The Central Bank of Nigeria has over 20 banks fully approved to operate within the region. This covers financial, non-interest, and investment banks, mortgage banks, amongst others.
However, there’s a whole lot of healthy competition between commercial banks. This report compiles the list of the highest net worth financial institutions in Q2 this year.
Which do you know think made the list of the top 10?
Read on to find out!
Centered on the Bank’s net assets recently reported in their Q1 results The financial body: Ecobank is reportedly Nigeria’s wealthiest bank.
The bank went up in assets. Statistics from last year’s Q1 suggest the bank had a combined asset of N 7.84 Trillion.
This year’s results indicate that the bank has risen by 4%. In December 2019, from N 8.62 Trillion to N 8.97 Trillion in March 2020.
Eco Bank’s Total Assets:
N8.97 Trillion Naira
2 Access Bank
Occupying the second position is Access Bank formerly known as the intercontinental institution. Following its integration with Diamond Bank plc, the company became the country’s largest provider of financial services.
The bank has business offices in the UK and in other 8 Sub-Saharan nations, including:
Rwanda, Zambia, Gambia, and Sierra Leone. The bank currently hires more than 9000 employees through its hundreds of branch offices.
Access Bank’s Total Asset:
N7.28 Trillion Naria
3. First Bank
First Bank of Nigeria may be the country’s oldest bank but it still competes very well with the young generation banks in terms of providing quality financial services to the Nigerian populace.
Established in 1894, the bank has retained its reputation as one of Nigeria’s biggest banks until today.
First Bank, with over 700 branches and 10 million clients, is a major force to rely on.
The bank has branches operating outside of Nigeria in the UK, the United Arab Emirates, South Africa, China, and many other areas.
First Bank of Nigeria also has one of the nation’s biggest client base (more than 10 million), not forgetting that it already has more than 1 million members.
First Bank has earned myriads of services because of its excellence and excellent service in the Nigerian banking sector.
First Bank Total Asset:
N7.02 Trillion Naira
4. United Bank for Africa (UBA)
This Is one of Nigeria’s most successful banks. The bank has corporate branches in New York, London, Paris, and more than 20 African countries.
With over 15 million clients and 1000 branches across Africa, the bank is committed to reaching out with premium financial services to any African.
Uba Total Asset:
N6.4 Trillion Naira
5. Zenith Bank Plc
This is one of the commercial banks officially authorized to operate within the country by the Central Bank of Nigeria.
Created by Jim Ovia in May 1990, the bank spread across Africa and provides quality financial services everywhere.
The bank was founded in the 1990s when four big banks (Union Bank, First Bank, UBA, and Afribank) were leading the industry.
The fact that the bank leverages the strength of the Internet and uses it to facilitate and provide banking services to the customers is one of the factors that accounted for its high performance.
That really gave Zenith Bank huge exposure and expanded its base of customers.
You’ll be surprised to hear that Zenith Bank is one of the Nigerian banks to gain over N5 trillion gross assets.
Zenith Bank Total Asset:
N4.46 Trillion Naira
6. Guaranty Trust Bank Plc
Guaranty Trust Bank Plc was founded in 1988 by Tayo Aderinokun and some other colleagues who were in their thirties as at the time of establishing this bank.
Eventually, It was approved by CBN in 1990, and in February 1991 when commercial and other banking services began in full.
Since then, GTBank has become a big, creative, and dependable financial institution.
As a creative and customer-oriented bank in Nigeria, GTBank has secured dozens of awards from numerous organizations, including the “best bank in Africa” award that the bank won in London at the 2019 Euromoney Awards for Excellence.
GTB Total Asset:
N4.06 Trillion Naira
7. Stanbic Bank
Stanbic bank doesn’t make a noise like a few others, but their acts speak for them very clearly. The bank is among the banks known as the “billionaires’ bank” by many Nigerians, the same as GTB.
The bank started operations in Nigeria in 1989 and has since continued to rank among Nigeria’s top banks.
Stanbic bank provides finance, pension, deposits, loans, credit and debit cards
Stanbic Bank Total Asset:
N2.43 Trillion Naira
8. Fidelity Bank
Fidelity Bank Has A Total Asset Of N2.114 Trillion Naira
Fidelity Bank currently ranks among Nigeria’s best commercial banks. Established in 1988, the bank has developed quite a reputation for “holding its promise” when it comes to offering premium banking services.
Today this bank serves more than 4 million consumers worldwide. Actually, they have more than 240 business lines, 775 ATMs, and over 4346 POS.
In 2005, Fidelity Bank purchased FSB International Bank Plc (“FSB”) and Manny Bank Plc (“Manny”) in an attempt to increase its client base and sales profile, and this single decision improved the bank’s financial standing.
The bank was ranked 7th most capitalized bank in Nigeria, to begin with, 25th most capitalized bank in Africa in 2011. It was also ranked as one of the 1000 best banks.
9. Union Bank Of Nigeria
Union Bank Has A Total Assets Of 1.98 Trillion Naira.
Union Bank of Nigeria is one of the oldest and most established institutions in the country. In Nigeria, they have been in service since the year 1917.
The bank is headquartered in Lagos, with many of its branches distributed throughout the country. They also hold a company, Union Bank UK, based in London, UK.
10. First City Monument Bank.
First City Monument Bank, or FCMB as it is simply called, is among the most famous and wealthiest banks in Nigeria.
In 1982 the bank began operations in Nigeria. Since then, it has evolved to contend with those who were here before it.
One feature that stands out for FCMB is its interaction with the consumers and outstanding financial services.
The bank is headquartered in Lagos and has branches worldwide.
FCMB Total Asset:
N1.89 Trillion Naira