Top 9 Banks in Nigeria: An In-Depth Look

The Nigerian banking sector is vibrant and diverse, with several key players providing a wide range of services. Below is a detailed look at nine of the top banks in Nigeria, highlighting their key financial metrics, history, and services.

Key Takeaways

• Diverse Offerings: Each bank provides its own set of services, catering to various segments such as retail, SME, corporate, and investment banking.

• Global Presence: Many Nigerian banks have expanded beyond Nigeria, establishing presences in multiple countries.

• Financial Health: These top banks showcase robust financial health with significant revenues and net incomes, indicating stability and growth potential.

1. Zenith Bank

Founded in 1990
Customers: over 1.6 million
Employees: 7,000
500 branches (including subsidiaries and representative offices)
Presence: Ghana, the Gambia, South Africa, Sierra Leone, the UK, China, and the UAE

Services

• Retail and SME Banking

• FOREX

• Corporate and Investment Banking

• Treasury

• Trade Services

• Other financial services

Financials

• Revenue: NGN 673.64 billion

• Net Income: NGN 157.14 billion

Zenith Bank has established itself as a major financial institution with a strong presence locally and internationally. It provides comprehensive banking services to a wide range of customers.

2. Guaranty Trust Bank (GT Bank)

Founded: 1990
Headquarters: Lagos, Nigeria
Customers: Approximately 8 million
Employees: Nearly 5,000
Branches: 220 domestic branches, 44 E-branches
ATMs: 1,165
Presence: Various African countries and the UK

Services

• Retail banking

• Corporate and Investment Banking

• Online and Internet Banking

• Asset Management

Financials

• Revenue: NGN 419.23 billion

• Net Income (2017): NGN 170.47 billion

GT Bank is renowned for its innovative banking solutions and extensive customer base, making it one of the leading banks in Nigeria.

3. First Bank of Nigeria

Founded in 1894
Headquarters: Lagos, Nigeria
Employees: Nearly 7,000
Branch: 760
ATMS: 2,600
Offices: Abu Dhabi, Beijing, and Johannesburg

Services

• Retail banking

• Commercial banking

• Corporate Banking

• Public-sector banking

Financials

• Revenue: NGN 469.59 billion

• Net Income: NGN 40.01 billion

First Bank of Nigeria boasts a rich history and extensive network, offering a broad range of banking services to its diverse clientele.

4. Ecobank Nigeria

Founded in 1986
Branch: 600
Parent Company: Ecobank Transnational Inc.

Services

• Retail banking

• Wholesale banking

• Treasury and Financial Institutions

• Corporate Banking Services

• Capital Markets

• Investment banking services

Financials

• Revenue: NGN 506.17 billion

Ecobank Nigeria is a key player in the pan-African banking landscape, providing comprehensive financial services across the continent.

5. Access to Bank

Founded in 1988
Employees: 2,965
Branch: 317
Presence: UK, representative offices in China, UAE, India, and Lebanon

Services

• Personal Banking

• Commercial banking

• Corporate Banking

• Investment banking

Financials

• Revenue: NGN 381.32 billion

• Net Income: NGN 71.4 billion

Access Bank has grown rapidly, becoming one of Nigeria’s largest banks with a significant international footprint.

6. United Bank of Africa (UBA).

Founded: 1949 (formerly British and French Bank Limited).
Employees: 12,500
Customers: 14 million
Branch: 1,000
POS Terminals: 13,500
ATMS: 1,740

Services

• Retail banking

• Commercial banking

• Corporate Banking

• Other financial services

Financials

• Revenue: NGN 222.78 billion

• Net Income: NGN 42.34 billion

UBA is a major financial institution with a strong presence across Africa, serving millions of customers with a wide range of banking services.

7. Diamond Bank

Founded in 1991
Employees: 4,400
Branch: 270
ATMS: 1,059

Services

• Banking and financial services

• Loans and advances

• Money Market Services

• Corporate Finance Services

Financials

• Revenue: NGN 203.35 billion

• Net Income: NGN 869.44 million

Diamond Bank, known for its customer-centric approach, offers financial services, including innovative banking solutions.

8. Union Bank of Nigeria

Founded: 1917 (formerly Colonial Bank).
Employees: 2,700
Customers: 4.3 million
Branches: 300 sales and service centers
ATMs: 950
POS Terminals: 7,000

Services

• Retail banking

• Commercial banking

• SME Services

• Corporate Banking

Financials

• Revenue: NGN 157.57 billion

• Net Income: NGN 13.18 billion

Union Bank of Nigeria has a long history and serves a diverse customer base with a range of banking products.

9. Fidelity Bank

Founded: 1987
Branches: 240 business offices
ATMs: 774
POS Terminals: 4,046

Services

• Retail banking

• Electronic banking

• SME Banking

• Niche: Corporate Banking

Financials

• Revenue: NGN 152 billion

• Net Income: NGN 9.73 billion

Fidelity Bank focuses on retail and electronic banking, offering tailored services to SMEs and niche corporate clients.

Frequently Asked Questions

1. Which Nigerian bank is the oldest?
The First Bank of Nigeria, founded in 1894, is the oldest bank among the top nine.

2. Which bank has the largest customer base?
United Bank for Africa (UBA) has over 14 million customers, making it the bank with the largest customer base among the top nine.

3. Do these banks operate internationally?
Yes, many of these banks have international operations, with branches and representative offices in various countries across Africa, Europe, and Asia.

4. What types of services do these banks offer?
These banks offer a wide range of services, including retail banking, corporate and investment banking, SME banking, FOREX, Treasury services, and more.

5. Which bank is known for its digital banking innovation?
GT Bank is renowned for its innovative digital banking solutions, providing extensive online and internet banking services to its customers.