The Top Commercial Banks in Nigeria

In the banking sector, it is typical for Nigerian banks to offer financial services to current clients and draw in new ones. Although the Central Bank of Nigeria (CBN) has granted these commercial banks operating authorization, they have managed to uphold a strong reputation domestically and abroad in the banking sector. You need to be certain of the sort of bank, such as commercial, microfinance, or even mortgage, to determine how many banks there are in Nigeria.

Even though there are 22 commercial banks in Nigeria with licenses, not all of them are created equal. Other new-generation banks are wealthier in total assets and consolidation, whereas some are larger and older.

Also, check out All You Need to Know about Internet Banking.

This article concentrates on the top 10 banks in Nigeria right now to inform you which bank is the most reputable and has the most branches throughout the nation. Annual bank ratings are released in Nigeria based on a few crucial elements.

These financial institutions are ranked according to their market value, brand recognition, size by total assets, number of branches and ATMs, customer satisfaction, and other factors.

What Nigerian bank would be the best to create a savings or current account with and deposit your hard-earned money in? Based on consumer consumption ratings, we will rank the top 10 commercial banks in Nigeria that you can rely on to protect your money regardless of your line of work.

Top Commercial Banks in Nigeria

Here is a list of the top 10 Commercial banks in Nigeria right now, starting with the bank with the lowest ranking:

• Polaris Bank
• Fidelity Bank
• Union Bank of Nigeria
• Access Bank Nigeria PLC
• United Bank For Africa
• Ecobank Nigeria
• First Bank of Nigeria
• Keystone Bank Limited
• Guaranty Trust Bank PLC
• Zenith Bank Nigeria

Polaris Bank

One of the biggest banks in Nigeria is Polaris Bank, which has $4 billion worth of assets. They have emerged as one of Nigeria’s top ten safest banks to open an account with, according to client ratings.

This financial company, formerly known as Skye Bank, is currently listed on the Nigerian Stock Exchange (NSE) and is present in several other African nations, including Sierra Leone, the Republic of Guinea, Gambia, Equatorial Guinea, and Liberia.

Fidelity Bank

Another trustworthy Nigerian bank that has made significant progress in upholding its standing with Nigerians and in the financial sector is Fidelity. It is impossible to miss them when over 2.5 million people use this bank. They are well-liked by market women, as far as we know.

Established in 1988, this registered bank has assets worth more than $6.51 billion. Fidelity Bank has promoted corporate banking and micro, small, and medium-sized business sectors (MSMEs).

Their retail digital banking offering is among the best, as seen by the rise in savings deposits made over the past three years using their mobile and online banking products.

Union Bank of Nigeria

One of Nigeria’s oldest commercial banks, Union Bank of Nigeria, was founded in 1917 as a premier financial institution to serve both large enterprises and small-to-medium-sized businesses. With a $6.8 billion asset base, Union Bank of Nigeria is one of the wealthiest banks in the nation and has earned the trust of Nigerians.

As a student or government employee in the nation, this bank is excellent for creating a savings account. Additionally, they provide their clients with low-interest financing options. They are one of the highest-paying banks in Nigeria.

With more than 400 Union Bank branches spread across every state in the nation, their ATM service is accessible at all periods.

Access Bank Nigeria PLC

Another customer-friendly Nigerian bank that ranks among the best in Access Bank. With the recent acquisition of Diamond bank PLC, they have grown even more powerful and are now among the few banks in Nigeria with the greatest customer base and among the safest.

With a rise of 1.537 trillion in just one year, Access Bank’s asset worth has increased to 8.680 trillion, making it the largest bank in Nigeria by assets. Due to this accomplishment, Access Bank is now Nigeria’s largest lender.

The Central Bank of Nigeria granted Access Bank Nigeria a license to conduct business as a financial institution, and it started operations in 1989. Shortly, the bank wants to pioneer the Nigerian banking sector. 

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United Bank for Africa

One of the top banks in Nigeria offering top-notch digital banking services is UBA. They provide some of the best customer services and will address your concerns until you are happy.

UBA is a reliable bank to keep your money in, with over 500 branches across the continent and 10 million customers in Nigeria. Compared to other new commercial banks, the bank’s fees are lower. In terms of assets acquired, UBA is also worth $13.2 billion.

This commercial bank has branches in other African nations such as Benin Republic, Burkina Faso, Ghana, Ivory Coast, Kenya, and Liberia.

Ecobank Nigeria

Another conventional commercial bank in Nigeria is Ecobank Nigeria, which has numerous locations nationwide. Both public officials and most military commanders prefer to open salary accounts with this bank.

With its corporate headquarters in Lome, Ecobank operates in 32 nations, such as Benin Republic, Cape Verde, Burundi, Chad, and Ghana but to mention a few.

This bank provides its clients with transactional, corporate, and retail banking services, wholesale and retail loans, savings, investments, debit and credit cards, and corporate banking services.

First Bank of Nigeria

In addition to being the nation’s oldest bank, First Bank is one of Nigeria’s top 10 finest banks with which to create a savings account. They are a significant business with assets of $21.3 billion.

Nigeria’s oldest bank is the First Bank, founded in 1894. First Bank has received the title of “The Best Bank Brand in Nigeria” from The Banker magazine of the Financial Times Group for five years (from 2011 to 2015).

Keystone Bank Limited

One of the modern banks worth mentioning on this list is Keystone Bank. They provide financial services to small and medium-sized businesses, individuals, government agencies, and large organizations.

The Central Bank of Nigeria granted a commercial banking license to Keystone Bank Limited (CBN). Additionally, they bought Bank PHB after the CBN issued their license, turning this financial institution into one of Nigeria’s biggest financial services providers.

Guaranty Trust Bank Plc

When it comes to customer service and banking, Guaranty Trust Bank, or GTBank, is the greatest bank in Nigeria right now. They have a solid reputation and are a customer-friendly bank. Reviews indicate that practically every Nigerian uses GTBank as their bank.

Given that this bank is one of the biggest financial institutions in all of West Africa and has a sizable customer base, it is difficult to imagine other players in the banking sector surpassing it with assets totaling $11.77 trillion.

Zenith Bank Nigeria

In the Top 1,000 World Bank rating for 2022, Zenith Bank PLC has the highest tier-one capital in Nigeria. Another reputable regulated commercial bank offering financial services in West Africa, as well as Nigeria, is Zenith Bank.

This organization, which was founded in 1990 and was listed on the Nigerian Stock Exchange (NSE), is also Nigeria’s largest bank by tier-1 capital, with shares valued at more than $2.79 billion.

Pension Management, Corporate and Investment Banking, Commercial and Consumer Banking, Personal and Private Banking, Trade Services and Foreign Exchange, and Treasury and Cash Management Services, among other financial services, are all offered by Zenith Bank.

They rank among the wealthiest banks in Nigeria thanks to their estimated $15.7 billion worth of assets.

Final Notes on Commercial Banks in Nigeria

Nigeria’s banking sector is never-growing over-growing arrivals joining the fierce competition. Those who can’t keep up with the rush bow out. Finding a bank that gives off a sense of security for one’s monetary assets and state-of-the-art customer service is very important.

Before you go, check out How to Borrow Money from Opay.