Are the top 10 Best Banks in Nigeria this year something you’re interested in? In addition to their competitive services, we are presenting you with the most recent list of the Top 10 Best Banks in Nigeria in 2022.
You’ve arrived at the right place if you’re seeking details on the most reputable banks with the most offices and locations, the best banks to work for, or the most successful banks.
Managing deposits, lending, managing valuables, exchanging currencies, and venture banking are just a few of the financial services and goods that these top 10 Best Banks in Nigeria offers. These banks’ clients include businesses, companies, and a range of institutional institutions.
Nigerian top 10 Best Banks had unraveled financial services for the advantage of their clients, to satiate them, and even to draw in new clients. There are currently more than 30 banks in Nigeria, but only a select few can legitimately claim to be the best. Out of these banks, some have been operating for many years, some are new, wealthy with plenty of assets and mergers, while yet others are still battling for survival.
This list of the top 10 Best Banks in Nigeria was created as a result of an in-depth study on the nation’s commercial banks. The best and the most profitable banks in Nigeria are measured not only by the total assets they own but also by the level of customer service that they provide.
These are the top 10 Best Banks in Nigeria based on total assets, market capitalization, brand recognition in the country and outside it, the total number of branches and ATMs stands, and national renown of the institution. History, phases or level of their online banking, and customer satisfaction, which is the most important.
Top 10 Best Banks In Nigeria (2022)
The table below shows the top 10 best banks in Nigeria, their names, market capitalization, numbers of branches in Nigeria, ATM stands, head office addresses, Founded Year, and Current CEO.
|Ranking||Name||Founded||Number of Branches||ATM||C.E.O||Market capitalization|
|1||Zenith Bank Plc||1990||500||2,044||Ebenezer Onyeagwu||₦787.58B|
|2||First Bank pls||1894||760||2,600||Adesola Kazeem Adeduntan||₦391.26B|
|5||Access Bank||1989||600||2,963||Herbert Wigwe||₦319.9B|
|6||Fidelity Bank||1988||240||774||Nneka Onyeali-Ikpe||₦84.32B|
|7||Stanbic IBTC Bank||1989||166||732||Wole Adeniyi||₦ 367.98B|
|8||Union Bank||1917||320||800||Emeka Okonkowo||₦168.90B|
|10||Sterling Bank||1960||141||654||Abubakar Suleiman||₦43.47B|
1. Zenith Bank
On the list of the top 10 best banks in Nigeria, Zenith Bank currently holds the title of best bank overall. Zenith Bank was recognized as the top best bank in Nigeria in May 2022 by the Global Finance Magazine “World’s Best Banks Awards 2022”. Based on the achievements of Nigerian banks, this award demonstrated Zenith Bank’s success in leadership and customer service. The bank has been able to claim an annual rise in the number of clients and significant financial files since its formation because of its regular provision of creative financial arrangements and excellent customer care.
Over 1.8 million Nigerians are currently customers of Zenith Bank, which was founded formally in 1990. With more than 9,000 workers, they operate more than 500 branches across Nigeria. Along with standard banking services, Zenith Bank also provides investment banking, treasury, SME banking and loans, trade service, and FOREX, among other things. today, they are ranked as the overall top 10 best banks in Nigeria.
2. First Bank Pls
First Bank Plc is the second bank listed among the top 10 best banks in Nigeria. This bank is also one of the oldest in Nigeria. The nation’s top financial incorporation administration provider for more than 126 years has been the foremost bank in West Africa, which was founded in 1894.
Through more than 44,000 business locations, it serves more than 17 million client accounts with a wide variety of retail and corporate financial services. In terms of total deposits and overall income, Nigeria’s first and biggest bank.
They won The Banker’s Magazine’s Best Bank in Nigeria award in 2015. Additionally, First Bank established a microfinance subsidiary with the primary goal of empowering SME owners and those with low incomes.
FirstBank has approximately 10 million customers, a market value of about $391.26 billion, and more than 760 locations in Nigeria. FirstBank provides all customers with first-rate financial services as a financial institution.
3. United Bank for Africa (UBA)
One of the top 10 best banks in Nigeria is UBA, which was founded in 1948, and rose to prominence by offering its Nigerian clients top-notch services. They offer one of the greatest customer services in Nigeria’s banking sector.
With operations in 20 African countries and offices in the three global financial centers of London, Paris, and New York, it is one of Africa’s best and most adaptable banking groups. Over 428 branches, 2,675 locations nationwide, and over 10 million clients are served by UBA. They have established themselves as a dependable and trustworthy bank where you may deposit your money.
In comparison to next-generation banks, UBA charges less and has a market valuation of about 263.34B.
4. Guaranty Trust Bank Plc
One of the top 10 best banks in Nigeria as of 2022 is Guaranty Trust Bank Plc which started in 1990. Guaranty Trust Bank (GTB) has developed into one of Nigeria’s most prosperous banks. GT Bank offers retail, corporate, investment banking, asset management, and other financial services. It has more than 8 million customers and 10,000 staff members.
In Nigeria, they operate in 250 branches, 18 e-branches, 17 Cash Centers, and more than 1,366 ATMs. Due to its savings opportunities and excellent customer service, GT Bank is frequently utilized by young people. Surprisingly, one of Nigeria’s top mobile banking apps is the GT World mobile app.
For the growth of its products and administration, as well as for its strong corporate governance, GTBank won several national and international accolades in 2016. For instance, The African Banker Magazine called it the Most Innovative African Bank, World Finance Magazine named it the Best Banking Group, and Euromoney named it the Best Digital Bank in Africa and Best Bank in Nigeria.
Due to its regular supply of creative financial arrangements and top-notch customer care, the bank has been able to record yearly increases in the number of clients and significant financial files since its beginning now with a total market cap of ₦603.33B.
5. Access Bank
Access Bank Group owns Access Bank plc, a global bank based in Nigeria. The bank received a license from the Central Bank of Nigeria (CBN) in 1989 and changed its ownership to private commercial banking that same year. Regarding assets, loans, deposits, and branch networks, Access Bank is directly among the top 10 best banks in Nigeria. Personal banking, business banking, commercial banking, and corporate and investment banking are the four main divisions through which it does business.
Access Bank has overtaken Diamond Bank as the top 10 best banks in Nigeria and in Africa following their merger on April 1, 2019. It revealed its new logo following the completion of its merger with Diamond Bank in 2019, indicating the beginning of a new, more developed banking company.
Access Bank was able to achieve a large increase in the level of collaboration, customers, income, profit, and even assets after acquiring and merging with the aforementioned institutions. With over 5 million clients, 10,000 employees, over 600 locations, and 2,963 ATMs, the bank now has a market valuation of $319.9 billion.
6. Fidelity Bank
Another trustworthy top 10 best banks in Nigeria that have made significant progress in upholding its standing with Nigerians and in the financial sector is Fidelity bank plc. It is difficult to miss them when over 4.5 million people use this bank. They are well-liked by market women, as far as we know.
With a market valuation of more than 84.32 billion nairas, this regulated bank was founded in 1988. Fidelity Bank has pushed the corporate banking and micro, small, and medium-sized business sectors (MSMEs). Their retail digital banking offering is among the finest, as seen by the rise in savings deposits made over the past three years using their mobile and online banking products.
However, obtaining loans from banks may be difficult and time-consuming, even from the finest institutions. With fidelity bank, you may obtain loans devoid of paperwork or required collateral. They provide loans with reasonable interest rates and a fair payback schedule.
7. Stanbic IBTC Bank
Frequently referred to as simply “Stanbic IBTC,” Stanbic IBTC Holdings is a Nigerian financial service holding firm with back-ups in the banking, stock finance, pension, and trustee industries.
A financial organization with its headquarters in South Africa, the Standard Bank Group, includes Stanbic IBTC Holdings as a subsidiary.
With assets and revenue generated in 20 African countries and 13 non-African countries, Stanbic IBTC is one of the top 10 best banks in Nigeria.
As of December 2021, the bank has total revenues of more than NGN 152.3 billion, a market capitalization of NGN367.98 billion, and a base workforce of 2,926 employees in 2022.
8. Union Bank
Another top 10 best banks in Nigeria and massive commercial bank, Union Bank provides services to individuals, small and medium-sized businesses, as well as big partnerships and associations.
It was ranked as the 556th largest bank in the world as of July 2009 and the 14th largest bank in Africa.
The bank’s overall market valuation is ₦168.90B with 320 branches and over 800 ATMs across Nigeria.
Both Union Bank UK in London, United Kingdom, and UBN Property Company Limited in Nigeria are wholly owned subsidiary banks of the company. In every Nigerian state, the bank has a vast network of connected branches.
The Pan African Bank, as Ecobank is often called, began operations in 1985. One of the top 10 best banks in Nigeria and the most successful banks. Ecobank has over 9.6 million clients and a market cap of ₦182 billion
With more than 250 branches and 2460 ATMs, it provides quality financial services such as loans, savings, retail and wholesale banking, corporate, transaction banking, treasury, and investment banking. One of the greatest banks in Nigeria, Eco Bank is mostly utilized by the military and public officials to create salary accounts.
10. Sterling Bank
Sterling Bank operates and offers the following services as one of the top 10 best banks in Nigeria: Telecommunications, Power and Steel, Food and Beverages, and other industries are covered under the terms retail banking, consumer banking, commercial banking, and corporate banking.
From its headquarters at 20 Marina in Lagos, the bank does business. In reality, they offer immediate lending services to everyone who meets the requirements.
It has 141 branches across the whole of Nigeria, 7,853 POS terminals with a few vendors, 654 ATMs, and a market valuation of N43.47 billion.
Top 10 Best Banks In Nigeria (2022)
this is a list of the top 10 best in Nigeria that deserve accolades for offering the best, most reliable, and high-quality financial services to their prospective customers in Nigeria in 2022.
- Zenith Bank
- First Bank Pls
- United Bank for Africa (UBA)
- Guaranty Trust Bank Plc
- Access Bank
- Fidelity Bank
- Stanbic IBTC Bank
- Union Bank
- Sterling Bank