An updated list of Top 10 Best Banks in Nigeria 2020 – In Nigeria, lots of banks have been strengthened through the influence of the central monetary system –widely regarded as the Central Bank of Nigeria. In this regard, the CBN has continually formulated banking policies aimed at saving commercial banks from banking difficulties such as insolvency. In the event of banking difficulties, the CBN may grant loans to certain banks in order to stabilize their operations and prevent them from likely liquidation.

In reality, banks are not only meant for safeguarding people’s valuables but also established as solid foundations on which an operative economic system can be built. For the economy of any country to be stable, existing banks must be equipped with enormous funds from which people may borrow in order to settle financial obligations.

As to the focal point of this post, we’re pleased to provide you with the names of Nigeria’s leading banks. Meanwhile, this post comes in the form of a ranking that comprises the Top 10 Nigerian Banks. Also noteworthy, these banks are ranked in accordance with their total assets and it is supposed that each of them provides its customers with reliable and stable banking services.

If you’re keen on finding out the leading banks within Nigeria’s banking sector, we believe this post is perfectly made for you. So, read on as we bring you the names of these top banks starting from the first to the penultimate bank.

Top 10 Best Banks in Nigeria 2020 

  • 1. Zenith Bank of Nigeria Plc.

Just like GTBank, Zenith Bank was established in 1990. With over 500 subsidiaries, Zenith Bank delivers its banking services in the United Kingdom and across West African countries including The Gambia, Sierra Leone, Ghana, and Nigeria. Zenith Bank is actively committed to quality banking services and with the help of its staff (comprising over 6,600 members), the bank has been able to acquire many customers –particularly in Nigeria. In assets, Zenith Bank is believed to have acquired nearly ₦15.7 billion. 

  • 2. United Bank for Africa

This bank assumes the acronym UBA and happens to be one of Nigeria’s longest-serving banks. Established in 1949, UBA has attained lofty heights through its banking services which span across the United States, U.K, and many African countries. Meanwhile, this remarkable stance emerges through the help of its subsidiaries exceeding 600 branches. To substantiate how a multitude of people have benefitted from its banking services, UBA is declared with a total of 7 million customers.

Believed to have emanated from the mutual partnership between Continental Trust Bank Limited and Standard Trust Bank Plc, UBA has acquired sumptuous assets currently valued at ₦12.3 billion. 

  • 3. First Bank Plc {FBN}

Other than its notability as one of Nigeria’s leading banks, First Bank happens to be the first banking institution to be established in Nigeria. Established in 1894, First Bank previously adopted the name Bank of West Africa. Meanwhile, the banking institution phased out the name in 1979 and replaced it with First Bank of Nigeria Plc.

For innumerable years, First Bank has remained an active banking institution spanning its banking operations across and beyond the borders of Nigeria. And quite impressively, the bank now has subsidiaries in the United Kingdom and across several West African countries including Senegal, Ghana, Sierra Leone, and The Gambia. Just a little behind GTBank, First Bank happens to be the second biggest Nigerian bank with its total assets estimated to be worth ₦21.3 billion.

  • 4. Guaranty Trust Bank Plc {GTBank}

Guaranty Trust Bank is easily shortened to GTBank and precisely, it claims the greatest spot on this list. Since it was set up in 1990, GTBank has constantly broadened its customer base and presently, it maintains an unrivaled feat as the best Nigerian bank. Having acquired assets estimated at ₦11.77trillion altogether, GTBank buttresses its banking services by operating across all 36 Nigerian States through its subsidiaries. Based on reports, GTBank currently has a massive staff of 10,000 members. 

  • 5. Access Bank Plc.

Established in 1989, Access Bank appears among the leading Nigerian banks with a massive staff (estimated in excess of 9,000 employees) and numerous subsidiaries. With respect to this, the bank operates within Nigeria through the backbone of over 300 branches. Besides Nigeria, Access Bank delivers banking services with the help of its branches based in Sierra Leone, Zambia, Congo, and the United Kingdom. 

  • 6. Ecobank Nigeria

Ecobank is a remarkable bank with banking operations spiraling across the globe. Precisely, the bank controls numerous subsidiaries amongst which are found in South Africa, France, Angola, and a few other countries. Currently, Ecobank delivers its banking services with the help of a staff comprising over 19,000 members. Also, the bank’s assets are believed to worth ₦20.0 billion.

  • 7. Diamond Bank Plc. (Access Bank)

With nearly 240 Nigerian subsidiaries, Diamond Bank maintains its position as one of the contemporary Nigerian banks which have extended their operations across foreign territories. Apart from Nigeria, Diamond Bank currently operates in African countries inclusive of the Ivory Coast, Republic of Benin, and Senegal.

Moreover, Diamond Bank happens to be one of the remarkable banking institutions established in 1990 [others being Zenith Bank and GTBank). As of now, Diamond Bank constantly gears its efforts towards widening its customer base by providing great banking facilities. At the same time, the bank is declared with the total assets of ₦7.3 billion.

  • 8. Union Bank of Nigeria

Other than its remarkable presence on this exclusive list, Union Bank features among the oldest Nigerian banks. Historically, Union Bank is believed to have stemmed from Barclays Bank established in 1917. Currently, the bank has broadened its ambit through numerous Nigerian branches and its total assets are valued in excess of ₦6.8 million.

  • 9. Fidelity Bank

Having evolved through the former Fidelity Union Merchant Limited established in 1988, Fidelity Bank appears on this list as one of Nigeria’s strongest and most reliable banks. Presently, it carries out banking operations with the support of its 220 global subsidiaries. Likewise, it has constantly extended its customer base and now has 2.3 million customers. Very importantly, Fidelity Bank currently boasts of assets estimated at ₦6.31 billion altogether.

  • 10. Skye Bank

Formerly associated with the name Prudent Bank Plc, Skye Bank came into inception in 1989 and has magnified its operations across Nigeria with the help of 260 subsidiaries. Meanwhile, the bank has managed to expand its Nigerian customers and is currently declared with the total assets of ₦3.9 billion.

There you have it for Best Banks in Nigeria, Top 10 List {Latest Ranking}, share your thought and suggestion through the comment box and like us on facebook @ facebook.com/9jaquest and follow us on twitter @ twitter.com/NaijaQuest

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13 Replies to “Top 10 Best Banks in Nigeria 2020 List”

  1. You must be joking to put Ecobank in top of anything! On what basis? The bank that a branch manager challenged me to write a complaint, even to the MD , and that nothing will happen? And when I dared write my complaint, the manager was promoted and moved to a bigger branch, and my account closed, so I wont cause more ‘wahala’……. Pu…lease!!! They chargeed me over 50% of black market rate to use thier ATM card abroad, and banking hall full like village market while staff are away from seats or, and taking personal calls on phones, etc?
    Please what was the criteria for adjudging, profits by any means or ????

    Reply

  2. This information is wrong. The unit of their net worth is Naira not dollars. Example
    GTBank – 11.17 trillion Naira
    or
    Zennith bank – 15.7 Billion Naira

    Reply

  3. I wanna open an account,have been away for quite sometime now and I need a bank that is fraud free and can be trusted

    Reply

    1. Ma,you can trust union bank.
      Name how you want to run the account,name what type of account you want,you will get.
      Their union mobile,Internet banking never disappoints.
      visit any branch and testify to this.
      Am sure you won’t regret it.

      Reply

  6. These are among the top banks so far in Nigeria, so think it should not be rated according to the numbers stated as above. There are a lot of things going on in the banking sector, we may not know. A shake up could change everything. (Diamond) We knew it was coming anyway. Now how can you rate Diamond bank that is part of Access bank.

    Almost now and then in Nigeria banks merge or are taken over. So far think the old generation banks are keeping up. Anyway would not elaborate more on this. Might take a page.

    Reply

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