Can you name the biggest banks in Nigeria? There are over 20 Banks operating within the country of Nigeria, which has been fully licensed by the Central Bank of Nigeria. Financial, mortgage, merchant, and non-interest banks are examples of such institutions.
Accordingly, it has resulted in a great deal of healthy competition among these financial institutions. This article will be based on information gathered by financial institutions and other financial outlets. The top ten banks in Nigeria, as well as their total assets, are listed below.
Ecobank was fully established by a group of African business leaders in 1985. It was brought into existence so as to provide much-needed financial services for ecologically sensitive regions of Africa. So its intent was majorly to promote sustainable economic growth in those sensitive regions of Africa.
Lome Togo is where the headquarter is located while the headquarters in Nigeria is situated in Lagos. Since its inception, the Ecobank has steadily grown and currently operates at more than 40 branches in over 36 African countries.
Paris in France, London, Dubai in the United Arab Emirates, and also Beijing in China are all its representative offices outside Africa.
2. Access Bank Plc
Total Assets: 9.05 Trillion Naira (3/2021)
Access Bank Plc was formerly known as Intercontinental Institutions. In 1988 the central bank of Nigeria fully licensed the bank and it became a privately owned commercial bank in 1989. Business Banking, Commercial Banking, Personal Banking, and Corporate and Investment Banking, are four major areas through which Access bank offers its service.
In 1989 it was owned and established by Acess Bank Group. The company became the largest service provider in Nigeria following its merging with Diamond Bank PLC on April 1, 2019.
3. Zenith Bank Plc
Total Assets: 8.68 Trillion Naira(3/2021)
Zenith Bank Plc is fully licensed by the Central Bank Of Nigeria. In May 1990 by Jim Ovia Zenith bank was founded and its headquarters is located at Zenith House in Lagos.
Private banking, foreign exchange, treasury, trade services, corporate and investment banking, online banking transactions, zenith mobile money that makes cashless payments possible with just the zenith smart card, all these are products and services offered by Zenith bank to its customers.
4. United Bank for Africa (UBA)
Total Assets: 7.89 Trillion Naira(3/2021)
United Bank for Africa (UBA) was formerly known as the British French Bank Limited (BFB) and is one of the oldest and most popular banks in Nigeria. It was founded in 1948. It became the first Nigerian bank to list its shares on the Nigerian Stock Exchange following its successful IPO in the year 1970.
United Bank for Africa serves more than 14 million customers and has more than 10,000 staff. Numerous awards both at the national and international level have been won by the bank due to its quality financial services.
5. First Bank of Nigeria Plc
Total Assets: 7.84Trillion Naira(3/2021)
In 1894, FirstBank was founded and became a public company in 1970 and in 1971 it joined the Nigerian Stock Exchange. The Bank is known as the country’s oldest bank but it still competes very well with the new generation banks as it relates to providing quality financial services to its customers.
As a result, it maintains its status as one of the biggest banks in Nigeria and has more than 8,000 staff, about 800 branches, and 10 million customers. Ussd banking, Corporate Banking, Public Sector Banking, and Comercial Banking are services provided by First Bank.
The UK, Abu Dhabi in United Arab Emirate, Beijing in China, and Johannesburg in South Africa are all bank subsidiaries.
6. Guaranty Trust Bank (GTB)
Total Assets: 4.99 Trillion Naira (3/2021)
In July 2019 during the Euromoney Awards for Excellence held in London, Guaranty Trust Bank was awarded as the “Best Bank In Africa”. A record was set also as it emerge as the “Best Bank in Nigeria” for the 9th time.
In 1990 Guaranty Trust Bank was established and in 2007 it held its IPO in London Stock Exchange and became the first bank in Africa to be listed on London Stock Exchange. Ranging from online/internet banking, Investment Banking, and asset management are all quality financial services offered by the bank.
GTB serves more than 8 million customers and has over 6,000 staff. It owns a branch in the UK and many other branches in the country.
7. Stanbic IBTC Bank
Total Assets: 2.9 Trillion Naira(3/2021)
Credit and debit cards, deposits, pensions, loans, and Investment are all financial services offered by Stanbic IBTC Banks.
Stanbic Bank is not as popular as some of its competitors are but their actions speak volumes. Stanbic Bank is referred to by many Nigeran as the “billionaires bank”.
In 1989 the bank started its operation in Nigeria and since then it has become an outstanding bank among other top banks in Nigeria.
8. Fidelity Bank Plc
Total Assets: 2.89 Trillion Naira(3/2021)
In 1988 the bank was established as a merchant bank and in 1999 it became a commercial bank and got licensed two years later. Fidelity Bank is known to be one of the best commercial banks in recent years.
In 2005 the Bank purchased FSB International Bank Plc (“FSB”) and Manny Bank Plc, so as to expand its client base and sales profit, and as a result of this single choice, the bank’s financial status was enhanced.
Retail and electronic banking, SMEs, and niche corporate banking are all services offered by the Bank. Fidelity Bank serves over 4 million customers across and beyond the nation.
Fidelity bank was recognized as the 7th most capitalized bank in Nigeria in the year 2011.
9. Union Bank Plc
Total Assets: 2.16 Trillion Naira(3/2021)
Union Bank Plc was established as Colonial Bank in 1917 and its current name was taken when it became a wholly-owned Nigerian entity, as well as to comply with the Companies and Allied Matters Act of 1990. Retail and commercial services to individuals, SMEs, and major corporations are all financial services provided by Union Bank
Union Bank has served over 4 million customers and employed more than 2,000 staff. Its subsidiary office is located in London in the UK and in Nigeria, its headquarter is in Lagos. It owns many other branches distributed around the nation.
10. First City Monument Bank (FCMB)
Total Assets: 2.04 Trillion Naira(3/2021)
FCMB began operations in Nigeria in 1982 and it’s known to be among the wealthiest banks in the Country. Its good relationship with customers and outstanding financial services is known to stand out from other Banks.
FCMB headquarters is located in Lagos and own numerous branches worldwide.