Top 22 Commercial Banks in Nigeria

Wealth Result’s Rating: Top 22 Commercial Banks in Nigeria

Here are the top 22 commercial banks in nigeria on entrpreneur and not only that we also provide you the list of current commercial banks in nigeria today. There is a lot of massive improvement going on in the banking sector today which makes customers feels secure to put their money in the banks.

Nowadays, services near world class are being rendered in our banks with staffs doing their work with high degree of professionalism.

Due to the presence of these commercial banks in large numbers in Nigeria, these banks are always competing with each other. A bank is always to render services in a way better than how its competitors render the same service. These competitions are all to the benefit of the customers.

However, in this competition to win customers, it appears some are winning the race while others seem to be lagging behind.

In this article, I am going to rank commercial banks in Nigeria based on personal perception and that of the general public.

  1. Union bank

One of the oldest in Nigeria and still in business till today, it is one of the most reliable in those days. But while other banks have been improving with the emerging technology in terms of quick service delivery and customer services, union bank still dwells in the old way of doing things

  1. Mainstreet bank

This bank took over from afribank. The bank does lot of high profile business such as investment banking. But in terms of customer service delivery and facilities, they still have a lot to do in to meet up with most of the new generation banks.

  1. Sterling bank

This is a bank with great performance in the stock market over the years, earning about N45.17billion in 2011. It acquired Equatorial Trust Bank of recent which is a very good deal. In terms of service delivery, there is still a lot to be done by this bank to bring it closer to the bank of customers.

  1. Savanna Bank

The operational license of this bank was withdrawn some years ago. So at today, they are not in market. Judgment can only be passed on them when they have their license to operate fully restored. Nonetheless, based on their performance before their license was withdrawn, they are doing too well in terms of service delivery.

  1. United Bank for Africa

One of the largest and oldest banks in Africa; it formed a merger with standard Trust Bank in 2005 a deal with UBA emerged into the new generation platform. They are still doing pretty well in the banking industry but need to do more to compete with the best.

  1. Enterprise Bank

Formally known as spring bank, their online banking is almost zero. Although with an average quality of service, the bank has issues surrounding frequent unavailability of ATMs and small number of branches across the country.

  1. Heritage Bank

This is one of those banks not fully into the usual day to day banking services. It is the bank used by Lagos state for revenue collection and this is great business for the bank.

  1. Standard Chartered Bank

This is an international commercial bank with over 1,700 branches worldwide with some of these in Nigeria. It is headquartered in London, United Kingdom. They offer good services but with only relatively few branches in Nigeria though they are more into investment banking

  1. Citibank

This is also an international bank operating in over 160 countries across the world. United States has more than half of its 1400 branches worldwide. They are more into investment banking in Nigeria rather than the regular retail banking. They have very few branches in Nigeria.

  1. Wema Bank

Wema bank is a regional bank based in the south western Nigeria. They are one of the oldest banks in Nigeria and it has been competing favorably with the new generation banks with is quality service delivery. They are the first indigenous commercial bank in Nigeria

  1. First City Monument Bank

This is a bank with quality and up to date service delivery, plenty of innovations and always introducing new products. They are one of the banks currently doing very well in the banking sector. They have a significant customer base and recently acquired FIN Bank. The acquisition of FIN Bank is expected to serve as a boost to their capacity.

  1. Keystone Bank

This is formerly known as Bank PHB. It has a fairly significant customer base. They have a fairly good service delivery

  1. Skye Bank

This is a wonderful commercial bank, always improving and can only get better.

  1. Unity Bank

This is also a very wonderful commercial bank with quality service delivery. However, it needs to expand and build more branches nationwide..

  1. Access Bank

This is one of the most rapidly expanding banks in Nigeria with a fairly large customer base. It also has a fairly good online banking service. However, there is room for improvement in their customer service delivery. Their connection with the police pension scam did everything but good to their reputation.

  1. Fidelity Bank

They are one of the giants in the banking sector. They provide a high quality service and have a large customer base. According to Wikipedia, it was ranked 7th most capitalized bank in Nigeria, 25th in Africa and 567th in the world.

  1. Ecobank

They are a well organized bank with a high quality service delivery. They have a very good customer care service and treat their customers with utmost respect. They recently acquired oceanic bank.

  1. Diamond Bank

They are one of the best in the country with a high quality service delivery. They are dear to the heart of their customers whom they treat with utmost respect. Their customers rarely have complaints about the bank.

  1. Stanbic IBTC Bank

They are one of the best in Nigeria based on service delivery. They are a member of the standard bank group and they operate with a high degree of professionalism. Their services such online banking, ATMs and so on are of top quality.

  1. Zenith Bank

They are one of the best of the new generation banks. They have all the good qualities needed in a bank: high quality service delivery, large number of branches across the country, good customer care service and so on.

  1. Guaranty Trust Bank

As their name implies, GTB is a bank you can trust. They have one of the best online banking services in the country. Some sources suggest they have the largest customer base in Nigeria which explains while their branches are always filled up with customers. In summary, they are the bank to beat in Nigeria.

  1. First Bank of Nigeria

They are the first and the best. FBN was established in 1894. They are a bank that perfectly understands customers’ convenience and satisfaction. They’ve been able to improve as time passes and even outperform the new generation banks.