Africa
United Bank for Africa (UBA) Plc has also made it to this list of best banks in Nigeria.
It is a main pan-African financial administration group whose headquarters is located in Nigeria.
It is one of Africa’s best and most flexible banking Groups with activities in 20 African nations and workplaces in three worldwide financial locations: London, Paris, and New York.
The bank has kept on developing yearly and is clear through the numbers recorded toward the finish of 2019 with Total Assets worth N5.6 trillion, contrasted with N4.9 trillion, as at 2018FY (15.1% YoY development).
The bank likewise obtained Net Loans: N2.1 trillion which is a remarkable 20.2% YoY development in the advance book.
Client Deposits expanded to N3.8 trillion from N3.3 trillion as at 2018FY; speaking to 14.4% YoY development and Shareholders’ Funds of N 597.9 billion, a 19% YoY increment in contrast with the 2018 financial Year.
7. Union Bank
Union Bank is an enormous commercial bank, serving people, small and medium-sized companies, just as huge partnerships and associations.
In July 2009, it was appraised as the 556th biggest bank in the world and the fourteenth biggest bank in Africa.
As of December 31, 2019, the bank’s total assets value was assessed at NGN1.4 trillion.
The shareholders’ equity around then was assessed at NGN 286 billion (US$851 million).
The bank keeps up an immense network of interconnected branches in every single Nigerian state.
It has two completely owned bank auxiliaries; Union Bank UK in London, United Kingdom, and UBN Property Company Limited in Nigeria.
8. Stanbic IBTC Bank
Stanbic IBTC Holdings usually alluded to as Stanbic IBTC, is a financial services holding company in Nigeria with backups in banking, stock financier, pension, and trustee businesses.
Stanbic IBTC Holdings is a subsidiary under the Standard Bank Group, a financial administration located situated in South Africa.
Standard Bank is one of the best banks in Nigeria through assets and earnings activities in 20 African nations and 13 nations outside Africa.
As at December 2019, The total Revenues made by the Bank are worth over NGN 152.3 Billion with Total assets worth a huge NGN 1.42 Trillion, and the bank operates with a base Number of workers of 2,926.
9. Fidelity Bank
Fidelity Bank, otherwise called Fidelity Bank Plc., is a commercial bank in Nigeria.
It is authorized as a commercial bank with international authorization, by the Central Bank of Nigeria (CBN), the central bank and national banking authorities.
As of December 2017, Fidelity Bank Plc. had total assets evaluated at over US$4.2 billion (NGN:1.4 + trillion), and shareholders’ equity in an overabundance of US$610 million (NGN:203 billion).
The Bank serves its 4 + million clients through its different dissemination channels including 240 business workplaces, 775 ATMs, and 4,346 POSs.
10. Sterling Bank
As one of the best banks in Nigeria, their operations and services are divided into four categories:
Retail Banking, Consumer Banking, Commercial Banking, and Corporate Banking which covers a few parts including Telecommunications, Power and Steel, Food and Beverages among others.
The bank operates from The Head Office in 20 Marina, Lagos. In fact, they provide Kiakia loan services, to all qualified individuals.
It has a total of 179 branches the nation over with 7,853 POS terminals with a few vendors and 847 ATMs located all over Nigeria.
The banking industry in Nigeria is repeatedly undergoing changes as experienced by the likes of Access Bank and Polaris bank mergers, as a result of many factors.
So, it is therefore important to be aware of the best banks in Nigeria as these changes take hold in this digital finance market.
Different banks have their own unique services they offer to their customers and it is these factors that we’ve used in this bank rating post.