Do you wish to know the best banks in Nigeria currently? If yes, then you are in the right place. In this article, we will be taking a look at the top 10 commercial banks in Nigeria you can trust. I therefore enjoin you to read painstakingly.
Banks are financial institutions licensed to provide financial services, as well as act as an intermediary in financial transactions. There are various type of Banks in Nigeria which are: Development banks, Mortgage banks, Saving banks, Merchant banks, and Commercial banks. For the purposes of this work, we shall focus on Commercial banks.
A commercial bank are financial institutions which accepts deposit from the public, and render financial services for the purpose of making profit. There are over 20 Commercial banks in Nigeria, some of which possess International, National, or Regional authorization. The financial services provided by these commercial banks in Nigeria include: Accepting deposits, aiding foreign exchange transactions, serving as an agent of payment, providing loans, investment, Savings, financial advice, and so on.
RECOMMENDED: Salary of bank workers in Nigeria
Top 11 Most Trusted & Best Commercial Banks In Nigeria
1. Guaranty Trust Bank (GTB): Guaranty trust bank popularly known as GTB was founded on the 17th of January, 1990, and became incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public. However, it’s operations commenced the following year; 1991. Since it’s operations, GTB has cemented it’s place as one of the best, respected and service focused banks in Nigeria, it’s trajectory excellence has also earned it banking license to operate in numerous countries outside Nigeria.
GTB offers a wide range of financial services to it’s customers, including but to limited to: Retail, corporate, asset management, investment banking, online and internet banking. GTB currently boasts of one of the best and fastest online banking system in Nigeria. It is also one of the most profitable and well managed financial institution in Nigeria. This is exemplified by it’s acquired asset of over 11.7 Trillion Naira and it being the Biggest bank in Nigeria by market capitalization.
In addition to it’s long list of achievement, GTB was recognized at the annual Euromoney awards for Excellence held at London in July 2019 as the best bank in Africa, and it was also adjudged as the best bank in Nigeria; a Laurel which it has won over 9 times.
Also see: Salary of lawyers in Nigeria 2022
2. United Bank for Africa PLC (UBA): United Bank for Africa otherwise known as UBA, is a leading pan African financial institution with headquarters in Lagos, Nigeria, and subsidiaries in over 21 African countries. UBA is therefore the largest bank in Nigeria, and as a matter of fact one of the largest in Africa.
UBA offers great financial services such as Wholesale banking, corporate banking, investment banking, trade finance, savings, consumer banking, mobile banking, and internet banking. It’s efficiency in Internet banking has seen it rightfully earn it’s place as the best commercial bank website in 2020. It’s proficiency in delivering quality bank services in Nigeria and beyond has also seen UBA being awarded by the Business day banks and other financial institution (BAFI) as the International bank of the year 2020.
3. Zenith Bank: Zenith Bank is one of the leading financial institutions in Nigeria, and it comes third on my list having distinguished itself in the Banking sector through quality service delivery, unique customer experience, and sound financial indices.
Zenith Bank is one of the richest banks in Nigeria, and it’s consistency in quality service delivery saw it clinch it’s place as the best Commercial bank in Nigeria 2019 according to Global Finance (magazine). More recently, Zenith Bank has been recognized as the most valuable banking brand in Nigeria 2020, and (People’s Choice) Bank of the decade at Thisday awards 2020.
RECOMMENDED: Differences between passive and active income
4. First Bank of Nigeria: First bank, the premier bank in West Africa and Nigeria’s leading financial service solution provider was established in 1894. As the name implies, it is indeed the First bank in Nigeria.
First bank is the most enduring financial service brand in Nigeria, and Africa as a whole; extending it’s footprints through subsidiaries in London, Paris, Ghana, amongst other countries.
First Bank offers a good financial service to customers inclusive of online and mobile banking service, and it was formerly rated as the best bank in Nigeria before it’s place was overthrown by Guaranty Trust Bank PLC.
5. Access Bank: Access Bank is presently one of the largest banks in Nigeria in terms of assets, loans, deposits, and branch network. It is instructive to note that it’s merger with Diamond bank on the 1st of April 2019, has now made Access bank one of the largest banks not only in Nigeria, but in Africa.
Access Bank serves it’s customers through 5 business segments: Institutional, Commercial, Retail banking, transaction services, and financial markets. Access Bank has enjoyed arguably the most successful banking trajectory growth in Nigeria over the last 10 years accumulating massive total asset, capital, and providing good services for it’s customers. This is the reason why it has earned it’s place in Top 5 Commercial banks in Nigeria.
Also see: Most lucrative areas of law
6. Fidelity Bank: Fidelity Bank Plc originally began operations in 1988 as a merchant bank, however in 1999 it converted to a commercial bank securing it’s Universal banking license in 2001 and International Banking license in 2011. Since it’s establishment and commencement of operation as a commercial bank, Fidelity has evolved into one of the best banks in Nigeria; well reputed for it’s financial stability, security, integrity, and efficient service delivery to customers.
Fidelity Bank offers a wide range of Financial services to customers, with a strategic focus on SME, niche corporate banking, digital and retail banking. It’s expertise in these areas has seen it Rank 4th best bank in the retail market.
Also see: Top 12 Richest doctors in Nigeria 2022
7. First City Monument Bank LTD: First City Monument Bank LTD widely known as FCMB was founded on the 20th of April 1982, making history as the first Bank in Nigeria to be established without Government or Foreign support.
FCMB offers full banking services in areas such as Retail banking, Corporate banking, Investment banking to small and large corporations, individuals, and Small and medium enterprises. In 2020, FCMB was awarded the best SME bank in Africa. It also received an award of Outstanding SME supporting bank of the year.
In addition, FCMB provides 24/7 online banking services for customers which allow them to access their FCMB account, manage their finance, contact customer care and service of the bank anywhere and anytime.
8. Ecobank: Ecobank is one of the oldest banks in Nigeria. It remains a leading pan African banking conglomerate with banking operations in 36 African countries.
Ecobank is one of the richest banks in Nigeria in terms of asset values based on the 2020 Q3 financial result of the bank which was approved by the Bank’s board of Directors on the 25th of November, 2020.
Ecobank in Nigeria focuses on providing retail, Corporate, wholesale, investment, and transaction services to it’s customers and it is one of the most preferred banks for salary earners in Nigeria.
9. Stanbic IBTC Bank PLC: Stanbic IBTC is a financial service holding company which boasts of 9 subsidiaries which diversify in Pension, Investment, Capital, Stock exchange, asset management, and banking. It’s Banking sector currently operates in 18 countries, and is Africa’s largest banking group by assets and earnings.
Stanbic IBTC offers unique digital banking services, and mobile application which makes use of Voice banking, provides insurance packages, electronic wallet for banking and investment opportunities. In 2018, Stanbic IBTC bank was adjudged the best investment bank in Nigeria.
Recommended: Best commercial courses to study in the university
10. Polaris Bank: Polaris bank formerly the defunct Skye bank is one of the new generation banks in Nigeria; having been established on 21st September, 2018 and commenced operations on the same day after purchasing the assets and liabilities of the defunct Skye bank.
Despite it’s relatively small time in operation, Polaris bank has earned a spot in the list of the best banks in Nigeria, thanks to it’s trajectory record in Customer service and exceptional customer experience.
11. Kuda Bank: Kuda is the first and fastest growing Electronic Banking System in Nigeria (with headquarters in London, United Kingdom). So far, its rate of growth is surpassing some of the major banks in Nigeria because it is very easy for citizens to use and understand. Kuda was established in 2015 by Babs Ogundeyi and Musty Mustapha. The back became more popular during the covid 19 period where people were forced to stay at home.
Currently, Kuda bank is the only mobile bank system that has been licensed by the Central Bank of Nigeria (CBN) and is worth over $500 million. This goes a long way to show how reliable the bank is.
It is however important to note that, one of the problems many Nigerians face with the bank is the inability to lay physical complaints (Unlike other banks in the country). Also, there is usually a delay when customers order to get a credit card from the bank. These are just some of the issues with the bank and the reasons why some people don’t use them yet. But trust me, Kuda is a great bank and i will recommend it for any student or person who loves making online transactions frequently.
Edeh Samuel Chukwuemeka ACMC, is a Law Student and a Certified Mediator/Conciliator in Nigeria. He is also a Developer with knowledge in HTML, CSS, JS, PHP and React Native. Samuel is bent on changing the legal profession by building Web and Mobile Apps that will make legal research a lot easier.