Banking is an industry that handles cash, credit, and
other financial transactions for individual consumers and businesses alike.
Banking provides the liquidity needed for families and businesses to
invest in the future, and is one of the key drivers of the Nigerian economy.
You can use the products and services
offered by a bank or credit union to protect your money, to borrow more, and to
build savings. Banking means you won't have to save up before going to college
or buying a house. Companies can use loans to start hiring
immediately to build for future demand and expansion. In short,
banking provides the means for further financial growth.
In
the banking industry, it is normal for Nigerian banks to reel out financial
services to benefit their customers and also to attract more to their base.
While these commercial banks are licensed to operate by the Central Bank of
Nigeria (CBN), they have not only maintained a solid reputation locally in the
banking industry, but also internationally. To know how many banks are in
Nigeria, you have to be sure on the type of bank, whether it is commercial,
microfinance or even mortgage.
While
there are 22 licensed commercial banks in Nigeria, not all these financial
institutions are equal. Some are bigger and older, while other new generation
banks are richer in terms of total assets and consolidation. The rankings of the
top 10 best banks in Nigeria right now is officially put on our platform so as
to guide you about the most reliable bank with the highest number of branches
in the country. Also if you are looking for the best bank to work with in the
country that pays the most salary at entry level, we have that covered in this
article.
Bank
ratings in Nigeria are published yearly based on some key factors and
variables. These financial institutions are graded based on market value, brand
esteem, the biggest banks by total assets, bank with the highest number of
branches and ATM, customer fulfillment and so on.
So,
which among these Nigerian banks is best to open a savings or current account
with and save your hard earned money in? Using various reviews and experience,
we shall list 10 best banks in Nigeria that you can trust to save your funds
in, be you a civil servant, business man, student, trader, etc. All are based
on customer reviews.
Top 10 Best Banks in Nigeria (2022 Updated)
Below
listed banks, are top 10 best banks in Nigeria
1. FIRST BANK OF NIGERIA
Aside
from being the oldest bank 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. First bank was established in 1894 and is
Nigeria’s oldest bank. The Banker magazine of the Financial Times Group awarded
First Bank as “The Best Bank Brand in Nigeria” for five solid years in a row
(2011, 2012, 2013, 2014 and 2015).
2. ZENITH BANK NIGERIA
Zenith Bank PLC ranks number one in Nigeria by
Tierone capital in the 2022 Top 1,000 World Bank ranking. Zenith Bank 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 tier1
capital with worth over $2.79 billion in shares. Zenith Bank financial services
ranges from Pension Management, Corporate and Investment Banking, Commercial
and Consumer Banking, Personal and Private Banking, Trade Services and Foreign
Exchange, Treasury and Cash Management Services, etc. They are also one of the
richest banks in Nigeria with asset estimated to be worth $15.7 billion in
total.
3. POLARIS BANK
Polaris
Bank is one of the largest Nigerian Banks with assets totaling about $4
billion. Based on customer’s reviews, they have proven to be among the top ten
banks to open an account with in Nigeria. Formerly Skye Bank, this financial
institution is currently quoted on the Nigerian Stock Exchange (NSE) and has
presence in other African countries such as Sierra Leone, the Republic of
Guinea, Angola and Liberia.
4. 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. This licensed bank was
established in 1988 and has assets worth over $6.51 billion. Fidelity Bank has
promoted the corporate banking sectors as well as Micro Small and Medium
Enterprises (MSMEs). The increase in savings deposits over the last three years
via their mobile and internet banking products shows that their retail digital
banking service is one of the best.
5. GUARANTY TRUST BANK
Guaranty
Trust Bank or GTBank is the best bank in Nigeria today when it comes to banking
service and customer relations. They are a customer friendly bank with a
trusted reputation.Reviews show that GTBank is the bank almost every Nigerian
patronizes. With an asset totaling $11.77 trillion, its hard to see other
players in the banking industry beat this bank as it is one of the largest financial
institutions in the whole of West Africa.
6. UNITED BANK FOR AFRICA (UBA)
UBA
is one of the best banks in Nigeria that provides real digital banking service
at its peak. They have one of the best customer care service and would respond
well to any of your queries until you are satisfied. With over 500 branches
across the continent and 10 million customers in Nigeria, UBA is a trustworthy
bank to save your money in. The bank charges are less when compared to other
new generation commercial banks. UBA is also worth $13.2 billion in terms of
acquired assets.
7. KEYSTONE BANK LIMITED
Keystone
Bank is one of the new generation banks worth mentioning on this list. They
offer banking services not only to large corporations, but to public
institutions, SMEs and individuals. Keystone Bank Limited was issued commercial
banking license by the Central Bank of Nigeria (CBN). They also acquired Bank
PHB after the CBN revoked their license, making this financial institution one
of the largest financial services providers in Nigeria.
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, UBN has cemented trust among
Nigerians. This bank is good for opening a savings account as a student or
civil servant in the country. They also offer loan services to their customers
with low interest rate. One thing I am sure of is that they are one of the
highest paying banks in Nigeria this 2022. With over 400 Union Bank branches
scattered around every state in the country, you can easily walk into any of
these branches an either open a current, savings or even domiciliary account.
Their ATM service is also available 24/7.
9. ACCESS BANK NIGERIA PLC
Access
bank is another customer friendly Nigerian bank ranked among the best to bank
with. With their recent acquiring of Diamond bank PLC, they have even gotten
stronger and are one of the few banks in Nigeria with the largest customer
base. Access bank currently leads as Nigeria’s biggest bank by assets with an
appreciation of ₦1.537 trillion within one year has increased Access Bank asset
value to ₦8.680 trillion. This feat makes Access bank Nigeria’s biggest lender.
10. 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. This financial institution offers banking services such as wholesale, retail, loans, savings, investments, debit and credit cards, corporate, investment and transaction banking services to their customers.
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