• Business - Banking & Finance
  • Updated: October 14, 2022

Top 10 Best Banks In Nigeria In 2022

Top 10 Best Banks In Nigeria In 2022

In the banking sector, it is typical for Nigerian banks to offer financial services to current clients and come up with new ways to attract new ones.

Although the Central Bank of Nigeria (CBN) has granted these commercial banks operating authorisation, they have managed to uphold a strong reputation both domestically and abroad in the banking sector.

You need to be certain of the sort of bank, such as commercial, microfinance, or even mortgage, to determine how many banks there are in Nigeria. 

There are 24 commercial banks in Nigeria with licenses, but not all of them are created equal.

Other new-generation banks are wealthier in terms of overall assets and consolidation, while some are larger and older.

Annual bank ratings are released in Nigeria based on a few vital factors.

These financial institutions are ranked according to their market value, brand recognition, size by total assets, number of branches and ATMs, customer satisfaction, and other factors.

What Nigerian bank would be the most advantageous for you to open a savings or current account with and deposit your hard-earned money in?

Our ranking as usual will be from descending order to ascending order. 

10. Polaris Bank

One of the biggest banks in Nigeria is Polaris Bank, which has $4 billion or more in assets.

They have emerged as one of the top ten safest banks in Nigeria to create an account, according to consumer testimonials.

This financial company, formerly known as Skye Bank, is currently listed on the Nigerian Stock Exchange (NSE) and has operations in several other African nations, including Sierra Leone, the Republic of Guinea, Angola, and Liberia.

9. Fidelity Bank

Another trustworthy Nigerian bank that has made significant progress in upholding its standing with Nigerians and in the financial sector is Fidelity.

It is impossible to miss them when over 2.5 million people use this bank. They are well-liked by market women, as far as we know.

Established in 1988, this registered bank now has assets worth more than $6.51 billion.

Fidelity Bank has promoted corporate banking and micro, small, and medium-sized business sectors (MSMEs).

Their retail digital banking offering is among the best, as seen by the rise in savings deposits made over the past three years using their mobile and online banking products.

8. Union Bank

One of Nigeria's oldest commercial banks, Union Bank of Nigeria, was founded in 1917 as a premier financial institution to serve both large enterprises, small and medium-sized businesses.

With a $6.8 billion asset base, Union Bank is one of the wealthiest banks in the nation and has earned the trust of Nigerians.

As a student or government employee in the nation, this bank is excellent for creating a savings account. They also provide low-interest financing services to its clients.

You can easily go into any of the more than 400 Union Bank locations that are spread across every state in the nation and open either a current account or a savings account or even a domiciliary account. 

7. Access Bank 

Another customer-friendly Nigerian bank that ranks among the best in Access Bank.

They have grown even more powerful since recently acquiring Diamond Bank Plc, making them one of Nigeria's safest banks with the greatest customer base.

With a growth of #1.537 trillion in just one year, Access Bank now ranks as Nigeria's largest bank by assets, with assets at #8.680 trillion.

Due to this achievement, Access Bank is now Nigeria's largest lender.

The Central Bank of Nigeria granted Access Bank Nigeria a license to conduct business as a financial institution, and it started operations in 1989.

Soon, the bank wants to be a pioneer in Nigeria's financial sector. This is evident when access bank purchased both Diamond and Intercontinental bank and merge it with itself.

Access bank also has the highest number of ATMs in Nigeria. 

6. United Bank of Africa

One of the top banks in Nigeria offering top-notch digital banking services is UBA. They provide some of the best customer service and will address all of your concerns until you are happy.

UBA is a reliable bank to keep your money in, with over 500 locations across the continent and 10 million customers in Nigeria.

When compared to other new commercial banks, the bank's fees are lower. In terms of assets bought, UBA is also valued at $13.2 billion. 

5. Ecobank Nigeria

Another established commercial bank in Nigeria is Ecobank Nigeria, which has numerous locations across the nation.

Both public officials and the majority of military commanders prefer to open salary accounts with this bank.

With its corporate headquarters in Lome, Ecobank has operations in 32 nations.

This financial institution provides its clients with transactional, corporate, and retail banking services as well as wholesale and retail loans, savings, investments, debit and credit cards, and corporate banking services.

4. First Bank of Nigeria

In addition to being the nation's oldest bank, First Bank is one of Nigeria's top 10 finest banks with which to create a savings account.

They are a significant business with assets of $21.3 billion.

Founded in 1894, it has received the title of "The Best Bank Brand in Nigeria" from The Banker magazine of the Financial Times Group for five years running (2011, 2012, 2013, 2014 and 2015).

3. Keystone Bank Limited 

One of the modern banks worth mentioning on this list is Keystone Bank.

They provide banking services to small and medium-sized businesses, as well as to individuals and public agencies.

The Central Bank of Nigeria granted a commercial banking license to Keystone Bank Limited (CBN).

Additionally, they bought Bank PHB after the CBN suspended their license, turning this financial institution into one of Nigeria's biggest providers of financial services.

2. Guarantee Trust Bank

When it comes to customer service and banking, Guaranty Trust Bank, or GTBank is the best bank in Nigeria right now.

They have a solid reputation and are a customer-friendly bank and reviews indicate that most Nigerians use GTBank as their bank.

Given that this bank is one of the biggest financial organisations in all of West Africa and has a sizable customer base, it is difficult to imagine other participants in the banking sector surpassing it with assets totalling $11.77 trillion.

1. Zenith Bank Nigeria

In the Top 1,000 World Bank rating for 2022, Zenith Bank PLC is ranked as having the highest tier-one capital in Nigeria.

It is a reputably regulated commercial bank offering financial services in West Africa, as well as Nigeria.

Founded in 1990, Zenith Bank was listed on the Nigerian Stock Exchange (NSE), is also Nigeria's largest bank by tier-1 capital, with shares valued at more than $2.79 billion.

Pension Management, Corporate and Investment Banking, Commercial and Consumer Banking, Personal and Private Banking, Trade Services and Foreign Exchange, and Treasury and Cash Management Services, etc. are just a few of the financial services offered by Zenith Bank.

Along with being one of the wealthiest banks in Nigeria, their entire assets are believed to be around $15.7 billion. 

In conclusion, Nigeria's banking industry is continually changing, with some banks closing their doors while others open new ones.

This means that figuring out which banks are the safest and finest to use might be challenging.

The banks that stand out as being particularly secure and dependable in the nation are those that are listed.

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