In Nigeria, commercial banks provide various banking products and services to their customers. These include but are not limited to current accounts, savings accounts, fixed deposits, loans and insurance policies among others.
Commercial Banks in Nigeria are financial institutions that provide various banking services to individuals, businesses and other organizations. These banks accept deposits from the public and provide loans to borrowers. Commercial banks also offer other financial services such as payment services, foreign exchange transactions, investment advisory services and wealth management.
Commercial banks are regulated by the Central Bank of Nigeria (CBN). There are about 100 commercial banks in Nigeria.
Below is a list of the best commercial banks in Nigeria
10 Best Commercial Banks In Nigeria
- Zenith Bank
- GT Bank
- Access bank
- First bank
- United Bank Of Africa
- Fidelity bank
- Ecobank Nigeria
- Sterling Bank
- Stanbic IBTC
10 Best Commercial Banks In Nigeria
Zenith Bank is the largest bank in Nigeria. It was founded in 1959 and is now publicly traded on the Nigerian Stock Exchange, where it has a market capitalisation of N817.9 billion and assets worth NGN 8.68 trillion.
It offers a variety of banking services, including savings accounts and loans for both individuals and businesses, as well as foreign exchange services, stock broking services and insurance policies.
The bank also operates a number of subsidiaries around the country, including Zenith Insurance Plc., Zenith Life Assurance Plc., Zenith Leasing & Hire Purchase Plc., Zenith Bank International Limited and Zenith Asset Management Limited.
GT Bank is one of the top commercial banks in Nigeria, with total assets of NGN 4.99 trillion and net income of NGN 194.96 billion as of September 30th, 2018.
The bank has been in operation for over 50 years, and it has since grown to become one of the largest financial institutions in Africa. It operates its business through a network of over 1,000 branches located throughout Nigeria, Ghana, and South Africa.
The company serves both individual and corporate customers with a variety of products and services including savings accounts, loans, credit cards, mortgages and insurance products.
Access bank is one of the largest financial institution in Nigeria. The bank has a total asset of N12.08 trillion, making it one of the biggest banks in the country. It is also one of the most profitable banks in Nigeria, with key revenue streams coming from its business operations and retail banking divisions.
First Bank Plc is a leading financial services provider in Nigeria. The bank has been operating since 1894 and has a total of 818 branches and over 3,100 ATMs across Nigeria, making it one of the largest banking network in the country.
First Bank Plc is one of the biggest banks in Nigeria with total assets valued at NGN 7.84 trillion as of March 2021. In addition to its strong asset base, First Bank also boasts impressive revenue streams that have helped it reach this level of success.
For example, in 2020, its net income was NGN 87.99 billion against total assets worth NGN 6.3 trillion. That same year, First Bank also recorded an impressive operating profit margin of 21%.
United Bank Of Africa
The United Bank for Africa (UBA) was founded by a group of Nigerian businessmen in 1988. The bank has about 10,500 staff members and serves more than 14 million customers across Africa with its 1,000 branches and touchpoints, 13,500 POS terminals, and 1,740 ATMs. In total, UBA holds assets worth NGN 7.89 trillion as of March 2021.
Fidelity Bank is one of the best banks in Nigeria. It was founded in 1988, and it currently oversees 250 business offices, 774 ATMs, and 4,046 POS terminals. It has been recognized by Forbes as one of the best banks to work for in Nigeria—and for good reason.
The bank offers competitive salaries and benefits for its employees, including retirement plans, medical coverage and life insurance. Fidelity also offers financial literacy classes to its employees so they can learn how to manage their money more effectively.
Ecobank Nigeria is one of the most established commercial banks in Nigeria. It currently oversees more than 600 branches across Nigeria.
It has been operational since 1999 and was founded by Ecobank Transnational Incorporated, a pan-African financial institution that operates in 38 countries across Africa, Europe and Asia.
The bank’s total assets are valued at NGN 1.99 trillion (2019).
Sterling Bank Plc is a leading domestic bank in Nigeria with over N49.8 billion in market capitalisation and an extensive network of branches across the country. The bank provides a comprehensive range of financial services through its network of branches located at strategic locations in Lagos, Abuja, Port Harcourt and Ibadan.
The bank has won several awards including Best Bank and Best Merchant Bank of the Year at the 2018 edition of the Nigerian Banking Merit Awards (NBMA).
Stanbic IBTC is one of the largest banks in Nigeria. It has a market cap of N463.2 billion, which means that it is worth about 463 billion naira (the Nigerian currency).
Stanbic IBTC was founded in 1996 and currently has more than 101 branches across Nigeria. The bank specializes in commercial banking, including personal banking, corporate banking, and wholesale banking.
The bank offers a wide variety of financial services, including personal banking, business banking, corporate banking, investment banking, private banking and wealth management. It also offers internet banking services as well as mobile banking services through its app.