The Nigerian banking system is one that has been attracting a lot of investors and customers, there is a need to know the best banks in Nigeria for one to be able to efficiently transact and be well assured of the safety of one’s money or savings.
The governing body that houses them all is the Central Bank of Nigeria (CBN), they provide each bank every necessary license after they must have been scrutinized and deemed fit to operate a big institution as a bank.
It is worthy to note that we currently have 21 licensed commercial banks in Nigeria and out of them all we have those that are well known operating for decades likewise we have the new ones that have stepped up their banking system with the latest technology, the inclusion of high-class technology has helped the new generational banks to be richer in terms of assets and other factors.
The question now is, which of these banks are best to open a savings or current account with? After making our research and collecting review data from existing customers of these banks, we are able to list out the top ten best banks in Nigeria presently, these banks are trusted and work for all human class either you are a working-class, student, businessman or an investor.
Top 10 Best Banks in Nigeria 2022
Below is the list of the top 10 best banks in Nigeria, they are arranged in descending order:
10. Polaris Bank
When talking about the new generational banks Polaris Bank comes to mind, this is one of the best banks in Nigeria currently, the bank is also one of the biggest banks in Nigeria with assets worth about $4 billion. According to reviews gotten from existing customers, their service is top-notch and among those that has a huge number of newly registered customers daily.
Polaris Bank is mostly used by young people and now older people are buying into it, they have been able to satisfy their customers with their customer relation services. The bank was formerly Skye Bank but now Polaris, the bank is listed on the Nigerian Stock Exchange (NSE) and has its branches nationwide and also beyond to other African countries like Guinea, Liberia, Angola and so on.
9. Fidelity Bank
Just as its name implies Fidelity Bank is one of the trusted banks in Nigeria, the bank is very reliable and boasts of good customer relations. This bank has 3 million existing customers in Nigeria and has been one of the most popular banks that market women or traders prefer.
Fidelity Bank is licensed by the Central Bank of Nigeria (CBN), it was established in the year 1988 and since then has been on top of its game. They have maintained their reputation over time and have stepped up to meet up with the latest banking technology.
With over $6.51 billion worth of assets, Fidelity bank has proven to be one of the most reliable banks in Nigeria. They provide support for corporate banking sectors as well as Micro Small and Medium Enterprises (MSMEs). With the help of their mobile apps and USSD dialing codes, they have been able to garner huge new customers and this makes their digital banking one of the best in the country.
8. Union Bank of Nigeria
Union Bank of Nigeria is a popular name in the country, it is also one of the most trusted banks in the country which together with the reviews gathered from customers prompted us to list the bank among the top 10 best banks in Nigeria. Since its establishment in 1917, it has been one of the go-to banks for small and medium-sized companies, individuals and even for other financial institutions.
The trust has been established over years and you are rest assured a bank as big as Union bank cannot mismanage your hard-earned money.
Union Bank of Nigeria also operates a loan service to their customers with a very low-interest rate, they also have an updated banking system with integration of technology which allows students, civil servants, companies and so on to easily register and transact without stress.
Union Bank has over 400 branches nationwide in every state of the nation, you can get yourself savings, current or even a domiciliary account from any of their branches closer to you.
7. Access Bank Nigeria PLC
Access bank is no doubt one of the banks with the highest number of branches lately, the rate of progress this bank has is mindblowing, one of the most successful banks in Nigeria. Hardly would you walk an area without seeing one of Access Bank branches there and this is due to the kind of service they offer their customers which is way better then some other bigger banks.
The bank acquired a popular bank “Diamond Bank PLC” and also Intercontinental Bank not quite long and they are always ready to swallow other banks, this is a wonderful feat. Access bank remains one of the banks with the largest customer base in Nigeria, almost every grown-up Nigerian has an Access Bank account.
Access Bank Nigeria PLC was established in Nigeria in 1989 and fully licensed by the Central Bank of Nigeria to start operation, and to show their seriousness the bank uses the latest banking technology and also offers 24/7 ATM services across the country.
6. United Bank for Africa (UBA)
UBA is one of the richest banks in Africa, also one of the best banks in Nigeria that has stepped up their services with the help of technology also with a good customer service put in place to address customers’ issues.
This bank has been in the business of banking for years and with their branches spread across Africa, you are assured of the safety of your money. UBA boasts of over 500 branches in Africa and over 10 million active customers in Nigeria alone.
UBA current acquired asset is worth over $13.2 billion and this alone has made the bank one of the most sought banks in Nigeria.
5. Ecobank Nigeria
Ecobank is also a very popular bank in Nigeria, it has been on for quite some time now and has been consistent with their banking service to their customers. The government worker usually loves to patronize this bank most especially the military personnel.
Meanwhile, you can also join their customer base by opening a saving account, current account or even a domiciliary account with Ecobank either by students or civil servants.
It will surprise you that Ecobanks has it presence in 32 countries with its headquarters situated in Lome, they did their best by meeting up to the century’s wants which includes internet banking and so on.
4. First Bank of Nigeria
First Bank of Nigeria was established in 1894, it is the oldest bank in Nigeria and is one of the most preferred banks by older people. Most pensioners make use of First Banks because the safety of their money is assured.
The consistency and customer service relation gotten from this bank has helped it to be listed among the best banks in Nigeria. First Bank of Nigeria has an asset worth of $21.3 billion.
First Bank has won a lot of awards and has won the “Best Bank in Nigeria” five consecutive times (2011, 2012, 2013, 2014 and 2015), a feat other banks are yet to meet.
3. Keystone Bank Limited
Keystone Bank surprisingly took the other banks by surprise, it is very strange that a new generational bank can come up with a strategic plan to overtake older and bigger banks in Nigeria within a short period of time.
The bank offers services to students, civil servants, public institutions, corporate bodies and other classes of Nigerians. Keystone Bank is fully licensed by the Central Bank of Nigeria so their customers are safe.
You can remember Bank PHB, Keystone Bank acquires Bank PHB and this really speed up the success of Keystone Bank and this has seen it to 3rd place on the list of the best banks in Nigeria.
2. Guaranty Trust Bank
Guaranty Trust Bank popularly known as GTB is the 2nd best bank in Nigeria. GTBank has been wonderful in the way their customers are being taken care of, the bank staff knows the way to customers’ heart and has been using this against other banks.
GTBank has the best customer relation service in the Nigerian banking system and a lot of positive reviews have been gotten to ascertain that.
The Guaranty Trust Bank has an asset total of about $11.77 trillion, GTB is a key player in the banking industry beating bigger banks to their knees, in short, GTB is one of the largest financial institutions in the whole of West Africa and also with a zeal to expand beyond.
1. Zenith Bank Nigeria
Zenith Bank PLC is ranked as the best bank in Nigeria currently. Zenith Bank is also rated by Tier-one capital in the 2021 Top 1,000 World Bank ranking. This is a milestone achievement and it has seen the bank listed on the Nigerian Stock Exchange (NSE).
As the best bank in Nigeria, you need not to be told that Zenith Bank will also be one of the leading banking institutions in Africa. They have been able to win the hearth of their customers and many groups and individuals have been patronizing the bank without fear.
Zenith Bank was established in 1990 and since then has taken the forefront to make sure the African banking system is one of the best in the world, the bank boasts of over $2.79 billion in shares.
It is worthy to note that Zenith Bank is one of the richest banks in Nigeria with an asset of over $15.7 billion giving the best banking service to their esteemed customers.