Best Banks In Nigeria – If you are looking for the best banks when it comes to most reliable and dependable, it might be difficult to place but you don’t need to worry too much as we got you covered.
In this article, we will be looking at some of the best banks in Nigeria and we will also be telling you why they are seen as the best banks.
We know that banks are financial institutions that provide variety of financial services and products like lending, managing deposit and valuables and currency exchange.
There are various types of banks in Nigeria like the Development banks, commercial banks, mortgage banks and merchant banks.
In this article, we will be talking about the commercial banks in Nigeria. Commercial banks are financial institutions that accept deposits from the public and also render financial services to the public (individual and firm) with the sole aim of making profit.
There are a lot of commercial banks in Nigeria and this is why we conducted thorough research so that we can come up with the best banks in Nigeria.
So without further hesitation, let’s proceed…
Best Banks In Nigeria
Guaranty Trust Bank (GTB)
This is one of the most popular banks in Nigeria and it was established on January 17, 1990 and it is a limited liability company that has the license to provide financial and banking services to the public.
Since GTB started its operation in 1991, it has grown to be one of the best banks in Nigeria and it has also earned license to operate in some countries outside Nigeria.
It has also reported annual growth in the number of customers and major financial files since its inception and this is as a result of the consistent delivery of innovative financial arrangements and sound client service.
GTB boasts of one of the best and fastest online banking system in Nigeria as it mobile app made the list of the top 10 best mobile apps in Nigeria.
It has received a lot of awards like the World Finance Magazine named it the Best Banking Group and Euromoney named it the Best Bank in Nigeria and Best Digital Bank in Africa.
This bank has a total asset value of N4.99 trillion and shareholder support of N575.6 billion and net income of N194.96 billion as of 2020/2021.
This is another wonderful bank and it was founded in 1990 on the principles of grandeur and best practices.
The bank has always reported an annual growth in the number of customers since its inception and this is as a result of consistent supply of innovative financial arrangements and sound client service.
It is one of the leading banks in Nigeria as it boasts of quality service delivery, excellent customer experience and sound financial indices.
It is also one of the richest banks in Nigeria and this has helped it render sound services to the public. The Global Finance Magazine placed it among the best commercial banks in Nigeria in 2019.
In 2020, it was recognized as the most valuable banking brand in Nigeria and the People’s Choice “Bank of the decade” at Thisday awards 2020.
it has a total asset value of N8.68 trillion as of 2021 and net income of 230.37 billion in 2020.
United Bank of Africa Plc (UBA)
This is popularly called UBA and it is one of the leading pan African banks with its headquarters in Lagos, Nigeria and has subsidiaries in over 21 African countries.
UBA was founded in 1948 and since then, it has grown to become one of the largest banks in Nigeria and also one of the largest in Africa.
The bank has been expanding over the years and in 2021, it numbers recorded total asset value of 7.89 trillion, shareholders’ funds of N597.9 billion and net income of 109.33 billion in 2020.
This bank offers excellent financial services like wholesale banking, investment banking, trade finance, mobile and internet banking, corporate banking, and consumer banking.
In 2020, it was among the best commercial banks website as a result of it efficient internet banking system. The bank was awarded the International bank of the year 2020 by the Business day bank and other financial institution (BAFI).
This is one of the largest banks in Nigeria when it comes to assets, loans, deposit and branch network. It merger with Diamond bank in April, 2019 made it one of the largest banks in Africa.
It was established in 1989 with its headquarter in Lagos and branch scattered across Nigeria. It has grown to become an enormous financial-administrations supplier.
The bank serves its customers through five business segments which are commercial, financial markets, retail banking, institutional and transaction services.
Over the last ten year, the bank has accumulated massive total asset, capital and also provided sound services to its customers.
At the end of 2021, Access Bank declared a total asset of N9.05 trillion and net income of N104.68 billion in 2020.
First Bank of Nigeria
This is the premier bank in West Africa and it is Nigeria’s leading financial service solution provider. The bank was established in 1894 and so it is the First bank in Nigeria just like the name implies.
It offers excellent financial services to customers and also online and mobile banking services. It provides a wide range of retail corporate financial services to its customers.
It is the first and largest bank in terms of total deposits and gross earnings.
First bank has a vast network of over 750 business areas that is spread across Africa, the United Kingdom and subsidiary offices in Beijing, Abu Dhabi and Johannesburg.
It offer services to customer through four main business segment under the Strategic Business Units (SBUs) and they are Retail banking, commercial banking, public sector banking and corporate banking.
As at December, 2021, it had a total asset value of N7.84 trillion and in the earnings before tax for that year was roughly N10.2 billion and N87.99 billion as net income in 2020.
The Banker Magazine of the Financial Times Group awarded First Bank as “the Best Bank Brand in Nigeria” for 2011, 2012, 2013, 2014 and 2015.
This is one of the leading banks in Nigeria and it was established in 1989. It is a leading pan African banking conglomerate operating in about 36 African countries.
This bank is one of the richest banks in Nigeria when it comes to total asset and it operates in three main business segments which are Retail Banking, Treasury and Financial Institutions and Wholesale Banking.
In April, 2019, the Ecobank Transitional Incorporated (ETI) revealed the Q3 results for the bank with its total asset value of N7.84 trillion.
It is one of the most preferred banks for salary earners in Nigeria.
Fidelity bank stared its operations in 1988 as a merchant bank and converted to a commercial bank in 1999 and securing its universal banking license in 2001 and International Banking license in 2011.
Since its conversion to a commercial bank, it has grown to become one of the biggest and best banks in Nigeria especially when it comes to financial stability, integrity, excellent customer service and security.
It offer a lot of financial services to customers and focuses more on retail banking, corporate banking, SME and digital banking.
It is ranked 4th in the best bank in the retail market.
The bank has a total asset of N4.23 trillion and shareholders’ equity of N203 billion.
This is one of the older and largest banks in Nigeria. It was established in 1917 as a colonial bank and adopted its name after it gained independence to become a Nigerian entity.
It offers retail and commercial services to individuals, corporations and SMEs. In 2009, it was appraised as the 556th biggest bank in the world and 14th biggest in Africa.
At the end of 2021, the bank had a total asset value of N2.16 trillion and shareholder’s equity of N 406 billion.
Union Bank has a lot of branches across Nigeria and it currently employs more than 2,400 individuals and serves 4.3 million customers through a network of 300 sales and service centres.
First City Monument Bank Ltd
This bank is popularly known as FCMB and it was established in April, 1982 and it became the first bank in Nigeria to be established without Government or foreign support.
The bank offer full banking and financial services in Retail banking, corporate banking and investment banking to individuals, large corporations and SMEs.
FCMB was awarded the best SME bank in Africa in 2020 and also received an award for Outstanding SME support bank of the year.
The bank provides online banking services for 24 hours in 7 days for customers which allows them to assess their account and contact customer care from anywhere and anytime.
Stanbic IBTC Bank Plc
This is a financial holding company that boasts of 9 subsidiaries which diversify in pension, investment, capital, asset management, banking and stock exchange. It is Africa’s largest banking group by asset and earnings.
In 2018, Stanbic IBTC bank was awarded the best investment bank in Nigeria and it provides insurance packages and electronic wallet for banking and investment opportunities.
This is one of the best banks in Nigeria and its operations and services are divided into four categories and they are: consumer banking, commercial banking, retail banking and corporate banking.
Sterling bank was established in 1960 with its head office at 20 Marina, Lagos and are known to provide quick loan services to qualified individuals.
Sterling bank has a total of 179 branches across Nigeria with 847 ATMs located all over Nigeria.
These banks we mentioned in this article are the best banks in Nigeria and from all we have said, you would see that they are sound and reliable in the services they render.
Regardless of the position they are being placed in this article, they are the best banks in Nigeria.