Top 10 Banks In Nigeria 2022
Living in a country such as Nigeria, knowing about the top 10 banks in Nigeria becomes of utmost importance to have a good place to keep your money intact, earn interest as time goes by, and have access to your funds as soon as the need arises. Hence, one of the primary reasons why the banking industry is being described as one of the fastest-growing industries in Nigeria, with new outlets and company names emerging by the day; as there is always the need to stash money away from the home due to burglars, save for emergencies or for planned later needs. And at times people worry about how credible most of these banks are due to the rise in the number of banks opened by the day and the increasing rate of money frauds all over the country.
Well then, if you are in search of information about the most credible banks in terms of a number of branches, best workplace environment, most profitable bank, then you’re in for an informative ride with me. Smiles.
The Financial Dictionary defines a bank as “an institution that provides a great variety of financial services”. Basically, banks are saddled with the responsibility of holding other people’s money; whereby the owner is free to collect it as soon as the need arises and the bank, therefore, must be able to provide it when such needs arise.
Bank customers are liable to receive their funds personally through a withdrawal process or transfer directly to others by writing a cheque.
The functions of the banking system abound but for the purpose of this article, we’ll stop here. This article seeks to offer you insight on the best bank to use for your transactions; by enumerating several highlights and characteristics of these banks that help them stand out.
Keep in mind that bank customers include individuals, businesses, corporate organizations, and institutional bodies. Here in Nigeria, there are more than enough banks offering various services to the aforementioned group of people, and really, with a large number of banks all over the place, it comes as no surprise if one is confused on which would serve to meet his or her required needs.
But don’t you worry too much because I helped you do all the work by taking the hassles of the research off you, as I have carefully assembled a rundown of the top 10 banks in Nigeria today.
In preparing this article for credibility purposes, a few variables had to be employed; which would be itemized in the highlights of each bank.
List Of The Top 10 Banks In Nigeria
1. First Bank
This bank is our number one of top 10 banks in Nigeria. As the name implies, it is not a coincidence that this bank lives up to its name. First Bank of Nigeria Limited is one of the best banks around and tops the list of the oldest banks in Nigeria. This makes it the best among all the banks in Nigeria due to its longevity, and first-class services.
Major characteristics of First Bank:
- Oldest bank in Nigeria
- Though the oldest, constantly seeks innovative ways to improve in its service delivery
- It provides an extensive purview of amalgamated financial services to various business organizations and individual business accounts.
- It manages a wide network across the United Kingdom and Africa.
- The bank was named the :Best Bank Brand in Nigeria” consecutively for five years (2011- 2015).
- The bank has lived up to its slogan “….truly the first”.
2. Access Bank
If you are in search of a good alternative for the First bank, then Access Bank is your best bet. Though number two of top 10 banks in Nigeria, Access bank was initially a collaborative bank. The bank gained a banking license from Nigeria’s International Commercial Bank in 2012.
Major characteristics of Access Bank include:
- It is one of the biggest banks in Nigeria in terms of deposits, loans, branch networks and assets.
- The bank merged with Diamond Bank in April 2019 and its symbol serves to be a mark of the consummated affiliation; bearing promises of better things to come.
- The merger with diamond bank increased its customer base since 2019 till date
- This bank is mentioned as one of the biggest banks in Africa
- It is existent in thousand branches all over Nigeria
- With its many interesting characteristics, this bank seeks to lead the banking system in Nigeria in the near future.
3. Stanbic IBTC Bank
Stanbic IBTC Holdings is a banking service provider in Nigeria, offering extensive holding services in stock financier, pension, and trustee businesses.
Stanbic IBTC Holdings usually referred to as Stanbic IBTC Bank is an ancillary under the Standard Bank Group; a financial administration located situated in South Africa. This bank is among top 10 banks in Nigeria and has proven to be one of the best banks in Nigeria through its earnings and asset activities in several African nations and a few other nations outside Africa.
The bank is worth a huge NGN 2.42 Trillion in assets with an operation base number of workers of 2,926.
4. Guaranty Trust Bank
The Guaranty Trust Bank recently transitioned from a Public Listed Company (GT Bank Plc) to a Limited Liability Company (Guaranty Trust Bank Limited) with Guaranty Trust Holding Company Plc (GTCO Plc) as the parent company. The bank was set up in 1990, on an establishment of distinction, demonstrable skill and pre-eminence.
The bank’ serves to be the best in terms of customer relations. looking for a bank where you want to be treated like a king? Then GTBank is your surest plug. The review has proven that almost every Nigerian has an account with this bank; as they are a customer-friendly bank with a confident reputation.
The bank’s diligent dissemination of innovative financial arrangements and exclusive customer support has empowered it to record yearly development in the number of customers and key financial files since its inauguration.
GTBank has received numerous awards, such as The Best Banking Group, The Most Innovative African Bank, The Best Bank in Nigeria and Best Digital Bank in Africa by Euromoney Magazine.
5. United Bank For Africa
The United Bank of Africa (UBA) is the main Pan- African banking service group, whose headquarters is situated in Nigeria is another bank that made the top 10 banks in Nigeria. It serves to be one of the best banks in Nigeria that provides real digital banking services. It is one of Africa’s best and most flexible banking groups with activities in over 400 branches across the continent, about 10 million customers in Nigeria, reputable landmarks in about 20 African nations and workspaces in three worldwide financial locations: London, Paris, and New York.
This bank has kept on developing yearly and is most definitely a good place to save your money and make other financial engagements.
6. Zenith Bank
Zenith Bank Plc was established in May 1990 but didn’t resume operations until July in the same year. The bank’s headquarters is located in Lagos, Nigeria, and operates over 300 branches all over the country.
Major characteristics of Zenith Bank include:
- The bank runs a convenient online banking system that can be assessed 24 hours/day.
- The bank operates a transparent pattern for every transaction carried out.
- This transparent pattern makes account management seamless which thereby saves time and energy.
7. Union Bank
The Union bank is also one of the oldest banks in Nigeria; first set up in 1917 as a colonial bank, and in 1979, this bank assumed the name- Union Bank of Nigeria. It is number eight of top 10 banks in Nigeria, Union bank offers personal, business, commercial, and investments banking services to its customers. The major characteristic of this bank is its extremely efficient online service rendering. So if you are in search of a bank that you can operate seamlessly from the comfort of your home, then Union bank is your go-to bank.
8. Wema Bank
One of this bank’s most amazing features might just be its slogan: “With you all the way”. Just like MTN’s ‘everywhere you go’, this bank certainly proves that it is with you all the way.
This bank has certainly made its mark by becoming Africa’s First Fully Digital Bank- ALAT By Wema, which research has shown is being used across all territories in Nigeria. This bank is Nigeria’s fastest-growing commercial bank and it doesn’t prove to have any intentions of failing in its promises to its customers.
Looking for a bank willing to hold your hand and guide you ‘all the way?’. Then you have to try Wema Bank.
9. Sterling Bank
Sterling Bank is among the top 10 banks in Nigeria and is often described as the one customer bank is one bank in Nigeria that puts its customers as its topmost priority; hence keeps seeking innovative ways to get customers the satisfaction they desire for using its services.
Asides from the United Bank of Africa, another Pan African bank in Nigeria is Ecobank, whose formal name is Ecobank Transnational Bank, Inc. It is the number ten of top 10 banks in Nigeria and the leading independent banking service offering group in West and Central Africa; catering to a huge number of customers across the globe.
Ecobank’s online banking system is designed with the highest encryption specifications, which helps to ensure that customers are properly secured each time they carry out a transaction online. I guess this point proves to be Ecobank’s most appealing feature.
So if you need a bank that keeps you secure online, Ecobank would help you get the job done.
I hope you enjoyed this session on the blog and all your doubts and concerns about most of the CBN-approved top 10 banks in Nigeria have been properly addressed. If so, join me again for another informative session, right here on the blog. Cheers!