According to the Apex Bank, Central Bank of Nigeria, there are 22 commercial banks in Nigeria operating in all parts of the country. If you’re in search of the best Banks in Nigeria or you want to open an account and currently in search of a reliable Bank to operate with? In this post, I will share my list of the top banks in Nigeria based on their net worth, customer service, interest rate provided to customers.

One thing to note is that banking has to do with financial services rendered to customers. The customers are at the receiving end of the services. Ranking each Bank will be greatly influenced by the way they relate to their customers. Without further ado, let’s jump right into the list for the best Banks in Nigeria.

Best Banks in Nigeria

1. Guaranty Trust Bank

Guaranty Trust Bank is also known as GTBank is considered the best bank in Nigeria today when it comes to banking service and customer relations. They are a customer-centered bank with a trusted reputation, part of the reasons the top my list for the best bank in Nigeria. Polls and popular reviews show that GTBank is the bank almost every Nigerian patronizes.

2. Keystone Bank Limited

Keystone Bank is one of the new generation banks crawling their way up on this list. They offer banking services not only to large corporations, but to public institutions, SMEs, and individuals.

3. First Bank of Nigeria

Aside from being the oldest financial institution in the country, First Bank is among the top 10 best banks in Nigeria to open a savings account with. They are a leading company worth $21.3 billion in total assets.

FBN was established in 1894 and is known as the oldest bank in Nigeria.  The Banker magazine of the Financial Times Group awarded First Bank as “The Best Bank Brand in Nigeria” for five years back to back (2011, 2012, 2013, 2014 and 2015).

4. Ecobank Nigeria

Ecobank Nigeria is another old commercial bank operating in Nigeria with many branches all over the country. Most military officers prefer using this bank to open a salary account as well as civil servants. Ecobank operates in 32 countries with its headquarters in Lome. 

5. Zenith Bank Nigeria

Zenith Bank PLC is another top licensed commercial bank providing financial services not only in Nigeria but also in West Africa. Established in 1990, this institution was listed on the Nigerian Stock Exchange (NSE) and is also Nigeria’s biggest bank by tier-1 capital with worth over $850 million in shares.

10 Best Banks in Nigeria 2020
Zenith Bank

6. Access Bank Nigeria PLC

Access bank is another customer-friendly Nigerian bank ranked among the best to bank with. With their recent acquisition of Diamond Bank PLC, they have even gotten stronger and are one of the few banks in Nigeria with the largest customer base.

Best Banks in Nigeria
Access bank Nigeria

Access bank Nigeria began operations in 1989 with a license to operate as a financial institution from the Central Bank of Nigeria. 

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7. United Bank for Africa (UBA)

UBA is one of the best banks in Nigeria that provides real digital banking services at its peak. They have one of the best customer care services and would respond well to any of your queries until you are satisfied.

Best Banks in Nigeria
United Bank for Africa (UBA)

8. Union Bank of Nigeria

Union Bank of Nigeria, one of the oldest commercial banks in Nigeria was established in 1917 as a top financial institution to cater for small, medium-sized companies, and major corporations. Ranked among the richest banks in the country with an asset base of $6.8 billion, Union Bank has cemented trust among Nigerians.

9. Fidelity Bank

Fidelity is another reliable Nigerian bank that has come a long way in maintaining its reputation among Nigerians and in the banking industry. With over 2.5 million customers patronizing this bank, it is impossible to not notice them. What we know is that they are popular among market women.

10. Polaris Bank

Polaris Bank is one of the largest Nigerian Banks with assets totaling about $4 billion. Based on customer reviews, they have proven to be among the top ten banks to open an account with in Nigeria. Previously known as Skye Bank.

Conclusion

There are a lot of banks in Nigeria, each having a specific purpose they operate on. The banks listed on this post were curated and taken into account other Banks that merged in the past or were acquired by other Banks. Choosing the right Bank to operate and transact with is also influenced by location, nearness to your location. No one would want to travel hours just to go make a deposit on their bank account.

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