A number of key players provide a wide range of services to the Nigerian banking industry, which is a vibrant and diverse sector. Here is a detailed look at nine of the top banks in Nigeria, highlighting their key financial metrics, history, and services, in addition to their key financial metrics.
Key Takeaways
Diverse Offerings: Each bank provides its own set of services, catering to various segments such as retail, SME, corporate, and investment banking.
Global Presence: Many Nigerian banks have expanded beyond Nigeria, establishing presences in multiple countries.
Financial Health: These top banks showcase robust financial health with significant revenues and net incomes, indicating stability and growth potential.
1. Zenith Bank
Founded in 1990
Customers: over 1.6 million
Employees: 7,000
500 branches (including subsidiaries and representative offices)
Presence: Ghana, the Gambia, South Africa, Sierra Leone, the UK, China, and the UAE
Services
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Retail and SME Banking
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FOREX
-
Corporate and Investment Banking
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Treasury
-
Trade Services
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Other financial services
Financials
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Revenue: NGN 673.64 billion
-
Net Income: NGN 157.14 billion
Zenith Bank has established itself as a major financial institution with a strong presence locally and internationally. It provides comprehensive banking services to a wide range of customers.
2. Guaranty Trust Bank (GT Bank)
Founded: 1990
Headquarters: Lagos, Nigeria
Customers: Approximately 8 million
Employees: Nearly 5,000
Branches: 220 domestic branches, 44 E-branches
ATMs: 1,165
Presence: Various African countries and the UK
Services
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Retail banking
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Corporate and Investment Banking
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Online and Internet Banking
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Asset Management
Financials
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Revenue: NGN 419.23 billion
-
Net Income (2017): NGN 170.47 billion
GT Bank is renowned for its innovative banking solutions and extensive customer base, making it one of the leading banks in Nigeria.
3. First Bank of Nigeria
Founded in 1894
Headquarters: Lagos, Nigeria
Employees: Nearly 7,000
Branch: 760
ATMS: 2,600
Offices: Abu Dhabi, Beijing, and Johannesburg
Services
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Retail banking
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Commercial banking
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Corporate Banking
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Public-sector banking
Financials
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Revenue: NGN 469.59 billion
-
Net Income: NGN 40.01 billion
First Bank of Nigeria boasts a rich history and extensive network, offering a broad range of banking services to its diverse clientele.
4. Ecobank Nigeria
Founded in 1986
Branch: 600
Parent Company: Ecobank Transnational Inc.
Services
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Retail banking
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Wholesale banking
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Treasury and Financial Institutions
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Corporate Banking Services
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Capital Markets
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Investment banking services
Financials
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Revenue: NGN 506.17 billion
Ecobank Nigeria is a key player in the pan-African banking landscape, providing comprehensive financial services across the continent.
5. Access Bank, Nigeria
Founded in 1988
Employees: 2,965
Branch: 317
Presence: UK, representative offices in China, UAE, India, and Lebanon
Services
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Personal Banking
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Commercial banking
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Corporate Banking
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Investment banking
Financials
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Revenue: NGN 381.32 billion
-
Net Income: NGN 71.4 billion
Access Bank has grown rapidly, becoming one of Nigeria’s largest banks with a significant international footprint.
6. United Bank of Africa (UBA)
Founded: 1949 (formerly British and French Bank Limited).
Employees: 12,500
Customers: 14 million
Branch: 1,000
POS Terminals: 13,500
ATMS: 1,740
Services
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Retail banking
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Commercial banking
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Corporate Banking
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Other financial services
Financials
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Revenue: NGN 222.78 billion
-
Net Income: NGN 42.34 billion
UBA is a major financial institution with a strong presence across Africa, serving millions of customers with a wide range of banking services.
7. Wema Bank Plc
Wema Bank Plc is a Nigerian commercial bank that provides banking services to its clients. A license has been granted to it by the Central Bank of Nigeria, which is the nation’s bank regulator. Wema Bank operates the largest digital banking system in Nigeria at the moment, ALAT by Wema, which is fully in use in all of the country’s 36 states as well as the Federal Capital Territory of Nigeria.
| Company type | Public company |
|---|---|
|
Traded as
|
NGX: WEMABANK |
| Industry | Financial services |
| Founded | 2 May 1945 |
| Headquarters | 54 Marina, Lagos Island Lagos State, Nigeria |
|
Key people
|
Moruf Oseni, Managing Director/Chief executive officer; Dr (Mrs) Oluwayemisi Olorunshola, Chairman |
| Products | Retail banking, Commercial banking, Corporate banking |
| Services | Banking |
| Total assets | $2.52bn (2021)[1] |
|
Number of employees
|
3500+ |
| Website | www |
8. Union Bank of Nigeria
Founded: 1917 (formerly Colonial Bank).
Employees: 2,700
Customers: 4.3 million
Branches: 300 sales and service centers
ATMs: 950
POS Terminals: 7,000
Services
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Retail banking
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Commercial banking
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SME Services
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Corporate Banking
Financials
-
Revenue: NGN 157.57 billion
-
Net Income: NGN 13.18 billion
Union Bank of Nigeria has a long history and serves a diverse customer base with a range of banking products.
9. Fidelity Bank Nigeria
Founded: 1987
Branch: 240 business offices
ATMs: 774
POS Terminals: 4,046
Services
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Retail banking
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Electronic banking
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SME Banking
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Niche: Corporate Banking
Financials
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Revenue: NGN 152 billion
-
Net Income: NGN 9.73 billion
Fidelity Bank focuses on retail and electronic banking, offering tailored services to SMEs and niche corporate clients.
Frequently Asked Questions
1. Which Nigerian bank is the oldest?
The First Bank of Nigeria, founded in 1894, is the oldest bank among the top nine.
2. Which bank has the largest customer base?
United Bank for Africa (UBA) has over 14 million customers, making it the bank with the largest customer base among the top nine.
3. Do these banks operate internationally?
Yes, many of these banks have international operations, with branches and representative offices in various countries across Africa, Europe, and Asia.
4. What types of services do these banks offer?
These banks offer a wide range of services, including retail banking, corporate and investment banking, SME banking, FOREX, Treasury services, and more.
5. Which bank is known for its digital banking innovation?
GT Bank is renowned for its innovative digital banking solutions, providing extensive online and internet banking services to its customers.
