Top 10 Best Commercial Banks in Nigeria

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We always go for the best options when told to make a choice. Making choices as per which commercial bank to go for is entirely up to you, Investors are free to investigate more.

best banks in nigeria

It is safe to note that in Nigeria, a lot of banks we have are being strengthened by the influence of a central monetary system – seen as the Central Bank of Nigeria.

And as such, the CBN is there to lay underlying policies that will prevent a lot of commercial banks or all of them from banking insolvency and monetary liquidation.

Banks are not just around to safeguard people’s funds and valuables they also serve as a strong link for which a functional economic system is being built upon.

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Best Rated Banks in Nigeria

Now, we move into a more focal part of the article where we are going to give you the list of top 10 commercial banks, in Nigeria. 

It is noteworthy that this list aims to represent the bank’s ranking following its total assets, customer reliability, and stable banking services.

Zenith Bank Plc

Zenith bank is a top licensed commercial bank that provides financial services ranging from foreign exchange to commercial and personal banking to pension management.

It was established in May 1990, in the United Kingdom, also has branches in different states in West Africa.

Zenith bank tops the list with assets valued at N5.898trn(2019) and with revenue of N331.59bn(2019). They have one of the best customer services, a user-friendly website that is easy to navigate.

Access Bank Plc

Access Bank is one of the fastest-growing domestic banks in Nigeria, with assets over N4.95trn (2019). They have been operating since 1989, and recently acquired Diamond bank which now makes it one of the banks with the largest customer base. Their customer services are also great, and they offer SMEs friendly loans.

Besides their banking services in Nigeria, they also offer their banking services with branches in the United Kingdom, Congo, Zambia, and Sierra Leone.

First Bank of Nigeria

First Bank is also considered to be one of the tops and high ranking banks and was the first banking institution established in the year 1894.

This makes them Nigeria’s oldest bank, also with total assets valued at N5.96trn (2019). Financial Times Group recognized them as the “Best Bank Brand in Nigeria” for five consecutive years.

Even though their customer service rating has declined over the years, but they still have one of the strictest policies and still hold their place as one of the most secure banks.

Initially called bank of West Africa, until the banking institution phased the name out and retaining the name; First Bank Of Nigeria Plc in 1979.

United Bank For Africa Plc

United Bank for Africa (UBA) has been operating since 1949, and it is one of Nigeria’s Longest-serving banks in banking history.

As one of the oldest working banks, they have a large customer base which includes a large number of pensioners and up to 600 branches. They boast an estimate of 7 million active users.

UBA is the first Pan-African Bank to launch an AI-led Virtual banking robot. Their Cost-to-Income Ratio is 63.9% (2018) compared to 58.0% in 2017.

UBA has acquired assets of up to N12.3b and is largely believed to have emanated from the Standard Trust Bank and Continental Trust Bank mutual partnership.

Guaranty Trust Bank

Guaranty Trust Bank holds its place as one of the top five banks in Nigeria. From their unaudited financials for September, they happen to be one of the most profitable and well managed financial institutions in Nigeria. With total assets at N3.52trn, we think they are one of the valuable banks to look out for.

Guarantee Trust Bank, shortened to GTbank or GTB has acquired an asset estimate of up to N11.77trillion (2019).

They operate in the 36 states across the nation and have a large number of staff members of up to 10,000 persons under their payroll.

Ecobank Nigeria

Ecobank has its banking services across a large width of the globe. With their branches in France, Angola, South Africa, they indeed are the definition of a pan-African bank.

They have a large staff member network of over 19,000 members and their assets are believed to be an estimate of N20.0billion as of 2019.

Fidelity Bank Plc

Fidelity bank, appearing on this list as one of Nigeria’s Top commercial banks; reliable and efficient.

Established in 1988 under fidelity Union Merchant limited. Fidelity bank carries out its banking operations with over 210 subsidiaries globally and a customer base of 2 million active bankers.

They have their assets toping in at N6.3billion in totality.

Union Bank Of Nigeria Plc

Union Bank Plc, equally an old name in the banking sector. They have been in the field for as long as a hundred years and counting.

Established in the year 1917 historically as Barclay’s Bank. Union Bank has broadened its reach in the Nigerian Banking market and having its branches and assets total in an estimate of N6.8 billion.

Skype Bank

Skype bank, formally known as prudent bank plc.  They began their banking operations since the year 1989 and has made its way across various banking sectors, and being among the top ten commercial banks on this list with the help of over 260 subsidiaries.

Their total assets are estimated to be an enormous N3.9billion.

 Diamond Bank Plc

Diamond bank remains one of the top contemporary banks in Nigeria and extending its services to foreign territories; Senegal, Ivory Coast and the Republic Of Benin.  Diamond bank bags in an estimate of N7.3Billion in assets.

How many banks in Nigeria currently?

List banks in Nigeria

At the moment, there are 26 banks in Nigeria licensed to operate in the banking sector by the Federal Government.

You can further sectionalize the banks into three groups namely:

  • Commercial banks (regional, national and international Authorization)
  • Non-interest banks
  • Merchant banks

List of commercial banks with International Authorization in Nigeria

Access Bank Plc
Fidelity Bank Plc
First City Monument Bank Plc
First Bank of Nigeria Limited
Guaranty Trust Bank Plc
Union Bank of Nigeria Plc
United Bank for Africa Plc
Zenith Bank Plc

List of commercial banks with National Authorization in Nigeria

Citi Bank Nigeria Limited
Ecobank Nigeria Plc
Heritage Banking Company Limited
Keystone Bank Limited
Polaris Bank Limited (then Skye Bank Plc)
Stanbic IBTC Bank Plc
Standard Chartered
Sterling Bank Plc
Unity Bank Plc
Wema Bank Plc

List of commercial banks with Regional Authorization in Nigeria

SunTrust Bank Nigeria Limited
Providus Bank Limited
List of non-interest banks in Nigeria
Jaiz Bank Plc

List of merchant banks in Nigeria

Coronation Merchant Bank

FBNQuestMerchant Bank

FSDH Merchant Bank
Rand Merchant Bank
Nova Merchant Bank

What do you think?