Top 10 Best Banks In Nigeria Banking Sectors
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In this article, I want to unveil to you the best banks in Nigeria banking sector and the role of a bank in the Nigeria economy.If you want to find out the leading banks within Nigeria’s banking sector, we believe this post is perfectly made for you. So, read on as we bring you the names of these top banks starting from the first to the ultimate bank.According to the modern growth theory, the banking system through their function of financial inter mediation plays a vital role in economic growth of both developed and developing economies.
Financial inter mediation is the process in which financial institutions particularly commercial banks mobilize money from surplus economic units in the form of savings and channel such funds to the deficit units or sectors of the economy who are in need of funds to carryout useful economic activities through loans or mortgages.Through this process and other vital functions that commercial banks perform, they positively influence economic growth in the following ways.
List of the Top 10 Best Banks in Nigeria
The first one on or list here is Guaranty Trust Bank or popularly called in a shorten GTBank and precisely, it claims the greatest spot on this list. Guaranty Trust Bank plc was incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public in 1990 and commenced operations in February 1991.
In September 1996, Guaranty Trust Bank plc became a publicly quoted company and won the Nigerian Stock Exchange President’s Merit award. In February 2002, the Bank was granted a universal banking license and later appointed a settlement bank by the Central Bank of Nigeria (CBN) in 2003.
Guaranty Trust Bank undertook its second share offering in 2004 and raised over N11 billion from Nigerian Investors to expand its operations.
On 26 July 2007 GTBank became the very first sub-Saharan bank and first Nigerian joint stock company to be listed on London Stock Exchange and Deutsche Börse. The IPO raised US$750,000,000.
Since it was set up in 1990, GTBank has constantly broadened its customer base and presently, it maintains an unrivalled feat as the best Nigerian bank. Having acquired assets estimated at $11.77trillion altogether, GTBank buttresses its banking services by operating across all 36 Nigerian States through its subsidiaries. Based on reports, GTBank currently has a massive staff of 10,000 members.
Another best leading banks within Nigeria’s banking sector we want to talk about is First Bank of Nigeria, sometimes referred to as FirstBank, is a Nigerian multinational bank and financial services headquartered in Lagos. It is the biggest bank in Nigeria by total deposits and gross earnings and operates a network of over 750 business locations across Africa, the United Kingdom and representative offices in Abu Dhabi, Beijing and Johannesburg set up to capture trade-related business between geographies. It specialises in retail banking and has the largest retail client base in Nigeria. In 2015, The Asian Banker awarded First Bank the Best Retail Bank in Nigeria award for the fifth consecutive year. Other than its notability as one of Nigeria’s leading banks, First Bank happens to be first banking institution to be established in Nigeria.
Established in 1894, First Bank previously adopted the name Bank of West Africa. Meanwhile, the banking institution phased out the name in 1979 and replaced it with First Bank of Nigeria Plc.
For innumerable years, First Bank has remained an active banking institution spanning its banking operations across and beyond the borders of Nigeria. And quite impressively, the bank now has subsidiaries in the United Kingdom and across several West African countries including Senegal, Ghana, Sierra Leone and the Gambia. Just a little behind GTBank, First Bank happens to be the second biggest Nigerian bank with its total assets estimated to be worth $21.3 billion.
Another best leading banks within Nigeria’s banking sector we want to talk about is Ecobank Nigeria. Ecobank Nigeria is a member of Ecobank, the leading independent pan-African bank, headquartered in Lomé, Togo, with affiliates in West, Central and East Africa. Ecobank, which was established in 1985, has grown to a network of over 1,000 branches, employing over 10,000 people, with offices in 32 countries including Benin, Burkina Faso, Burundi, Cameroon, Cape Verde, the Central African Republic, Chad, the Republic of Congo, the Democratic Republic of Congo, Côte d’Ivoire, Gambia, Ghana, Guinea, Guinea Bissau, Kenya, Liberia, Mali, Malawi, Niger, Nigeria, Rwanda, Sao Tome, Senegal, Sierra Leone, Togo, Uganda, Zambia and Zimbabwe. Ecobank also maintains a banking subsidiary in Paris and representative offices in Johannesburg, Dubai and London Ecobank is a remarkable bank with banking operations spiraling across the globe. Currently, Ecobank delivers its banking services with the help of a staff comprising over 19,000 members. Also, the bank’s assets are believed to worth $20.0 billion.
Another best leading banks within Nigeria’s banking sector we want to talk about is Zenith Bank,zenith bank As it is popularly known is a Nigerian multinational financial services provider. It is licensed as a commercial bank, by the Central Bank of Nigeria, the central bankand national banking regulator. Zenith Bank is a large financial service provider in Nigeria and Anglophone West Africa. As at 31 December 2016, its total assets was ₦:4,739,825 million with shareholders’ equity of ₦:616,353 million. The shares of stock of the company are listed on the Nigeria Stock Exchange and the London Stock Exchange.
Zenith Bank was established in 1990. With over 500 subsidiaries, Zenith Bank delivers its banking services in the United Kingdom and across West African countries including The Gambia, Sierra Leone, Ghana and Nigeria. Zenith Bank is actively committed to quality banking services and with the help of its staff (comprising over 6,600 members), the bank has been able to acquire many customers –particularly in Nigeria. In assets, Zenith Bank is believed to have acquired nearly $15.7 billion.
Established in 1989, Access Bank appears among the leading Nigerian banks with a massive staff (estimated in excess of 9,000 employees) and numerous subsidiaries.
Another best leading banks within Nigeria’s banking sector we want to talk about is Access bank ,Originally a corporate bank, the organization acquired personal and business banking platforms from Nigeria’s International Commercial bank in 2012. Access Bank is presently one of the five largest banks in Nigeria in terms of assets, loans, deposits and branch network. With respect to this, the bank operates within Nigeria through the backbone of over 300 branches. Besides Nigeria, Access Bank delivers banking services with the help of its branches based in Sierra Leone, Zambia, Congo and the United Kingdom. In assets, Access Bank Plc boasts of $12.6 billion.
Another best leading banks within Nigeria’s banking sector we want to talk about is United Bank for Africa.
This bank assumes the acronym UBA and happens to be one of Nigeria’s longest-serving banks. Established in 1949, United Bank for Africa (UBA) Plc is one of Africa’s largest financial institutions with operations in 19 African countries and 3 global financial centers; New York, London and Paris.
UBA has more than eight million customers and 700 business offices globally.Meanwhile, this remarkable stance emerges through the help of its subsidiaries exceeding 600 branches. To substantiate how a multitude of people have benefitted from its banking services, UBA is declared with a total of 7 million customers.Believed to have emanated from the mutual partnership between Continental Trust Bank Limited and Standard Trust Bank Plc, UBA has acquired sumptuous assets currently valued at $12.3 billion.
Another best leading banks within Nigeria’s banking sector we want to talk about is diamond bank,With nearly 240 Nigerian subsidiaries, Diamond Bank maintains its position as one of the contemporary Nigerian banks which have extended their operations across foreign territories. Apart from Nigeria, Diamond Bank currently operates in African countries inclusive of Ivory Coast, Republic of Benin and Senegal.
Today, Diamond Bank is best placed to respond to changing lifestyles and is leading the digital transformation in response to these societal shifts. For example, Diamond Mobile is Africa’s leading banking app and the first with touch ID.
Moreover, Diamond Bank happens to be one of the remarkable banking institutions established in 1990 [others being Zenith Bank and GTBank). The Bank also has a strong Corporate Banking offering that is helping to fuel growth across Nigeria through supporting businesses, redefining the country’s 21st century economy. As of now, Diamond Bank constantly gears its efforts towards widening its customer base by providing great banking facilities. At the same time, the bank is declared with the total assets of $7.3 billion.
Another best leading banks within Nigeria’s banking sector we want to talk about is Union Bank, which remains one of the oldest Nigerian banks with its remarkable presence on this exclusive list. Historically, Union Bank is believed to have stemmed from Barclays Bank established in 1917. In July 2009, it was rated the 556th largest bank in the world and the 14th largest bank in Africa. As of June 2012, the bank’s asset base was estimated at US$6.784 billion (NGN:1.049 trillion). The shareholders’ equity at that time was estimated at US$1.22 billion (NGN:188.4 billion) Currently, the bank has broadened its ambit through numerous Nigerian branches and its total assets are valued in excess of $6.8 million.
Having evolved the Fidelity Bank actively has imbibed its Corporate social responsibility(CSR) as a core function of its banking services. It established the Fidelity Helping Hands Programme, where its area of focus is education, the environment and the health and social welfare. It has over the years actively engaged and supported through its CSR, activities aimed at improving its area of focus through the Fidelity Helping Hands Programme.
The former Fidelity Union Merchant Limited established in 1988, Fidelity Bank appears on this list as one of Nigeria’s strongest and most reliable banks. Presently, it carries out banking operations with the support of its 220 global subsidiaries. Likewise, it has constantly extended its customer base and now has 2.3 million customers. Very importantly, Fidelity Bank currently boasts of assets estimated at $6.31 billion altogether.
The last and not the least on our list on this article is Skye Bank known for large financial services provider in West Africa and Central Africa. With headquarters in Nigeria, the bank maintains subsidiaries in Sierra Leone, the Gambia, the Republic of Guinea, Liberia, Angola and Equatorial Guinea. As of September 2010, the bank’s total assets were valued in excess of US$3.9 billion (NGN:611.5 billion), with shareholders’ equity of approximately US$630 million (NGN:98.4 billion).
Skye Bank came into inception in 1989 and has magnified its operations across Nigeria with the help of 260 subsidiaries. Meanwhile, the bank has managed to expand its Nigerian customers and is currently declared with the total assets of $3.9 billion.
There you have it for Best Banks in Nigeria, Top 10 List {Latest Ranking}.Please note that this post is subject to change knowing the fact that business update are made annually.Share your thought and suggestion through the comment box
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