What are the best banks in Nigeria? As we all know, the banking business is one of the most profitable businesses and the success of a bank depends on the quality of service they provide to their customers.
Nigerian banks, in general, are doing a great job and stepping up day by day, in fact, Nigerian banks are rated as some of the top financial institutions in Africa.
Before a bank can operate in Nigeria it has to be licensed by the Central Bank of Nigeria and also being regulated by the same body.
As at present, Nigeria has 21 commercial banks that are licensed to operate in Nigeria, these banks allow you to carry out various transactions like deposits, withdrawals, and even loans.
Some of the banks due to their age are loved by aged people because of the trust they’ve earned and also it seems there is preferential treatment for aged people so that explains the reason why they are referred to the new generation banks.
Also, the new generation banks are so technologically inclined and these banks are preferred by the youths because of the swiftness in their service and you can transact even when you are at home. The new banks are also doing a great job as they grow rapidly having more customers than some old ones.
To cut the long story short, in case you want to open a bank account, be it a current, savings, or domiciliary account, we have provided you with the list of the best banks in Nigeria that you can choose from.
We made our list due to their customer relation level, how stable their services/networks are, the number of customers they have, and their nationwide coverage.
If you currently want to open an account in a Nigerian bank be it savings, current, or domiciliary and you’re currently searching for the best banks in Nigeria that would suit your needs, then this article is here to guide you on banks to choose or consider.
Top 10 Best Banks In Nigeria
#1. Guaranty Trust Bank PLC
Guaranty Trust Bank popularly known as GTBank was founded on 17th, January 1990 by Fola Adeola and Tayo Aderinokun. The bank is an indigenous bank owned by Nigerians and since the bank was founded there have been many positive reviews about it.
GTB has been ranked as the best bank in Nigeria for consecutive years they to the quality of service provided for their customers.
GTBank is also a bank with a top-notch online banking platform where customers can enquire or make transactions and even operate their bank account instead of visiting the bank branch.
Guaranty Trust Bank offers its new and existing customers access to USSD codes that they can use to open a new bank account or manage their existing bank account without stress and their perfect network solution has made this bank the first choice of every youth.
You can transact online via their official website or by installing GTBank App on your mobile device and also in case you don’t have access to the internet then you can transact offline via GTBank USSD Code “*737#”.
According to Wikipedia, this bank has an asset of up to 3.16 trillion Naira and is ranked as one of the best banks in Africa with branches in 10 African countries with their head office situated in Victoria Island, Lagos Nigeria.
#2. First Bank of Nigeria
First Bank Of Nigeria PLC is the oldest bank in Nigeria, the bank has been in business since 1894, although it came to Nigeria in 1979 and started operation immediately.
FirstBank is the choice of the old people as they receive the best treatment, FirstBank staff listens to old people and they are never in a hurry.
Old people preferred this bank because of its age, it has been in Nigeria for a long so the trust has been earned and to them, it is the right bank to retire with.
FirstBank is present in over 750 business locations all across the African continent, the UK, Johannesburg, Beijing, and Abu Dhabi. It is a successful financial institution and they have one of the best banking services.
FirstBank Nigeria was once the best bank in Nigeria before GTBank took its place, that doesn’t stop their service quality as they continue to compete to bring the best for their customers.
The fact that FirstBank is the choice of aged people doesn’t mean they don’t have younger ones as their customers, both old and young love the bank, and the fact that it also upgraded to the modern banking method gave it an edge over others.
With FirstBank, you can transact online on your browser or via their mobile banking application, and also you can transact offline with FirstBank USSD code “*894#.”
#3. Zenith Bank
Zenith Bank PLC is a large financial service provider founded in1990 with its branches cutting across the Anglophone West African countries.
Zenith Bank is a very popular bank with its beautiful structure and a mighty online presence. The bank is owned by Jim Ovia, one of the richest people in Nigeria. Zenith Bank gained official recognition in Nigeria in 2004 as is rated as one of the best banks in Nigeria today.
Zenith Bank is listed on Nigeria Stock Exchange and also on London Stock Exchange, the bank is one of the largest and richest banks in Nigeria as it is loved by everybody, no matter the age bracket or the area you find yourself in.
When talking about one of the best banking apps in Nigeria Zenith Bank should top the list and also it has a beautiful website where you can register an account with them and also manage your existing account likewise you can make use of Zenith Bank USSD code “*966#.”
Zenith bank boasts assets worth 5 Trillion Naira and they have a wonderful support agent that attends to customers with a smile.
Read Also: How to Perform Cardless Withdrawal in Zenith Bank ATM
#4. United Bank For Africa (UBA)
United Bank for Africa (UBA) Plc with its presence in 20 African countries and also in three global financial centers: London, Paris, and New York is rated as one of the best financial institutions in Africa and also one of the best banks in Nigeria.
UBA, as it is popularly called, is a leading pan-African financial institution with its headquarters situated in Lagos Nigeria.
UBA has excellent customer care with stress-free mobile banking and online banking with a smooth banking transaction that will blow your mind.
They offer outstanding services to their customers and have a stable network solution which gives them an edge over other banks in Nigeria.
With UBA you can do some transactions that other Nigerian banks will not allow you to do. They provide services like Money Transfer, Mobile Banking, Debit Cards, Wholesale Banking, Corporate Banking, Consumer Banking, Collections, Non-Resident African BankingTreasury, Trade, Investment Banking, Savings Accounts, Current Accounts, Domiciliary Accounts. UBA has an asset worth $13 Billion with over 500 branches all over the world.
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#5. Keystone Bank
Keystone Bank Limited is a licensed commercial bank in Nigeria and it is one of the best banks n Nigeria as we speak.
Keystone Bank is one of the largest banks in Nigeria due to its customer base and also its method of rendering its banking services.
The bank has a good reputation and also an online and offline presence with the use of its mobile app and USSD codes.
They have an excellent customer care service that knows how to win the mind of customers. They offer services like small and medium enterprises and also offer their banking services to large corporations and individuals that love to be a customer.
#6. EcoBank Nigeria Limited
Ecobank Nigeria is a popular commercial bank in Nigeria that is licensed to operate in Nigeria by the Central Bank of Nigeria, the bank was founded in 1989, and its headquarters is situated in Lagos.
EcoBank is also one of the oldest banks in Nigeria just like FirstBank and has its branches all over Nigeria.
It focused its services on retail, wholesale, investment, normal banking transaction, and corporate services to all its customers.
This bank is much preferred by salary earners and the bank is upgrading every year to meet up to standard.
#7. Access Bank Nigeria PLC
Access Bank Plc made it to the list of best banks in Nigeria, the bank was founded in 1989 and since then its performance has been exceptional.
Access Bank in 2019 merged with Diamond Bank which made it the largest bank in Africa with over 309 branches in Nigeria alone and over 5.7 million customers.
It is one of the top largest banks in Nigeria based on assets and no doubt is one of the most popular banks in Nigeria.
#8. Union Bank of Nigeria
Union Bank of Nigeria Plc like FirstBank and Eco Bank is one of the oldest commercial banks in Nigeria. It started operating in Nigeria in 1917.
Don’t be surprised, Union Bank of Nigeria is rated as the most trusted bank in Nigeria and is used mostly by aged people just like FirstBank.
Don’t be deceived by the age of the bank, the bank is well upgraded to meet up with modern standards, they have their online and mobile banking app likewise the use of USSD codes for offline banking transactions.
#9. Fidelity Bank
Fidelity Bank Plc was founded in 1988 and it is a commercial bank in Nigeria licensed with international authorization, by the Central Bank of Nigeria (CBN). The bank has its popularity in the banking industry with a huge customer base.
Fidelity Bank is one of the best banks in Nigeria, so if you are thinking of which bank to register with then you can go with Fidelity.
They have a simple and easy system of banking and also you can operate or open an account with them online, through a mobile app,s and also USSD code.
Fidelity Bank is also one of the oldest banks in Nigeria, though not so popular before but now they’ve stepped up their games and they are up to global banking standards.
The bank has assets worth $4.2 million and the rate at which customers are joining the bank is alarming.
#10. Polaris Bank
Polaris Bank was formerly the very popular Skye Bank, the bank is one of the largest banks in Nigeria and they are licensed by the Central Bank of Nigeria.
Polaris Bank like others that we’ve listed is a commercial bank in Nigeria and also very popular based on its customer base and also its assets.
Polaris bank can be found across West Africa and Central Africa like Gambia, Guinea, Angola, Liberia, Sierra Leone, and Guinea but its headquarters is located in Nigeria.
With around 260 branches in Nigeria, Polaris Bank has made it easy for its customers to access their branches easily with fast service.