What are the 10 best banks in Nigeria in 2023? The truth is that the Nigerian banking sector is quite large, with so many banks available. Currently, Nigeria has a total of 21 commercial banks, 860 microfinance banks, 5 discount houses, 64 finance companies, and 5 development finance banks. All these banks and financial institutions are under the control of the Central Bank Of Nigeria (CBN).
The CBN is responsible for formulating and implementing monetary policies, maintaining price stability, regulating and supervising financial institutions, and promoting a sound financial system in the country. This post will show you the top 10 banks in Nigeria for 2023. Kindly note that these banks offer a range of financial products and services to individuals, businesses, and corporations. They are known for their financial stability, good customer service, technology and innovation, social and environmental responsibility, accessibility, and strong governance practices.
10 Best Banks in Nigeria 2023
This section will focus on the top 10 banks in Nigeria. Later in this post, we will explain some of the criteria used in deciding the banks that appear on this list.
Zenith Bank Nigeria
Zenith Bank Nigeria is one of the most reputable and well-respected banks in Nigeria. It offers a range of financial products and services, including personal and business banking, corporate and investment banking, and wealth management. The bank has a network of branches and ATMs across Nigeria, as well as a presence in other countries in Africa and around the world. Some factors that make Zenith Bank a good bank to use include its financial stability, good customer service, technology and innovation, and social and environmental responsibility.
Guaranty Trust Bank (GTB)
Guaranty Trust Bank is another well-known and respected bank in Nigeria. It offers a range of financial products and services to individuals, businesses, and corporations. Some specific products and services that GTB offers include personal banking, business banking, corporate and investment banking, and wealth management. GTB is known for its commitment to corporate social responsibility and has undertaken a number of initiatives to support the development of the communities it serves.
First Bank of Nigeria
First Bank of Nigeria is one of the oldest and largest banks in Nigeria. It offers a range of financial products and services, including personal and business banking, corporate and investment banking, and wealth management. The bank has a network of branches and ATMs across Nigeria, as well as a presence in other countries in Africa and around the world. FBN is also known for its commitment to corporate social responsibility.
Access Bank
Access Bank is a commercial bank in Nigeria that was founded in 1989. The bank has a strong presence in Nigeria, with over 300 branches and over 1000 ATMs nationwide. It also has operations in a number of other countries, including the UK, China, Lebanon, and the Democratic Republic of Congo. Access Bank offers a wide range of banking products and services to individuals, small businesses, and corporate clients.
United Bank for Africa (UBA)
United Bank for Africa is a leading financial services institution in Africa, with operations in 20 African countries and offices in three global financial centers: London, Paris, and New York. UBA provides a wide range of banking and financial services to individuals, small businesses, and corporations.
Ecobank Nigeria
Ecobank Nigeria is part of the larger Ecobank Group that was established in 1985 in Togo. The group’s main objective is to provide financial services to various African countries, connecting them together. Ecobank Nigeria delivers a wide array of banking and financial services, including retail banking, corporate and commercial banking, digital banking, foreign exchange and trade finance services, investment and wealth management services, as well as financial inclusion.
Stanbic IBTC
Stanbic IBTC is one of the leading banks in Nigeria. It offers retail banking services, corporate and investment banking services, wealth management services, pension management services, and insurance brokerage services.
Fidelity Bank
Fidelity Bank is one of the fastest-growing banks in Nigeria. This bank offers an array of services, such as providing retail banking, corporate & investment banking, electronic banking, loans and advances, and treasury and capital markets.
Union Bank
Union Bank is one of the oldest banks in Nigeria. Similar to the other banks on this list, Union Bank offers retail banking, commercial and corporate banking, treasury and investment management, and asset management services.
Sterling Bank
Sterling Bank is one of the leading banks in Nigeria. The bank offers a range of services including retail banking, commercial & corporate banking, and investment and wealth management.
Factors Considered in Choosing the Best Banks in Nigeria
Now that we have seen the 10 best banks in Nigeria let’s discuss the factors considered in choosing the banks on the list. Note that these factors are what determined the position of the banks on our list.
Asset size
This factor considers the total value of the assets that a bank holds. It is one of the key indicators of the influence and size of a bank relative to other banks in the industry.
Innovation
It is no secret that we are in the tech age. Because of this, banks are in competition to deliver the best digital services and most innovative products to their customers. Innovation refers to the ability of a bank to create tech-driven solutions that will meet the needs of its customers.
Financial performance
This is one of the core metrics used in determining the position of a bank in the industry. It includes profit, revenue, asset quality, and return on equity (ROE).
Customer satisfaction
To judge the level at which a bank satisfies its customers, we must look at the feedback provided by its clients. This is usually obtained through surveys and information drawn from different online platforms. The more satisfied a bank’s customers are, the higher the bank will rank based on this index.
Market share
This is a very significant factor in determining the rank of a bank in the industry. It focuses on how much of the market share a bank owns. Furthermore, it compares this share to the other banks on the market.
Other factors considered include:
- Corporate governance.
- Risk management.
- Social impact.
- Global presence.
- Accessibility
Conclusion
There you have it for the 10 best banks in Nigeria. This post has also shown you the criteria used in determining the banks on our list.
