The banking industry in nigeria has experienced tremendous growth over the years, with major industry players setting the trend for easy and convienient banking through the establishment of packages such as Internet and mobile banking, making it easy for customers to perform transactions any time of the day.
We have put together in no particular order, a review of the top 10 banks in Nigeria, using factors such as their global ranking, customer service delivery, and financial capacity.
Top 10 Best Banks in Nigeria
With total assets of over ₦ 10 trillion , Zenith Bank is the richest bank in Nigeria and number 1 on our top 10 list of banks in Nigeria. Established in 1990, this bank has customer deposits of over ₦7 trillion. With its Headquarters in Victoria Island, Lagos, zenith bank employs more than 3,900 people. It became a public limited company in July 2004. Zenith Bank is not only the largest bank in Nigeria, but it is also one of the biggest in Africa, With a global ranking of
293 out of the first 1000.
First Bank of Nigeria
Founded in the year 1894, FBN’s total assets are valued at ₦3.172 trillion (US$19.5 billion) as of March 31, 2015. The bank has been a national symbol for many years operating with dedication and a sense of customer service delivery and a such is number 3 on our list of top banks in Nigeria. Dedicated to meet customer needs and satisfaction the First Bank of Nigeria has positioned itself as a major player in the Nigeria banking industry. With a world ranking of 427th out of the first 1000 banks in the world.
With its Headquarters in Lagos, Access Bank has assets of around ₦8 trillion as of March 31, 2015. The bank has more than 300 branches nationwide. Access Bank was founded in the year 1989. Over the years, it has transformed from a little Nigerian bank into a world class African financial institution with global rating of 532 out of the first 1000 banks in the world.
Guaranty Trust Bank
Guaranty Trust Bank (GTBank) has assets worth ₦4.102 trillion as of 2015. It has shareholder funds of more than ₦200 billion. The bank employs more than 3,000 people and operates through a network of around 200 offices scattered around Nigeria. Guaranty Trust Bank’s bank and non-bank subsidiaries are spread across Anglophone West Africa and the UK. With gross earnings of over ₦242 billion and a global ranking of 415 out of the first 1000 banks worldwide GTB sits comfortable on the number 4 position of top 10 banks in Nigeria.
This first class service Nigerian bank is one of the 25 licensed commercial banks operating in Nigeria. It is a top service bank, with assets of around ₦1.519 trillion ($9.4 billion) as of December 31, 2013. Diamond Bank offers a full range of financial products and services to retail and corporate customers while operating with the best banking practices to ensure customer satisfaction.
Established in the year 1986, Ecobank is a commercial bank. It is a subsidiary of Ecobank Transnational Inc., a leading pan-African banking group with more than 1,150 branches scattered all over Africa. As of December 2011, Ecobank Nigeria controlled total assets valued over N1.32 trillion (US$8.1 billion), making it one of the top 10 largest banks in Nigeria.
Fidelity Bank Nigeria
Established in the year1988, the Fidelity Bank of Nigeria has assets of around ₦1.043 trillion (US$6.4 billion) as of March 31, 2014 and customer deposits of over ₦752.2 billion. Fidelity bank has grown to stand the test of time while still maintaining its commitment to delivering quality and professional financial services to its customers.
Union Bank of Nigeria
Union Bank of Nigeria was established in 1917. It has assets of around ₦1.049 trillion (US$6.784 billion) as of 2014 and is one of the richest banks in sub-Saharan Africa. It has more than 405 branches nationwide. Over the years union bank has kept its promise to meet customer demand and satisfaction by delivering top notch banking services.
First City Monument Bank
The First City Monument Bank (FCMB) is the flagship of the First City Group, one of the leading financial institutions in Nigeria. It is a universal bank with assets of around ₦814.2 billion as of May 25, 2015. FCMB is poised to meet customer demands by going extra length to make sure that customers get the best services available in the banking sector.
Sterling Bank Plc
Sterling Bank Plc is a fully operational commercial bank. It has assets of around ₦757 billion of December 2014 and offers a wide range of banking services to individuals, businesses, government agencies and non-profit organizations. With renewed commitment to delivering top quality service to meet customers demand and satisfaction.
There you have it, our list of the top 10 banks in Nigeria, feel free to let us know what you think.
In 2016 this has fallen to 10, with only two banks, Access Bank and Ecobank Nigeria, registering gains to their Tier 1 capital positions.