Discover the Top 10 biggest banks in Nigeria (2023)
The banking business in Nigeria began in 1892 with the establishment of the African Banking Corporation, the country’s first bank, which eventually led to the formation of the First Bank of Nigeria plc.
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The apex bank of Nigeria is currently known as the Central bank of Nigeria (CBN), which began operations on July 1, 1959. The CBN is responsible for regulating the Nigerian banking industry, among other duties.
This article examines Nigeria’s largest banks by total assets.
1. Access Bank
Total assets: $22,732,000,000
Access Bank is Nigeria’s largest bank in terms of assets, loans, customer capacity, and branch network.
Its merger with Diamond Bank on April 1, 2019, resulted in a significant shift in the bank’s overall capacity growth. Previously, both Access and Diamond banks were strong entities in the Nigerian banking industry; however, the 2019 merger provided leverage for competition and growth.
Access Bank has an asset value of over 22 billion dollars as of 2020, with shareholder equity estimated to be slightly more than 10% of total asset valuation.
It employs over 7000 people across the country at its 150 business stations.
2. Zenith Bank
Total assets: $22,212,000,000
Zenith Bank was previously the largest bank in Nigeria by asset valuation in 2019, but it will finish second to Access Bank by the end of 2021. Zenith Bank was founded in 1990 on the principles of grandeur, proven skill, and best practices.
The bank’s innovative solutions and financial arrangements, combined with an excellent working staff attitude, have steadily increased over the years.
Zenith Bank has a total asset value of over 22 billion dollars as of 2021, with shareholder support accounting for more than 3% of the valuation.
The bank’s high standards in product administration development, as well as strong corporate governance structures, have earned it numerous awards and recognition both within and outside the country.
3. United Bank of Africa (UBA)
Total assets: $20,161,000,000
UBA is Nigeria’s third largest bank and a pan-African financial services provider.
UBA is one of the best and most adaptable banking groups in Africa, with operations in over 20 African countries.
The bank’s total asset value exceeds $20 billion, making it one of Africa’s most developed financial institutions. The bank also has a total net loan of 2.1 trillion Naira.
4. First bank of Nigeria
Total assets: $20,138,000,000
The First Bank is one of Nigeria’s oldest banks, having been in operation for over 126 years.
With an increasing rate of business, the bank employs over 7000 people and has a customer base of over 10 million people.
As its primary business strategy, First Bank provides retail banking, corporate banking, commercial banking, and public sector banking services. The bank also has assets worth more than $20 billion.
Also see: Best banks in Nigeria for personal and business banking
5. Guarantee Trust Bank (GTB)
Total assets: $12,950,000,000
As of 2021, GTB has been argued to be Nigeria’s best technology-friendly bank, with its mobile app leading the pack among other apps.
With its exceptional client service and delivery of innovative financial arrangements, it has seen an increase in the number of customer and financial files to work on.
Furthermore, its excellent administrative abilities and corporate governance structure have made it well-known both within and outside of the state, and it has received numerous awards for excellence from various foundations. GTB’s total asset value exceeds 12 billion dollars.
6. Fidelity Bank
Total Assets: $7,224,000,000
The Fidelity Bank is an authorized bank with international recognition from the Central Bank of Nigeria and over thirteen countries around the world.
As of 2021, the bank’s total assets exceeded $7 billion, with a shareholder equity of $670 million.
Fidelity Bank serves over 4 million customers through various channels, including POS terminals in over 4,346 locations and ATMs in over 775 locations.
7. Stanbic IBTC Bank
Total assets: $6,512,000,000
The seventh largest bank in Nigeria is a financial services holding company in Nigeria that provides banking, pension, stock financing, and trusteeship services.
The Stanbic IBTC bank is a subsidiary of the Standard Bank Group based in South Africa, and it is one of the best banks in terms of assets and earnings in 13 African countries and 20 countries outside of Africa.
Around 2019, it was discovered that the bank’s total assets were worth 1.42 trillion dollars, with a workforce of 2,926 people. Nonetheless, the Nigerian subsidiary has assets worth more than $6 billion.
8. Union Bank
Total assets: $5,738,000,000
Union Bank is Nigeria’s eighth largest bank, with a diverse customer base drawn from various locations and industries.
In 2005, it was named the 556th largest bank in the world and the 14th largest in Africa.
The bank’s total assets were valued at more than 5 billion dollars in 2021, and shareholder equity was valued at 286 billion dollars.
It has a large number of interconnected branches in every Nigerian state and various auxiliaries around the world.
9. EcoBank
Total assets: $5,495,000,000
Ecobank was founded in 1989. It operates a universal banking system that provides users with wholesale, retail, corporate, speculation, and exchange banking administration.
Ecobank Transnational Incorporated (ETI) went public in April 2019.
Its total assets exceed $5 billion.
10. First City Monument Bank (FCMB)
Total assets: $4,475,000,000
FCMB is Nigeria’s tenth-largest bank. The bank performs basic banking functions such as funding various sectors of the Nigerian economy such as telecommunications, power and steel, food and beverage, and others. They also provide loan services to qualified individuals.
It has its headquarters in Marina, Lagos, and over 179 branches across the country. It conducts business through a variety of channels.
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