In the banking sector, Nigerian banks typically provide financial services to existing customers and seek to attract new customers, there by gaining their way among the Top 10 Best Banks In Nigeria.
Although the Central-Bank-of-Nigeria (CBN) has licensed these commercial banks, they have managed to maintain a strong reputation both domestically and abroad in the banking industry.
You need to be sure of the type of bank, such as commercial, microfinance, or even mortgage, to determine the number of banks in Nigeria.
There are 24 licensed commercial banks in Nigeria, but not all are equally established.
Other new generation banks are richer in total assets and consolidation, while some are larger and older.
The annual bank ratings published in Nigeria are based on several key factors.
These financial institutions are ranked based on market value, brand awareness, size of total assets, number of branches and ATMs, customer satisfaction and other factors.
Which Nigerian bank would be most favorable for you to open a savings or checking account and deposit your hard earned money there?.
Using different reviews and experiences, we are going to list the top 10 banks in Nigeria that you can trust to save your money whether you are a government official, businessman or woman, students, merchants, etc.
List of top 10 Best Banks In Nigeria
1. ZenithBank Nigeria
In the World Bank Top 1,000 2022 ranking, Zenith Bank PLC was ranked as the best Tier 1 capital company in Nigeria.
A reputable regulated commercial bank providing financial services in West Africa and Nigeria.
Founded in 1990, Zenith Bank is listed on the Nigerian Stock Exchange (NSE) and is Nigeria’s largest bank by Tier 1 capital, with an equity stake of over US$2.79 billion.
Pension administration, corporate and investment banking, commercial and consumer banking, personal and private banking, trade services and foreign exchange, treasury and cash management services are just some of the financial services offered by Zenith Bank.
In addition to being one of Nigeria’s wealthiest banks, its total assets are estimated at around US$15.7 billion.
2. Guarantee trust bank (GTB)
When it comes to customer service and banking, Guarantee trust Bank, or GTBank, is currently the best bank in Nigeria.
They have a solid reputation and are a user-friendly bank and reviews show that most Nigerians use GTBank as their bank.
Given that this bank is one of the largest financial institutions in West Africa and has a large customer base, it is hard to imagine other players in the banking industry can surpass it with total assets amounted to 11.77 trillion USD.
3. KeyStone Bank Limited
One modern bank worth noting on this list is Keystone Bank.
They provide banking services to small Businesses as well as individuals and public institutions. The Central Bank of Nigeria (CBN) has granted a commercial banking license to Keystone Bank Limited . Moreover, after CBN suspended its license, it bought Bank PHB, making the financial institution one of the largest financial services providers in Nigeria.
4. First Bank Of Nigeria
In addition to being the oldest bank in the country, First Bank is also one of the top 10 banks in Nigeria to open a savings account.
It is a substantial company with $21.3 billion in assets.
Founded in 1894, it has been awarded the title of “Best Banking Brand in Nigeria” by The Banker magazine of the Financial Times Group for 5 consecutive years (2011, 2012, 2013, 2014 and 2015).
5. Ecobank Nigeria
Another commercial bank established in Nigeria is Ecobank Nigeria, which has multiple locations across the country.
Both civil servants and most military commanders prefer to open a salary account at this bank.
With its headquarters in Lomé, Ecobank is present in 32 countries.
This financial institution provides clients with transactional, corporate and retail banking services as well as wholesale and retail lending, savings, investments, debit and credit cards. and consumer banking services for businesses.
6. United Bank For Africa
UBA is one of the leading Nigerian banks providing top-notch digital banking services. They offer one of the best customer service and will address all your concerns until you are satisfied.
UBA is a trusted bank to keep your money, with over 500 locations across the continent and 10 million customers in Nigeria.
Compared with other new commercial banks, bank fees are lower. In terms of purchased assets, UBA is also valued at $13.2 billion.
7. Access Bank Plc
Another user-friendly Nigerian bank ranked among the best is Access Bank.
They have become even stronger since their recent acquisition of Diamond Bank Plc, making them one of the safest banks in Nigeria with the largest customer base.
With growth of #1,537 trillion in just one year, Access Bank now ranks as the largest bank in Nigeria by assets, with assets of #8,680 trillion.
With this achievement, Access Bank is now Nigeria’s largest lender.
The Central Bank of Nigeria has granted Access Bank Nigeria a license to operate as a financial institution, and it commenced operations in 1989.
The bank will soon be a pioneer in the financial sector of Nigeria. This was evident when Access Bank acquired both Diamond and Intercontinental Bank and merged them into itself.
Access Bank also has the largest number of ATMs in Nigeria.
8. Union Bank Of Nigeria
One of Nigeria’s oldest commercial banks, Union Bank of Nigeria was established in 1917 as a leading financial institution serving both large corporations and small and medium enterprises.
With an asset base of $6.8 billion, Union Bank is one of the wealthiest banks in the country and has earned the trust of Nigerians.
As a student or government employee in the country, this bank is great for setting up a savings account. They also offer low-interest financing services to their clients.
You can easily visit one of the more than 400 Union Bank branches in every state across the country and open a checking account, savings account or even a home account.
9. Fidelity Bank
Fidelity is another reputable Nigerian bank that has made significant progress in maintaining its reputation with the Nigerian people and in the financial industry.
Can’t miss when more than 2.5 million people use this bank. They are very popular with market grannies, as far as we know.
Founded in 1988, this registered bank now has assets worth more than $6.51 billion.
Fidelity Bank promotes corporate banking and the micro, small and medium enterprise (MSME) sector.
Their digital retail banking offering is one of the best, as evidenced by the amount of savings deposits made over the past three years using online banking products and their mobility has increased.
10. Polaris Bank Limited
One of the largest banks in Nigeria is Polaris Bank, which has assets of $4 billion or more.
They have become one of the ten safest banks in Nigeria to open an account, according to consumer testimonials.
This financial company, formerly known as Skye Bank, is currently listed on the Nigeria Stock Exchange (NSE) and operates in several other African countries including Sierra Leone, Republic of Guinea, Angola and Liberia.
CONCLUSION
The Nigerian banking industry is in constant change with some banks closing while others are opening new ones.
This means that it is very difficult to determine which bank is the safest and best to use.
The banks that stand out as being particularly safe and reliable in the country are the ones listed.
