Top 10 banks in Nigeria by assets

In the dynamic landscape of Nigeria’s banking sector, the emergence of financial giants has been nothing short of remarkable. These institutions not only rake in trillions in revenue annually but also extend their reach internationally. While age doesn’t always correlate with prosperity, the success of Nigerian banks is attributed to various factors. In this comprehensive guide, we unveil the top 10 banks in Nigeria, ranked by their assets.

1. Zenith Bank Nigeria

At the zenith of the Nigerian banking hierarchy is Zenith Bank, reigning supreme with the highest assets and capital. Boasting a diverse range of services, from foreign exchange to corporate and investment banking, Zenith Bank has solidified its position both locally and internationally. With over 500 branches worldwide, the bank’s total assets currently stand at an impressive N8 trillion.

2. Access Bank

The recent acquisition of Diamond Bank by Access Bank underscores its dominance in the Nigerian banking landscape. This powerhouse, having previously absorbed Intercontinental Bank, has fortified its position. With an asset base of N7.93 trillion, Access Bank is a formidable player in the industry.

3. First Bank of Nigeria

As one of the oldest and largest banks in Nigeria, First Bank has established itself across various strategic business units. Operating in commercial, public sector, retail, and corporate banking, the bank has a global presence with branches in Abu Dhabi and Beijing. First Bank’s total assets amount to N7.1 trillion.

4. United Bank for Africa (UBA)

Popularly known as UBA, this bank caters to over 10 million Nigerian customers, offering reliable services and exceptional digital banking experiences. With a total asset value of N6.8 trillion, UBA stands as a trusted financial institution in the country.

5. Guaranty Trust Bank (GTBank)

Renowned for its outstanding customer relations and services, GTBank enjoys a stellar reputation and widespread patronage. Recently declaring a total asset of N4.06 trillion for the first quarter of 2020, GTBank remains a preferred choice for many citizens.

6. Ecobank Nigeria

A subsidiary of Eco Transaction Inc., Ecobank offers a spectrum of services, including retail, corporate, wholesale, and transaction banking. With over 600 branches in Nigeria and international presence, Ecobank is a force to be reckoned with in the industry.

7. Union Bank

Established in 1917, Union Bank stands as one of Nigeria’s oldest and most esteemed financial institutions. Serving small, medium, and large companies, the bank holds assets totaling approximately N2.24 trillion.

8. Fidelity Bank

Fidelity Bank, established in 1988, has garnered popularity, particularly among the 2.5 million SME owners, notably women. With a total asset value of N2.4 trillion, Fidelity Bank is a key player in Nigeria’s banking sector.

9. Polaris Bank

Recently sold, Polaris Bank draws millions of customers and boasts a listing on the Nigerian Stock Exchange. With branches overseas in Angola, Liberia, and Sierra Leone, the bank holds a total asset of N1.14 trillion as of April 2020.

10. Keystone Bank

As a new generation bank, Keystone has thrived by competing with the best. The acquisition of Bank PHB further augmented its asset value. Serving individuals, SMEs, public institutions, and large corporations, Keystone Bank is a rising star in the Nigerian banking scene.

Conclusion

These top 10 banks, along with others, wield significant influence in Nigeria’s banking industry. The sector’s constant pursuit of growth signals future expansions and transformations. Stay tuned as these financial powerhouses continue to shape the economic landscape of Nigeria.