Top List of Banks in Nigeria
Nigeria has been widely regarded as an emerging economic powerhouse in Africa because of its huge economic potential. Although most banks in Nigeria are currently going through a reformation period, most of them are still quite a good option for anyone looking for investment opportunities. According to McKinsey Global Institute's (MGI) report in June 2008, titled "Banking on Africa," the level of growth experienced can be attributed to an increase in disposable income, population growth, and expanding bank penetration.
For Nigeria to have such tremendous growth in the Banking industry, there have to be some banks making the moves. Here are some big banks in Nigeria.
AB is an entire commercial Bank operating through a network of about 367 branches located in main centers around Nigeria, Sub-Saharan Africa, and the United Kingdom. This is one of the largest financial institutions in Nigeria. It became a commercial bank in 1989 and has since focused on creating world-class banking solutions to support its customers and their businesses. The Central Bank of Nigeria regulates this bank.
The bank currently runs over 600 branches with more than 6700 workers on their payroll. Their total assets as of 2021 are NGN 9.01 trillion (USD 22 billion)
Zenith Bank is a significant financial service provider in Nigeria. The bank offers retail, corporate, investment, private, and asset management products and services. Zenith Bank has over 1.6 million customers and 436 branches.
Zenith Bank is among the banks that can give you access to various mobile banking channels, including mobile apps for Android and iOS. The app enables you to pay your DStv/GOtv subscription, ZOOZEE subscription, NETFLIX Subscription, and so much more with ease. The bank was founded in 1910, and since then, it has been doing very well. Its total assets as of 2021 are NGN 8.68 trillion (USD 21 billion)
Guaranty Trust Bank (GTBank)
Guaranty Trust Bank (GTBank) is a leading African Bank that offers Online Banking, Corporate Banking, Investment Banking, Retail Banking, and Asset Management services. GTBank also has an Insurance arm and Private Equity & Investment advisory arm. GTBank headquarters is situated in Victoria Island Lagos, Nigeria.
GTBank was the first bank to adopt an organized approach to retail banking, proffering innovative products and an unparalleled service culture to individuals and SME businesses. With over 16 years of sustainable operations, GTBank has positioned itself as an innovative organization dedicated to setting new standards in the Nigerian banking industry. The bank has 48 branches and 92 ATMs across Nigeria. It is currently having an asset of NGN 4.99 trillion (USD 12 billion)
First Bank of Nigeria (FBN Holdings)
The First Bank of Nigeria Holdings Plc or FBN is a large financial services provider in Nigeria and West Africa, headquartered in Lagos. It was established in 1894 and acquired by Sani Bello. Following a series of acquisitions during the early 1900s, it evolved into the First Bank of Nigeria Plc, which remains the flagship company of the Group.
It provides universal financial services to individuals, Small & Medium Enterprises (SMEs), corporates, public and development institutions. The bank also engages in trustee & investment management, stockbroking, and a host of other banking products and services.
FBN Holdings has a network of 818 branches with over 300 ATMs all over Nigeria. Tits total asset as of 2020 was at NGN 7.84 trillion ( USD 19 billion)
Ecobank Nigeria is a highly respected and one of the longest established banks in the country. Its mission is to consistently outperform its peers by providing superior financial returns to our shareholders while adhering to world-class corporate governance standards, delivering exceptional service to all our stakeholders, and adding value to the communities we operate in.
Ecobank Nigeria currently offers its Corporate and Investment Banking, Commercial Banking, and Retail Banking clients a diversified range of tailor-made products. These include financial market services, trade finance, project finance, leasing, treasury services, cash management, debt capital markets, corporate advisory, and trust & agency services.
They have more than 600 branches since its establishment in 1986. Its current assets stand at NGN 1.99 trillion.
United Bank for Africa
United Bank for Africa (UBA) is among Africa's successful financial institutions managing offices in 19 African countries and 3 global financial centers. From a single country organization founded in 1948 in Nigeria, UBA has grown to become a financial services provider with up to 11 million customers.
The company offers services like Retail Banking, Corporate Banking, and Insurance. It provides a range of banking and insurance products and services to customer segments ranging from individuals, small and medium enterprises, multinationals, and other corporate entities to governments and their agencies.
Currently, it has over 1000 branches and 1700 ATMs within and outside the country. Its assets are at NGN 7.89 trillion.
Fidelity Bank Plc, commonly known as Fidelity Bank, is a commercial bank in Nigeria. It is licensed by the Central Bank of Nigeria, the Central Bank, and the National banking regulator. Fidelity Bank offers Online/Internet Banking, Retail Banking, Corporate Banking, Investment Banking, and Asset Management services. Since its establishment in 1987, Fidelity Bank has opened over 250 business offices overseas with over 700 ATMs. it has an asset of NGN 2.89 trillion (USD 70 billion)
Stanbic IBTC Bank Ltd
Stanbic IBTC bank belongs to the Standard Bank Group, an Africa-based financial services group that focuses on emerging markets globally. It is driven by world-class knowledge and expertise to deliver an extensive range of solutions tailored to its clients' financial needs. The bank provides services in business and personal banking. Its personal banking services include current accounts and savings accounts. On the other hand, Its business banking services include corporate banking and commercial banking. Its total assets as of 2019 stand at NGN 2.75 trillion (USD 66 billion)
Which is the best bank in Nigeria?
Zenith Bank: it offers a wide array of exemplary services as compared to other banks. Its branches and innovations also give its clients an easy time and good experience when transacting or seeking further assistance from customer service.