Banking in Nigeria has become an important industry due to the massive reform of the banking sector in recent years. Gone are the days when you put your money in the bank and walked home in constant fear, not knowing what the next news was going to be and having a heart attack over your money.
There are large commercial banks in Nigeria whose financial assets ensures that your monies are safe. These banks are all licensed and regulated by the Central Bank of Nigeria to ensure that your financial needs are met and that they comply with the laid down rules and regulations of the Nigerian banking sector.
FULL LIST OF LARGEST COMMERCIAL BANKS IN NIGERIA (2023)
According to data from the CBN, here are Nigeria’s largest commercial banks.
According to the CBN ranking, Zenith Bank is the largest financial institution in Nigeria and Africa with assets in excess of US$7 billion and offices in The Gambia, Ghana, Sierra Leone, South Africa and the United Kingdom.
Guaranty Trust Holding Company PLC (GTCO)
Guarantee Trust Bank, also known as GTBank or GTCO, is another leading Nigerian multinational financial institution. From the customer’s point of view, the bank is known for its ease of use, which often does not require unnecessary documents, while maintaining high security standards.
GTbank became the first sub-Saharan bank to be listed on the London Stock Exchange and Deutsche Boerse. Guaranty Trust Bank’s long-term debt is rated B+ by Standard & Poor’s and AA- by Fitch, the highest rating for a Nigerian bank.
Access Bank is currently one of the largest banks in Nigeria in terms of assets, loans, deposits and branch network. The merger of Access Bank and Diamond Bank on April 1, 2019 made Access Bank one of the largest banks in Africa.
UNITED BANK FOR AFRICA (UBA)
United Bank for Africa (UBA) Plc is a leading pan-African financial services group based in Nigeria. UBA is one of Africa’s best and most resilient banking groups, operating in over 20 African countries and offices in three global financial centres: London, Paris and New York. UBA is one of the largest banks in Nigeria and Africa and has been around for a long time.
FIRST BANK NIGERIA PLC
First Bank is the oldest bank in Nigeria and one of the best in terms of customer service. Everything about First Bank is unique, from the number of branches in Nigeria and the number of customers to total assets of over $18 billion and mostly trained customers for old people.
STANBIC IBTC BANK
Stanbic IBTC is a Nigerian financial company that specializes in banking services, stock brokerage, investment advice, retirement and savings. Stanbic IBTC is a member of Standard Bank Group, a consortium of financial services based in South Africa. Stanbic Bank is Africa’s largest banking group, invested in assets and profits in 20 African countries and 13 outside Africa.
STANDARD CHARTERED BANK
It is a British international banking and financial services company headquartered in London, UK. It operates a network of 1700 low-lying networks, including Nigeria. A capital bank with more than $600 billion in total assets.
EcoBank is one of the licensed commercial banks by the Central Bank of Nigeria, the central bank regulator. The bank has a total assets of 8.1 billion dollars, a GDP of $405,000, a capital of $220,000, and basic salaries per share of $30,000 dollars. They have many ATMs scattered all over Nigeria.
Union Bank is one of the oldest banks in Nigeria and is still valid. Its commercial activity goes back to colonial times before Nigeria had her independence. It is the 14th largest bank in Africa with an asset base of more than $6 billion. It offers a wide range of services, including the main shareholders of Union Global Limited Partners, which owns up to 65% of the bank’s capital.
In 1987, Fidelity Bank became a stable and respected financial institution. The bank has total assets of more than $4.2 billion, equity of $610 million and the ranking tier 1 capital of $1 billion.
FIRST CITY MONUMENT BANK (FCMB)
This bank is doing well in the industry. FCMB is constantly upgrading its services, launching new products and constantly making new changes. It also has a subsidiary that provides pension, exchange and offers creative investment services.
Sterling bank offers a wide range of services to individuals, small businesses (SMEs) and universities. As of December 2018, 179 cash and cash distributions have been made in Sterling bank, with total assets exceeding 1 trillion Nigerian naira and share capital estimated at approximately 97.8 billion naira).
Citibank operates financially in more than 160 countries and regions around the world. More than half of the 400 offices are located in the United States. CitiBank works tirelessly to provide a wide range of economic and economic benefits to users, businesses, governments and organizations. They work hard to create the best results for their clients and sign up with a talented financial advisor to provide them with simple, creative and responsible solutions.
Heritage Bank provides retail, corporate banking, online / online banking, investment banking and asset management services. Over the years, the bank has become one of the leading financial institutions in Nigeria.
Polaris is a major banking provider of financial services in West and Central Africa. Headquartered in Nigeria, the bank has branches in Sierra Leone, Gambia, Guinea, Liberia, Angola and Equatorial Guinea. Its total net worth is over $5.9 million.
Keystone started operations in 2011, after getting approval from the Central Bank of Nigeria to acquire PHB Bank Services, which has offices in all Nigerian states.
Wema Bank happens to be the oldest Indigenous bank in Nigeria. Wema Bank is one of the oldest banks in Nigeria and has been active in banking for 70 years.
The above are the largest banks in Nigeria today. For anyone looking for a career in banking, this list is a great place to start your network. You should be aware that banks on this list are categorized according to their assets. What do you think about these commercial banks in Nigeria? Let’s know your opinion in the comment box below.