Top 20 Commercial Banks In Nigeria 2020

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As a result of good investment policies, political stability, and natural resources, Nigeria is regarded as the top economic powerhouse of Africa.

This is evident in the progress and achievements of banks and other notable financial organizations in Nigeria.

It feels so good even as thirteen banks in Nigeria were listed to be part of the top 1000 banks in the World. In Nigeria, we have countless big banks.

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Top Performing Commerical Banks in Nigeria

Here are the top 20 commercial banks in Nigeria that are successful, reliable, and licensed by CBN.

1. First Bank

Popularly called First Bank, First Bank of Nigeria is the topmost bank in Nigeria going by its assets.
Founded in the year 1894 with the name Bank of British West Africa, First Bank currently functions in several African countries, in China and Dubai.

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Also, First Bank has a huge customer base said to be over 10 million and its income is over N303 trillion. Conclusively, First Bank has a net income of N215 trillion.

2. Zenith Bank

This is another highly esteemed financial institution in the nation of Nigeria. Founded I’m the year 1990, it’s launched its IPO in the year 2004 thereby becoming a Plc.

Zenith Bank is a notable one among the top commercial banks in Nigeria with a very high asset base over the years. It trades shares on Nigeria stock exchange as well as London stock exchange.

Zenith bank has representatives offices in South Africa and China, even as it has subsidiaries in countries such as Sierra Leone, Ghana, UAE and United Kingdom.

3.UBA

United Bank for Africa was established in the year 1949. As a multinational financial organization, it has offices in foreign countries such as Us, Paris, France, New York, and the United Kingdom.
Also, since it’s a merger with Standard Trust Bank Plc in 2005, UBA has businesses in several African countries.

4. Access Bank

Established in the year 1989, Access Bank has a customer base of over 5.7 million with over 309 branches and headquarter in Victoria Island. Access Bank experienced an increase in its customer base after it was merged with Intercontinental Bank.

This well known financial institution has a wide range of subsidiaries in several African countries and in the United Kingdom, with an asset worth of over N2.3 Trillion work.

5. Guaranty Trust Bank (GTBank)

Established in 1990, GTB is one of the top banks in Nigeria who first introduced Internet banking services, it also offers Retail Banking, Asset Management Services, Investment banking, and Corporate Banking.

GTB is considered as one of the most efficient and profitable banks located on the Island In Lagos State. It has an office in the United Kingdom and over 234 branches around the globe.

$750 million was added to its asset base of $9.874 billion after GTB launched an IPO in London Stock Exchange and Deutsche Borse in 2007.

6. Keystone Bank

Established in the year 2011, Keystone is considered as one of the youngest banks in Nigeria. It has subsidiaries in countries like Gambia, Uganda, and Liberia.

Keystone is a fast-growing financial institution with an asset base of N307 billion rendering services public institutions and SME’s.

7. Ecobank Nigeria

Eco Bank was founded in the year 1985 and it presently operates in over 36 countries in Africa with offices in China, Angola, South Africa, France, and Dubai.

After acquiring Oceanic Bank, the Pan African bank grew incredibly. It is considered as one of the highly profitable banks in Nigeria controlling an asset base of over  $23.6 billion. Presently more than 20,000 staff are employed in Eco bank worldwide.

8. Union Bank

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Union bank is a colonial bank established in the year 1917 and it is one of the oldest Banks in Nigeria. It was ranked as one of the top 1000 Banks in the London times bankers magazine. It was also voted as the 14th biggest Bank in Africa.

It has an asset base of over $6.7 billion with subsidiaries in London and several Africa countries.

9. Skye Bank

Skye Bank is another young bank in Nigeria, established in the year 2006, it has an estimated asset worth of over $5.679 billion with satellite offices in Guinea Republic, Angola, Liberia, Sierra Leone, and The Gambia.

In the year 2014, Skye Bank acquired Mainstreet Bank Limited. Amongst other achievements, Skye Bank was the first Nigeria financial institution to offer Mastercard verve to its large customers.

10. Diamond Bank of Nigeria

This financial institution is based in Nigeria but It has subsidiaries in several African countries.
It has an estimated asset base worth $7.3 billion.

11. Fidelity Bank Nigeria

Fidelity bank was founded in 1988 as a merchant bank but in the year 1999, it became a commercial following its commission by Central Bank Of Nigeria.

This is a highly respected and well-known bank in Nigeria, little wonder it was voted to be in the 25th position of the most capitalized bank in the African Continent. Also, it was mentioned as one of the top 1000 biggest Banks in the Globe. Its asset base is estimated to be around N1.6 trillion.

12. First City Monument Bank Plc

Popularly called FCMB is a total service bank in Nigeria and other African countries which was established in the year 1982. Fcmb has an asset base of over $3.65 billion. It’s asset base improved after Fcmb bought FinBank.

13. Stanbic Bank Nigeria

Stanbic IBTC came to be as a result of joining Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc. It owns offices in different African countries such as South Africa, Southern Sudan, Zambia, Zimbabwe, Tanzania, Uganda, Kenya, Republic of Congo and Ghana.

14. Citibank

This bank has a wide customer base and a huge asset base in several African countries including Nigeria.

Citibank was established in the year 1812 in New York, United States of America.
It is fast growing due to the amazing services it offers.

15. Standard Chartered Bank

Standard Chartered Bank was established in 1969 in London, this bank has many branches all around the globe. In Nigeria, it regulates a huge percentage of commercial services with a high customer base and a huge asset.

16. Sterling Bank Nigeria

This is a commercial bank given the license to serve Nigerians by CBN authorities. Established in the year 1960, as of 2018, it has an estimated asset worth of ₦ 1.10 trillion. Amongst its many offers to the public, It offers SME’s services to small and large business organizations.

17. Heritage Bank Plc

Heritage Bank is a bank with a full license for commercial operations. Established in the year 2012, this bank is fast-growing despite the fact that it is licensed to work as a regional bank. As of December 2015, it has an estimated asset worth of N483.4 billion.

18. Unity Bank Plc

Unity Bank is another big commercial bank rooted in Nigeria with headquarters in Abuja and operation based in Victoria Island, Lagos. It has an asset base of  $2.45 billion.

19. Wema Bank

Wema Bank was founded in the year 1945, it serves as one of the top profitable indigenous banks in Nigeria with a unique history. This commercial bank has branches in virtually all Nigerian states and it’s part of the Nigerian Banks listed on N.S.E (Nigeria Stock Exchange).

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20. Jaiz Bank:

This is an Islamic bank with a non-interest policy in Nigeria, established in the year 2003. It has an estimated asset of over $88.8 million.

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