In this article we will be discussing the top 10 best banks in Nigeria. There are 21 commercial banks, 860 microfinance banks, 5 discount houses, 64 finance companies, and 5 development finance banks in Nigeria and all of them are controlled by the Central Bank Of Nigeria (CBN).
The Central Bank of Nigeria (CBN) is the central monetary authority in Nigeria. It is responsible for formulating and implementing monetary policies, maintaining price stability, regulating and supervising financial institutions, and promoting a sound financial system in the country.
Before we dive in to the top 10 Best banks in Nigeria, let’s look at the factor used to rank them accordingly;
- Financial Performance: This include metrics such as revenue, profit, return on equity (ROE), and asset quality.
- Asset Size: The total value of assets held by a bank can be an indicator of its size and influence in the industry.
- Customer Satisfaction: Surveys and feedback from customers can gauge how satisfied clients are with the bank’s services.
- Innovation: Banks that offer innovative products, digital services, and technology-driven solutions might be ranked higher.
- Market Share: The bank’s share of the market and its position relative to competitors can be significant.
- Corporate Governance: Strong governance practices and ethical conduct can positively impact a bank’s ranking.
- Global Presence: The extent of a bank’s international operations and partnerships can contribute to its ranking.
- Risk Management: Effective risk management practices are crucial in evaluating a bank’s stability.
- Accessibility: Banks with a widespread network of branches and ATMs might be considered more accessible.
- Social Impact: Some rankings might consider a bank’s contribution to social responsibility and community development.
List of Top 10 Best Banks In Nigeria 2023
1. Zenith Bank:

Zenith Bank Nigeria is a well-respected and reputable bank in Nigeria. It was founded in 1990 and has grown to become one of the best banks in Nigeria. Zenith Bank offers a range of financial products and services, including personal and business banking, corporate and investment banking, and wealth management. The bank has a network of branches and ATMs across Nigeria, as well as a presence in other countries in Africa and around the world.
There are a number of factors that may contribute to Zenith Bank being a good bank to use. Some specific factors that may be relevant include:
- Financial stability: Zenith Bank has a strong track record of financial performance and has consistently been profitable over the years. This can be an important factor for customers who want to ensure that their deposits and investments are safe and secure.
- Customer service: Zenith Bank is known for providing good customer service and has a reputation for being responsive and helpful to customers’ needs. The bank also offers a variety of channels for customers to access their accounts and services, including online and mobile banking, as well as a network of branches and ATMs.
- Technology and innovation: Zenith Bank is among the leaders in the use of technology in banking in Nigeria and has been recognized for its innovation in this area. The bank offers a range of digital products and services that make it convenient and easy for customers to access and manage their accounts, including online and mobile banking, digital payments, and other financial services.
- Social and environmental responsibility: Zenith Bank is committed to operating in a socially and environmentally responsible manner and has undertaken a number of initiatives to support the development of the communities it serves. The bank has also been recognized for its sustainability efforts.
2. Guaranty Trust Bank (GTBank):




Guaranty Trust Bank (GTB) is a well-known and respected bank in Nigeria. It was founded in 1990 and has grown to become one of the largest and best banks in Nigeria. GTB offers a range of financial products and services to individuals, businesses, and corporations.
Some specific products and services that GTB offers include:
- Personal banking: GTB offers a range of products and services for individuals, including checking and savings accounts, loans, credit cards, and insurance. The bank also offers online and mobile banking, as well as a network of branches and ATMs for customers to access their accounts.
- Business banking: GTB offers a range of products and services for businesses, including checking and savings accounts, loans, trade finance, and e-banking. The bank also offers a range of digital products and services that make it convenient and easy for businesses to access and manage their accounts.
- Corporate and investment banking: GTB offers varieties of products and services for corporations, this includes corporate banking, investment banking, and asset management. GTB provides a range of financial advisory services and has expertise in areas such as mergers and acquisitions, project finance, and structured finance.
- Wealth management: GTB also offers products and services for high-net-worth individuals, which include, investment advice, wealth planning, and private banking. The bank has a team of financial experts who are trained to provide personalized financial advice and support to help clients achieve their financial goals.
3. First Bank of Nigeria:




First Bank of Nigeria is a well-established bank in Nigeria with a long history of operation. It was founded in 1894 and is one of the oldest and largest banks in the country.
First Bank of Nigeria offers a range of financial products and services, including personal and business banking, corporate and investment banking, and wealth management.
The bank has a network of branches and ATMs across Nigeria, as well as a presence in other countries in Africa and around the world.
Aside from being one of the best banks in Nigeria, FBN is also known for its commitment to corporate social responsibility and has undertaken a number of initiatives to support the development of the communities it serves.
In terms of differences between First Bank and other banks in Nigeria, it may be helpful to consider the specific products and services that are offered, as well as the fees and charges associated with those products and services.
It may also be helpful to consider the convenience and accessibility of the bank’s branches and ATM network, as well as the availability of online and mobile banking options. Other factors to consider may include the bank’s reputation and financial stability, as well as any regulatory oversight and protections that are in place.
In addition to these products and services, GTB is also known for its commitment to corporate social responsibility and has undertaken a number of initiatives to support the development of the communities it serves. The bank has also been recognized for its sustainability efforts.
4. Access Bank:




Access Bank is a commercial bank in Nigeria that was founded in 1989. The bank has a strong presence in Nigeria, with over 300 branches and over 1000 ATMs nationwide. It also has operations in a number of other countries, including the UK, China, Lebanon, and the Democratic Republic of Congo.
Some of the advantages of Access Bank include:
- Wide network of branches and ATMs: As mentioned, Access Bank has a large network of branches and ATMs in Nigeria, which makes it convenient for customers to access banking services.
- Range of banking products and services: Access Bank offers a wide range of products and services, including savings and current accounts, loans, credit cards, and investment products.
- Mobile banking: Access Bank has a mobile banking app that allows customers to access their accounts and conduct transactions on their smartphones.
- Customer service: Access Bank is known for its good customer service and has a 24/7 customer care center that is available to assist customers with any queries or issues they may have.
- Strong financial performance: Access Bank has consistently reported strong financial results, with strong asset and loan growth in recent years. This is a sign of the bank’s financial strength and stability.
5. United Bank for Africa (UBA):




United Bank for Africa (UBA) is a leading financial services institution in Africa, with operations in 20 African countries and offices in three global financial centres: London, Paris, and New York. The bank was founded in 1949 and is headquartered in Lagos, Nigeria. UBA is known for its innovative use of technology and its strong focus on customer service.
In Nigeria, UBA provides a wide range of banking and financial services to individuals, small businesses, and corporate clients. These services include checking and savings accounts, loans, mortgages, credit cards, international money transfers, and investment products. The bank also has a strong presence in the Nigerian capital markets and is actively involved in financing major infrastructure projects in the country, making them one of the best banks in Nigeria.
In addition to its core banking operations, UBA is also involved in a number of social and economic development initiatives in Nigeria. These include programs to promote financial inclusion, support small and medium-sized enterprises, and encourage entrepreneurship. UBA is committed to driving economic growth and development in Nigeria and the broader African region.
Read Also: How To Block Uba Bank Atm Card
6. Ecobank:




Ecobank Nigeria is a subsidiary of the Ecobank Group, a pan-African banking conglomerate with a presence in multiple countries across the continent.
Ecobank Nigeria is part of the larger Ecobank Group, which was established in 1985 in Togo. The group’s objective is to provide financial services to various African countries, connecting and integrating the economies of the continent. Ecobank Nigeria was formally incorporated as a bank in 1986.
Services and Offerings:
Ecobank Nigeria provides a wide array of banking and financial services, including:
- Retail Banking: Ecobank offers various retail banking services such as savings accounts, current accounts, fixed deposits, and personal loans.
- Corporate and Commercial Banking: The bank provides services tailored to the needs of businesses, including corporate accounts, trade finance, cash management, and business loans.
- Digital Banking: Ecobank is known for its emphasis on digital banking solutions, offering online banking platforms, mobile apps, and other digital tools for customers to perform transactions and access services conveniently.
- Foreign Exchange and Trade Finance: Ecobank offers foreign exchange services and trade finance solutions to facilitate international trade and cross-border transactions.
- Investment and Wealth Management: The bank provides investment advisory services, wealth management, and asset management products to individuals and businesses.
- Financial Inclusion: Ecobank is also involved in financial inclusion initiatives, aiming to expand access to banking services in underserved areas and among low-income populations.
Branch Network and Reach:
Ecobank Nigeria has a significant presence across the country with branches, ATMs, and digital channels that cater to the banking needs of its customers.
Technology and Innovation:
Ecobank is recognized for its emphasis on technology and innovation. The bank has been at the forefront of digital banking solutions in Nigeria, offering online platforms and mobile apps to enhance customer experience and accessibility.
Regulation and Oversight:
Ecobank Nigeria operates under the regulatory framework of the Central Bank of Nigeria (CBN), adhering to guidelines and regulations set by the central bank to ensure the stability and soundness of the financial sector.
7. Union Bank of Nigeria:




Union Bank of Nigeria is a commercial bank in Nigeria that was founded in 1917. The bank is one of the oldest and most established banks in the country and has a strong presence in Nigeria with over 300 branches and ATMs nationwide.
Services and Offerings:
- Wide range of banking products and services: Union Bank offers a wide range of products and services, these include, savings and current accounts, loans, credit cards, and investment products.
- Good customer service: Union Bank is known for its good customer service and has a 24/7 customer care centre that is available to assist customers with any queries or issues they may have with respect to its bank-related issues.
- Strong corporate social responsibility initiatives: Union Bank is committed to corporate social responsibility and has a number of initiatives in place to support the communities in which it operates, including education, health, and environmental sustainability programs.
8. Fidelity Bank Plc:




Fidelity Bank Plc was incorporated in 1987 as Fidelity Union Merchant Bank Limited and began operations in 1988. Over the years, it evolved into a full-fledged commercial bank, adopting the name Fidelity Bank Plc. The bank’s focus is on providing innovative banking solutions and exceptional customer service.
Services and Offerings:
Fidelity Bank offers a variety of banking services, including:
- Retail Banking: Fidelity Bank provides retail banking services such as savings accounts, current accounts, fixed deposits, personal loans, and retail investment products for individuals.
- Corporate and Commercial Banking: The bank offers a range of financial solutions for businesses, including corporate accounts, trade finance, cash management, and working capital solutions.
- Digital Banking: Fidelity Bank emphasizes digital solutions and technology-driven services, offering online banking platforms, mobile apps, and other digital tools to enhance customer convenience and accessibility.
- Foreign Exchange and Trade Finance: The bank provides foreign exchange services and trade finance solutions to facilitate international trade and cross-border transactions.
- Wealth Management: Fidelity Bank offers wealth management services, including investment advisory and portfolio management, to help customers manage and grow their wealth.
- E-Banking Solutions: The bank offers electronic banking solutions, including online banking, mobile banking, and card services, to enable customers to conduct transactions and manage their accounts digitally.
Technology and Innovation:
Fidelity Bank has embraced technology and innovation to enhance its banking services. The bank’s digital initiatives aim to provide seamless and secure online experiences for customers.
Branch Network and Reach:
Fidelity Bank has a network of branches and ATMs across Nigeria, making its services accessible to customers in various locations.
Sustainability and Social Responsibility:
Fidelity Bank is committed to corporate social responsibility (CSR) and sustainability initiatives. The bank supports various community development projects and initiatives that contribute to social and environmental sustainability.
Regulation and Oversight:
Fidelity Bank operates under the regulatory framework of the Central Bank of Nigeria (CBN) and adheres to guidelines and regulations set by the central bank to ensure the stability and soundness of the financial sector.
9. Sterling Bank:




Sterling Bank Plc, originally known as NAL Bank, was established in 1960. Over the years, the bank underwent several transformations and rebranding efforts, eventually becoming Sterling Bank. The bank’s focus is on providing innovative banking solutions and excellent customer service.
Services and Offerings:
Sterling Bank provides a variety of banking services, including:
- Retail Banking: Sterling Bank offers retail banking services such as savings accounts, current accounts, fixed deposits, personal loans, and mortgage products for individuals.
- Corporate and Commercial Banking: The bank provides banking solutions tailored to the needs of businesses, including corporate accounts, trade finance, cash management, and working capital solutions.
- Digital Banking: Sterling Bank emphasizes digital solutions, offering online banking platforms, mobile apps, and other digital tools to enhance customer convenience and accessibility.
- Agricultural Banking: Sterling Bank is known for its support of the agricultural sector, offering financial products and solutions designed to cater to the needs of farmers, agribusinesses, and agricultural value chains.
- Investment and Wealth Management: The bank provides investment advisory services, wealth management, and asset management products for individuals and businesses.
- Foreign Exchange and Trade Services: Sterling Bank offers foreign exchange services and trade finance solutions to facilitate international trade and cross-border transactions.
Technology and Innovation:
Sterling Bank has been at the forefront of technological innovation in the Nigerian banking sector. The bank’s digital banking initiatives aim to provide customers with seamless online experiences and accessible banking services.
Branch Network and Reach:
Sterling Bank has a network of branches and ATMs across Nigeria, making its services accessible to a wide range of customers.
Social Responsibility and Sustainability:
Sterling Bank is involved in various corporate social responsibility (CSR) initiatives aimed at promoting social and environmental sustainability. The bank is known for its commitment to community development and empowerment programs.
Regulation and Oversight:
Sterling Bank operates under the regulatory framework of the Central Bank of Nigeria (CBN) and adheres to guidelines and regulations set by the central bank to ensure the stability and soundness of the financial sector.
10. Stanbic IBTC Bank




Stanbic IBTC Bank is a subsidiary of Standard Bank Group, a leading African financial services organization with a presence in multiple countries across the continent. Stanbic IBTC Bank is one of the major players in Nigeria’s banking sector and offers a range of financial products and services to individuals, businesses, and institutions.
Stanbic IBTC Bank was established in 1989 as Investment Banking & Trust Company Limited (IBTC). In 2007, the bank merged with Stanbic Bank Nigeria Limited, a subsidiary of Standard Bank Group, and became Stanbic IBTC Bank. The bank’s focus is on providing comprehensive banking and financial solutions.
Services and Offerings:
Stanbic IBTC Bank provides a wide array of banking services, including:
- Retail Banking: The bank offers retail banking services such as savings accounts, current accounts, fixed deposits, personal loans, and retail investment products for individuals.
- Corporate and Commercial Banking: Stanbic IBTC Bank provides tailored financial solutions for businesses, including corporate accounts, trade finance, cash management, and working capital solutions.
- Digital Banking: The bank emphasizes digital solutions, offering online banking platforms, mobile apps, and other digital tools to enhance customer convenience and accessibility.
- Foreign Exchange and Trade Finance: Stanbic IBTC Bank provides foreign exchange services and trade finance solutions to facilitate international trade and cross-border transactions.
- Investment and Wealth Management: The bank offers investment advisory, portfolio management, and wealth management services to individuals and businesses.
- Global Markets: Stanbic IBTC Bank’s global markets division provides financial products and services related to foreign exchange, money markets, fixed income, and derivatives.
Technology and Innovation:
Stanbic IBTC Bank is known for embracing technology and innovation to improve customer experiences. The bank’s digital initiatives aim to provide efficient and user-friendly online banking services.
Branch Network and Reach:
Stanbic IBTC Bank has a network of branches and ATMs across Nigeria, making its services accessible to customers in various locations.
Corporate Social Responsibility (CSR):
The bank is involved in various corporate social responsibility initiatives, focusing on education, health, and community development projects.
Regulation and Oversight:
Stanbic IBTC Bank operates under the regulatory framework of the Central Bank of Nigeria (CBN) and adheres to guidelines and regulations set by the central bank to ensure the stability and soundness of the financial sector.
Please note that the information provided is based on the situation as of September 2021, and there may have been further developments since that time. For the most up-to-date information about Stanbic IBTC Bank’s services, products, and initiatives, it’s recommended to visit the official website of Stanbic IBTC Bank or contact the bank directly.
Top Ten Banks In Nigeria (In Tabular Form)
Bank Name | Year Established | |
1. | Zenith Bank | 1990 |
2. | Guaranty Trust Bank (GTBank | 1990 |
3. | Firstbank | 1894 |
4. | Accessbank | 1989 |
5. | United Bank for Africa (UBA) | 1949 |
6. | Ecobank | 1985 |
7. | Union Bank of Nigeria | 1917 |
8. | Fidelity Bank Plc | 1988 |
9. | Sterling Bank | 1960 |
10 | Stanbic IBTC Bank | 1989 |
Possible Questions & Answers (FAQ)
Certainly! Here are 10 frequently asked questions (FAQs) related to the best banks in Nigeria:
- What are the best banks in Nigeria?
The best banks in Nigeria include Zenith Bank, Guaranty Trust Bank (GTBank), First Bank of Nigeria, Access Bank, United Bank for Africa (UBA), Ecobank Nigeria, Fidelity Bank, Stanbic IBTC Bank, Union Bank of Nigeria, and Sterling Bank. - How are these banks ranked as the best in Nigeria?
Banks are often ranked based on factors such as financial performance, customer satisfaction, innovation, technological advancements, market share, and their contributions to the economic development of the country. - Which bank has the largest branch network in Nigeria?
First Bank of Nigeria is known for having one of the largest branch networks in the country. - What makes a bank the best in Nigeria?
Factors that contribute to a bank being considered among the best can include a strong financial performance, a wide range of services, innovative digital solutions, excellent customer service, and a positive reputation in the industry. - Are there specific banks known for digital banking services in Nigeria?
Yes, banks like Guaranty Trust Bank (GTBank), Zenith Bank, and Stanbic IBTC Bank are known for their emphasis on digital banking and technological innovations. - Which bank offers the best customer service in Nigeria?
Customer service can vary, but banks like Zenith Bank and GTBank are often praised for their customer-centric approach and efficient service. - Are these rankings static, or do they change over time?
Rankings can change over time due to shifts in the industry, financial performance, regulatory changes, and customer feedback. It’s important to refer to the most recent rankings from reputable sources. - Do these banks have international presence as well?
Yes, many Nigerian banks have expanded their operations internationally, especially within Africa. United Bank for Africa (UBA), for instance, has a strong presence in several African countries. - What role do best banks play in Nigeria’s economy?
The best banks play a vital role in the Nigerian economy by providing financial services, facilitating trade, supporting businesses with loans, promoting financial inclusion, and contributing to economic growth. - Can I access these banks’ services online?
Yes, most of these banks offer online banking platforms, mobile apps, and digital channels that allow customers to access their services conveniently from anywhere.
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