There are currently 20 commercial banks in Nigeria and they all have their pros and cons but out of the bunch, we’ve picked the top 4 banks in the country.
In no particular order, here are the top 4 banks in Nigeria:
Zenith Bank Plc is one of the biggest and most profitable banks in Nigeria and West Africa.
As of June 30, 2017, it had total assets of NGN 4.927 trillion (US$14.8 billion), loans of NGN 2.187 trillion and customer deposits of NGN 2.975 trillion. It employs approximately 7,000 people and serves over 1.6 million customers through more than 500 branches. In addition to Nigeria, the Bank has subsidiaries and offices in Gambia, Ghana, Sierra Leone, the United Kingdom, South Africa, China and Dubai (UAE). Zenith Bank’s main business lines include Retail and SME Banking, Corporate and Investment Banking, Private Banking, Trade Services, Foreign Exchange, Treasury and other financial services. The company was established in 1990 and started operations in the same year as a commercial bank. In 2004, it became a public limited company and was listed on the Nigerian Stock Exchange. Today it has a shareholder base of approximately one million. As of December 2018, Zenith Bank had a market capitalization of US$2.3 billion.
First Bank is the leading financial institution in Nigeria by assets and gross earnings.
With approximately 760 branches and more than 2,600 ATMs, it maintains the largest branch network in the banking industry in Nigeria. It also has subsidiaries in West African countries and the United Kingdom as well as representative offices in Johannesburg, Abu Dhabi and Beijing. FBN was named “The Best Bank Brand in Nigeria” in 2011, 2012, 2013, 2014 and 2015 by The Banker Magazine as well as the “Best Retail Bank in Nigeria” by The Asian Banker. First Bank of Nigeria operates as a subsidiary of FBN Holdings plc. FBN Holdings, the largest financial services group in Nigeria, operates through the following business units: Commercial Banking, Investment Banking and Asset Management, Insurance and Other financial services. FBN Holdings plc total assets amounted to N5.2 trillion as of December 2018.
The Central Bank of Nigeria granted Access Bank a commercial banking license in 1988. In 1989, it became a privately owned commercial bank. The bank operates through four major segments: Personal Banking, Business Banking, Commercial Banking, and Corporate and Investment Banking.
Access Bank currently employs 2,965 individuals and operates 317 branches in Nigeria, as well as two branches in the UK and a representative office in the Republic of China, UAE, India (Mumbai), and Lebanon (Beirut).
Last year, Access Bank acquired Diamond bank and also disclosed that it would raise additional capital of $250 million as it continues its merger deal with Diamond Bank Plc. At the end of 2018, Zenith bank’s assets were worth N5.5 trillion.
Guaranty Trust Bank (GTB) is one of the most profitable banks in Nigeria and Africa. It provides diversified financial services to more than 8 million retail customers through about 220 domestic branches, 44 e-branches and 1,165 ATMs nationwide.
It also has branches in the Gambia, Ghana, Cote d’Ivoire, Liberia, Sierra Leone, Rwanda, Uganda, Kenya and the United Kingdom. The company was established in January 1990 and commenced operations in February 1991. In 2007, it became the first African Bank to be listed on the London Stock Exchange. In 2014 & 2015, GTB was awarded the title of Best Bank in Nigeria by Euromoney and the Banker. It also was named the Best Banking Group in Nigeria by the World Finance Magazine.
By the end of 2018, GTB’s assets were worth N3.35 trillion.