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Top 10 Best Banks in Nigeria (2020)

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Nigerian banks unwind financial services to benefit and satisfy their customers and even to attract more.

Today, there are 27 banks in Nigeria, and no doubt only a few are worthy to be called the best. Out of these banks, some banks have been in operation for years, there are new banks, rich banks with a lot of assets and consolidations, and banks struggling to survive.

However, the best banks in Nigeria are not only by what the banks have but also by the quality of service they offer their customers. Commercial banks have the duty of helping individuals in keeping their money safe, giving good interest rates, and providing other financial services.

These are the biggest banks by total assets, Market Capitalization, Brand esteem, Total number of branches, Total Number of ATM, National fame of the bank, History, Online banking stages, and Customer fulfillment.

There is a list of top banks in Nigeria in 2020 that is worthy of commendation for providing quality financial services in Nigeria.

1. Zenith Bank

Zenith bank is the current overall best bank in Nigeria. In May 2020, Zenith bank received an award from the Global Finance Magazine World’s Best Banks Awards 2020, as the current best bank in Nigeria. This award was based on the performances of the banks in Nigeria and proved that Zenith bank is doing well in both leadership and service.

Zenith bank officially started in 1990 and now has over 1.6 million customers in Nigeria. They have over 500 branches in Nigeria and over 7,000 employees. In addition to the normal banking services, Zenith bank offers SME banking and loans, investment banking, treasury, trade service, FOREX, among others.

They also don’t fail in their corporate social responsibility, Zenith bank build ICT centers in Universities, sponsor events, and give back to the community as often as possible. They have a net income of over of ₦157.14 billion.

2. Guaranty Trust Bank

Guaranty Trust Bank (GTB) also started in 1990 and has since grown to become one of the most profitable banks in Nigeria. With over 8 million customers and 5,000 employees, GT Bank provides retail, corporate, investment banking, asset management, and other financial services.

They have 231 branches, 18 e-branches, 17 Cash Centers, and more than 1165 ATMs in Nigeria. GT Bank is often used by youths because of its saving benefits and topnotch customer experience.

As one of the best banks in Nigeria, GTB has made a revenue of over ₦419.23 billion, and its net income in the year 2017 was ₦170.47 billion.

3. First Bank of Nigeria

First Bank of Nigeria which was established in 1894, was the premier bank in West Africa. It is one of the most popular and biggest banks in Nigeria because of its assets.

FirstBank has a large customer base of over 10 million, a net income of over ₦212 trillion, and over 790 branches in Nigeria. As a financial institution, FirstBank offers leading financial service to all customers.

In 2015, they received The Banker’s Magazine, Best Bank in Nigeria award. First Bank also opened a microfinance subsidiary to mainly focus on empowering SME and low-income individuals.

4. United Bank for Africa (UBA)

UBA is also one of the best banks in Nigeria. Established in 1948, UBA has made its way to the top through delivering top-notch services to customers in Nigeria. They provide one of the best customer services in the banking industry, in Nigeria.

UBA has over 500 branches across the country, and over 10 million customers. They have proven to be a reliable and trustworthy bank to save your money in.

UBA has fewer charges compared to new generation banks and has a net worth of over $13.2 billion in acquired assets.

5. Access Bank

Access Bank plc is a Nigerian multinational bank, owned by Access Bank Group. The bank was licensed by the Central Bank of Nigeria (CBN) in 1989 and became a privately owned commercial bank in 1989. It operates through four major areas, which include Personal Banking, Business Banking, Commercial Banking, and Corporate and Investment Banking.

In 2005, Access Bank acquired Marina Bank and Capital Bank (formerly commercial bank Crédit Lyonnais Nigeria) by merger while the institution also acquired the then Intercontinental Bank in 2012.

After this period, the Bank was growing at a faster pace, and in a bid to capture more percentage of the banking industry they merged with Diamond in 2019.

Having acquired and merged with the aforementioned banks, Access Bank was able to record a significant boost in the level of partnership, customers, revenue, profit, and even assets. The bank now has over 5 million customers, 10,000+ staffs, 300+ branches, 1,000+ ATMs etc.

6. Ecobank

Ecobank started operations in 1985, it is popularly known as The Pan African Bank. With over 9.6 million customers and ₦1.32 billion net income in assets acquired, Ecobank is one of the best and most profitable banks in Nigeria.

It has over 600 branches and offers good financial services including, loans, savings, retail banking, wholesale banking, corporate, transaction banking, treasury, and investment banking. Eco bank is mostly used by military and civil servants to open salary accounts and is one of the best banks in Nigeria.

7. Keystone Bank Limited

Keystone Bank is one of the new generation banks worth mentioning on this list. They offer banking services not only to large corporations, but to public institutions, SMEs and individuals.

Keystone Bank Limited was issued commercial banking license by the Central Bank of Nigeria (CBN). They also acquired Bank PHB after the CBN revoked their license, making this financial institution one of the largest financial services providers in Nigeria.

8. Polaris Bank

Polaris Bank is one of the largest Nigerian Banks with assets totaling about $4 billion. Based on customers reviews, they have proven to be among the top ten banks to open an account with in Nigeria.

Formerly Skye Bank, this financial institution is currently quoted on the Nigerian Stock Exchange (NSE) and have presence in other African countries such as Sierra Leone, the Republic of Guinea, Angola and Liberia.

9. Fidelity Bank

Fidelity is another reliable Nigerian bank that has come a long way in maintaining its reputation among Nigerians and in the banking industry. With over 2.5 million customers patronizing this bank, it is impossible to not notice them. What we know is that they are popular among market women.

This licensed bank was established in 1988 and has assets worth over $6.51 billion. Fidelity Bank has promoted the corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs). The increase in savings deposits over the last three years via their mobile and internet banking products, shows that their retail digital banking service is one of the best.

However, getting loans from banks (even the best banks) could be stressful and complicated, with large processing time. You can get loans without collateral or bureaucracy with Sycamore. They offer loans with a good repayment plan and a low-interest rate.

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