When looking to find out about the top 10 banks in Nigeria, it is first imperative to understand that these banks control a large portion of the banking sector’s assets. They possessed a combined N75.3 trillion in assets as of December 2022, which is 72.5% of the total assets of the Nigerian banking industry.
Additionally, these banks are very important to the Nigerian economy. They offer a variety of financial services to the public, private sector, and government. They are essential in mobilising money and directing them towards profitable ventures.
It’s also crucial to remember that this rating is only based on total assets. When picking a bank, you may also take into account other aspects including the bank’s location, the variety of services it provides, and its fees and charges.
But before we dive in, we want to ensure that you understand that this ranking is based on the Central Bank of Nigeria’s (CBN) 2022 annual banking supervision report. The list is presented below:
List Of The Top 10 Banks In Nigeria
Let’s walk you through the top 10 banks in Nigeria:
10. Wema Bank
Founded in 1945, Wema Bank is a commercial bank in Nigeria. One of Nigeria’s oldest banks, with its main office in Lagos. On the Nigerian Exchange Group (NGX), Wema Bank is a publicly traded corporation.
The innovative banking methods used by Wema Bank and its emphasis on digital transformation are well-known. 2017 saw the introduction of ALAT, the first totally digital bank in Nigeria, by Wema Bank. ALAT has been a tremendous success and has helped Wema Bank draw in a younger demographic of clients.
Customers of Wema Bank include the government, companies, and private citizens. Savings accounts, current accounts, loans, and investment products are just a few of the many goods and services the bank provides.
The total assets of Wema Bank were N1.26 trillion as of December 2022. For the same time period, the bank made N131.08 billion in gross profits.
Sitting at number 10 on this list, Wema Bank is in a good position to expand over the next years. The bank’s creative approach to banking and emphasis on digital transformation is crucial to its success.
Headquarters address: 54 Marina, Lagos Island Lagos State, Nigeria
Twitter: http://www.twitter.com/wemabank
Instagram: http://www.instagram.com/wemabank
Youtube: https://www.youtube.com/channel/UCTGC-XMePg5X5EtkG9uj9B
LinkedIn: http://www.linkedin.com/company/wema-bank-plc
Facebook at: http://www.facebook.com/wemabankplc
Contact Number: 07000787753
Website: https://wemabank.com
9. Sterling Bank
Established in 1960, Sterling Bank is a business bank in Nigeria. One of Nigeria’s oldest banks, with its main office in Lagos. On the Nigerian Exchange Group (NGX), Sterling Bank is a publicly traded corporation.
The emphasis that Sterling Bank places on corporate, investment, and non-interest banking operations, as well as retail and consumer banking, is well recognised. The bank has a significant online presence and provides a variety of services and products, such as savings accounts, current accounts, loans, and investment products.
Customers of Sterling Bank include private citizens, corporate entities, and the federal government. The bank places a lot of emphasis on the market segments for young people and entrepreneurs.
The total assets of Sterling Bank were N1.45 trillion as of December 2022. For the same time period, the bank made N175.14 billion in gross profits.
One of the top banks in Nigeria, Sterling Bank is in a good position to expand over the next years. The bank’s success is largely due to its emphasis on retail and consumer banking, trade services, corporate, investment, and non-interest banking operations.
The goal of Sterling Bank is to offer its clients cutting-edge goods and services with additional value. The bank is devoted to promoting the expansion and advancement of the Nigerian economy.
Headquarters address: Sterling Towers, 20 Marina, P.M.B. 12735, Lagos, Lagos State, Nigeria
Twitter: https://twitter.com/Sterling_Bankng
Instagram: https://instagram.com/sterlingbank
Youtube: https://www.youtube.com/user/SterlingBankng
Facebook at: https://www.facebook.com/SterlingBankNigeria
Contact Number: 017003270
Website: https://www.sterling.ng
8. Union Bank
Established in 1917, Union Bank is a commercial bank in Nigeria. One of Nigeria’s oldest banks, with its main office in Lagos.
It used to be known as Barclays Bank of Nigeria Limited until 1990 when it adopted its current name. On the Nigerian Exchange Group (NGX), Union Bank is a publicly traded corporation.
The corporate and institutional banking franchise at Union Bank is well-known. Additionally, the bank’s retail and consumer banking division is expanding. Savings accounts, checking accounts, loans, and investment products are just a few of the numerous goods and services that Union Bank provides.
Customers of Union Bank include the government, companies, and private citizens. The oil and gas, telecommunications, and industrial industries all have the bank’s significant presence.
The total assets of Union Bank were N1.8 trillion as of December 2022. For the same time period, the bank made N208.2 billion in gross profits.
One of the top banks in Nigeria, Union Bank is in a good position to expand over the next years. The bank’s solid reputation in corporate and institutional banking, expanding retail and consumer banking operations, and a broad array of goods and services all contribute to its success.
Headquarters address: 36 Marina, Lagos Island, Lagos, Lagos State, Nigeria
Twitter: https://twitter.com/UNIONBANK_NG
Instagram: https://www.instagram.com/unionbankng/
LinkedIn: https://ng.linkedin.com/company/union-bank-of-nigeria
Facebook at: https://www.facebook.com/Unionbankng/
Contact Number: 01 271 6816
Website: https://www.unionbankng.com/
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7. First City Monument Bank (FCMB)
Founded in 1982, First City Monument Bank (FCMB) is a prominent Nigerian commercial bank headquartered in Lagos. It ranks among Nigeria’s largest banks and is publicly traded on the Nigerian Exchange Group (NGX).
FCMB serves a diverse customer base that includes individuals, businesses, and governmental entities. The bank places particular emphasis on the retail and consumer banking segments of the market.
FCMB is renowned for its pioneering approach to banking and its dedication to digital transformation. The bank offers an extensive array of financial products and services, encompassing savings and current accounts, loans, and investment offerings. Additionally, FCMB boasts a substantial presence in the corporate and institutional banking sectors.
As of December 2022, FCMB’s total assets stood at N3.3 trillion, with gross earnings for the same period reaching N283.0 billion.
FCMB stands out as one of Nigeria’s leading banks, poised for continued growth in the years ahead. Its success is attributed to its innovative banking practices, commitment to digital transformation, and extensive range of products and services.
Headquarters address: 17a Tinubu St, Lagos Island 102273, Lagos
Twitter: https://twitter.com/MyFCMB
Instagram: https://www.instagram.com/myfcmb/
LinkedIn: https://ng.linkedin.com/company/first-city-monument-bank-ltd
Facebook at: https://www.facebook.com/FCMBMyBank
Contact Number: 01 279 8800
Website: https://www.fcmb.com
6. Stanbic IBTC Bank
Founded in 1989, the Nigerian commercial bank Stanbic IBTC Bank. It is a division of the Standard Bank Group, one of Africa’s biggest banks. With its main office in Lagos, Stanbic IBTC Bank is a publicly traded corporation on the Nigerian Exchange Group (NGX).
Customers of Stanbic IBTC Bank include the government, companies, and private citizens. The oil and gas, telecommunications, and industrial industries all have significant bank presence.
Strong corporate and institutional banking is a speciality of Stanbic IBTC Bank. Additionally, the bank’s retail and consumer banking division is expanding. The variety of goods and services provided by Stanbic IBTC Bank includes savings accounts, current accounts, loans, and investment products.
One of the top banks in Nigeria, Stanbic IBTC Bank, is in a good position to expand over the coming years. The bank’s solid reputation in corporate and institutional banking, expanding retail and consumer banking operations, and a broad spectrum of services all contribute to its success.
The total assets of Stanbic IBTC Bank were N5.7 trillion as of December 2022. For the same time period, the bank made N475.2 billion in gross profits.
Headquarters address: Walter Carrington Cres, Victoria Island 106104, Lagos
Twitter: https://twitter.com/StanbicIBTC
Instagram: https://www.instagram.com/stanbicibtc/
LinkedIn: https://ng.linkedin.com/company/stanbic-ibtc
Facebook at: https://www.facebook.com/StanbicIBTC/
Contact Number: 0700 9099 09909
Website: https://www.stanbicibtcbank.com/nigeriabank/
5. Guaranty Trust Holding Company (GTCO)
Founded in 1990, Guaranty Trust Holding Company (GTCO) is a financial holding company in Nigeria. With its headquarters in Lagos, it is one of Africa’s biggest financial organisations. Listed publicly on the Nigerian Exchange Group (NGX), GTCO is a business.
Until recently, the bank was known as the Guarantee Trust Bank and they continue to be one of Nigeria’s youth-oriented bank; spearheading the advancement of the Nigerian youths through innovative programmes in fashion, food and technology.
Customers of GTCO include people, companies, and governments in Nigeria and other African nations. The corporation is well-known in the manufacturing, telecommunications, and oil and gas industries.
At the end of December 2022, GTCO had N7.4 trillion in total assets. Gross profits for the same time period for the firm were N539.2 billion.
The innovative banking methods used by GTCO and their emphasis on customer care are well-known.
The business provides a comprehensive range of financial services and products, including asset management, pension management, investment banking, retail and corporate banking, and retail and corporate banking.
One of the top financial institutions in Africa, GTCO is in a good position to expand over the next years. The success of the business is largely down to its creative approach to banking, emphasis on client satisfaction, and a broad array of financial goods and services.
Headquarters address: Plot 635, Akin Adesola Victoria Island, Lagos.
Twitter: https://twitter.com/gtbank
Instagram: https://www.instagram.com/gtbank/
LinkedIn: https://ng.linkedin.com/company/gtcoplc
Facebook at: https://www.facebook.com/gtbank/
Contact Number: 0700 4826 66328
Website: https://www.gtbank.com/
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4. United Bank of Africa (UBA)
United Bank of Africa (UBA) was established in 1949 as a small bank in Lagos, Nigeria. Since then, it has undergone rapid expansion, becoming one of the largest commercial banks in Africa by total assets. Today, UBA is a major player in the African banking industry, with a significant presence in both the retail and corporate banking sectors.
UBA boasts a customer base exceeding 30 million individuals and businesses across Africa. The bank offers an extensive range of financial products and services, including savings accounts, current accounts, loans, and investment products. Additionally, UBA plays a substantial role in trade finance and remittances.
UBA is recognized for its innovative approach to banking and has been a pioneer in adopting new technologies like blockchain and artificial intelligence. It was among the first banks in Africa to introduce mobile banking services.
In 2022, UBA achieved impressive financial results, with gross earnings increasing by 29.2% to N853.2 billion, and profit before tax rising by 37% to N302.4 billion. The bank’s total assets as of December 2022 stood at N10.9 trillion.
UBA is a highly regarded financial institution known for its consistent growth and profitability. Positioned in key African countries, as well as the United Kingdom, the United States of America, France, and the United Arab Emirates, UBA is well-prepared to capitalize on the ongoing expansion of Africa’s economy in the years ahead.
Headquarters address: UBA House, 57 Marina, Lagos, Lagos State, Nigeria
Twitter: https://twitter.com/UBAGroup
Instagram: https://www.instagram.com/ubagroup/
Facebook at: https://www.facebook.com/ubagroup/
Contact Number: 0700 225 5822
Website: https://www.ubagroup.com/
3. Zenith Bank
Zenith Bank, founded in 1990, is a prominent Nigerian commercial bank headquartered in Lagos. It ranks among the largest banks in Nigeria and is publicly traded on the Nigerian Exchange Group (NGX).
Renowned for its innovative banking approach and unwavering commitment to customer service, Zenith Bank offers a comprehensive array of financial products and services, encompassing savings and current accounts, loans, and investment offerings. Furthermore, Zenith Bank maintains a substantial presence in the corporate and institutional banking sectors.
With a customer base spanning individuals, businesses, and government entities, Zenith Bank places a strong emphasis on serving the retail and consumer banking segments.
Zenith Bank stands as a leader in banking innovation within Nigeria. The bank was among the pioneers in introducing mobile banking services in the country and has consistently embraced emerging technologies like blockchain and artificial intelligence.
In 2022, Zenith Bank achieved robust financial results, with gross earnings surging by 22.7% to N767.2 billion, and profit before tax growing by 18.1% to N347.8 billion. The bank’s total assets as of December 2022 amounted to N10.9 trillion.
Zenith Bank is a highly esteemed financial institution recognized for its consistent growth and profitability. Positioned to leverage the expansion of Nigeria’s economy, it is well-prepared to continue its growth trajectory in the years ahead.
Headquarters address: Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria Island, Lagos, Nigeria
Twitter: https://twitter.com/ZenithBank
Instagram: https://www.instagram.com/zenithbankplc/
LinkedIn: https://ng.linkedin.com/company/zenith-bank-group
Facebook at: https://www.facebook.com/zenithbank
Contact Number: 01 278 7000
Website: https://www.zenithbank.com/
2. Ecobank Nigeria
Founded in 1985, Ecobank Nigeria is a prominent commercial bank located in Lagos, Nigeria, and stands as one of the country’s largest banks. It is part of the Ecobank Transnational Incorporated (ETI), a pan-African banking group with a presence in 33 African countries.
Ecobank Nigeria is celebrated for its innovative banking approach and its steadfast commitment to financial inclusion. The bank offers an extensive range of financial products and services, including savings accounts, current accounts, loans, and investment products. Additionally, Ecobank Nigeria maintains a robust presence in the corporate and institutional banking sectors.
Catering to a diverse customer base comprising individuals, businesses, and government entities, Ecobank Nigeria places a strong focus on serving the retail and consumer banking segments, along with a dedicated approach to the small and medium-sized enterprise (SME) segment.
Ecobank Nigeria stands as a leader in banking innovation within Nigeria. The bank was at the forefront of introducing mobile banking services in the country and continues to pioneer the adoption of cutting-edge technologies such as blockchain and artificial intelligence.
In 2022, Ecobank Nigeria achieved robust financial performance, with gross earnings increasing by 19.3% to N419.1 billion, and profit before tax growing by 34.5% to N116.7 billion. As of December 2022, the bank’s total assets amounted to N7.5 trillion.
Ecobank Nigeria is a highly esteemed financial institution with a proven track record of growth and profitability. Positioned to capitalize on the expansion of Nigeria’s economy, it is well-prepared to sustain its growth trajectory in the years ahead.
Headquarters address: 270 Ozumba Mbadiwe Ave, Victoria Island 106104, Lagos
Twitter: https://twitter.com/ecobank_nigeria
Instagram: https://www.instagram.com/ecobank_nigeria/
LinkedIn: https://ng.linkedin.com/company/ecobanknigeria
Facebook at: https://www.facebook.com/EcobankNGR/
Contact Number: 0704 552 4022
Website: https://ecobank.com
1. Access Bank
Access Bank Nigeria, founded in 1989 and headquartered in Lagos, is one of the largest banks in Nigeria. It has earned its reputation as a leader in the Nigerian banking industry and is publicly listed on the Nigerian Exchange Group (NGX). The bank’s success is underpinned by a long history of innovation and a customer-centric approach.
Access Bank is renowned for offering a wide array of products and services catering to individuals, businesses, and the government. Additionally, it has demonstrated a strong commitment to corporate social responsibility, actively contributing to the growth and development of the Nigerian economy.
One of Access Bank’s notable achievements is its position as the largest bank in Nigeria, boasting a substantial customer base of over 46 million people. Furthermore, the bank is a trailblazer in the realm of digital banking and innovation, ranking among the most profitable banks in Nigeria.
In 2022, Access Bank showcased remarkable financial performance, with a 22.3% increase in gross earnings, amounting to N1.07 trillion, and a 27.3% rise in profit before tax, reaching N401.9 billion. The bank’s total assets as of December 2022 stood at an impressive N15 trillion.
With a track record of innovation, a loyal customer base, and an unwavering commitment to the Nigerian economy’s growth and development, Access Bank is poised for continued success in the years ahead.
Access Bank’s commitment to innovation is exemplified through key initiatives such as the Access Mobile App, which empowers customers to conveniently manage their accounts, make payments, and transfer funds on the go. Additionally, the Access Omni-Channel Banking platform offers customers the flexibility to bank through various channels, including branches, ATMs, mobile banking, and Internet banking. Furthermore, AccessPay, a mobile money platform, facilitates easy payments and money transfers using mobile phones.
Headquarters address: 14/15, Prince Alaba Abiodun Oniru Road, Victoria Island, Lagos, Lagos State, Nigeria.
Twitter: https://twitter.com/myaccessbank
Instagram: https://www.instagram.com/myaccessbank/
Facebook at: https://www.facebook.com/AccessBankPlc/
Contact Number: 01 280 2500
Website: https://www.accessbankplc.com
Final Words
Now that we have checked out the top 10 banks in Nigeria, you can go ahead to learn more about each one to find out which one suits your preferences in case you want to bank with them.
