When considering strategic investment options within Nigeria’s dynamic financial sector, it is essential to factor in the performance and stability of the richest bank in Nigeria. These banking powerhouses not only influence the overall economic landscape but also provide potential avenues for prudent long-term investment strategies.
The body responsible for the regulation, operation, and managing of financial transaction in Nigeria is Central Bank of Nigeria which was established by the CBN Act of 1958 and started its operation on 1, July 1959. The acting Governor of central bank of Nigeria is Mr Folashodun Shonubi who replaced Godwin Emefiele by The President Tinubu administration in 2023.
The Nigeria financial institution has predominantly grown for the past 7 decade. These banks which operates commercially such as Access bank, Zenith bank, Eco bank and the rest of them has made the Nigeria business – Large and small business to thrive from the financial helps they render.
Banks provides both financial and product service such as the exchange of currency, loan, check- cashing services, deposit of fund, account creation, insurance, etc.
In this article we will explore top 10 bank in Nigeria and their Net value, financial history and mode of operation. As we divulge this information, its paramount to know that the data provided by penimade is from 2022 statistics of Nigeria banking record.
Access bank
At the pinnacle of our list is Access Bank, the richest bank in Nigeria. Access Bank’s operations have extended not only across Nigeria but also to France and some parts of European countries. With an extensive network of over 360 branches and service outlets within Nigeria, their influence spans across three continents, serving more than 52 million customers. This banking powerhouse not only offers a comprehensive range of services but also provides competitive interest rates, solidifying its position as a key player in the financial sector.
Acccess bank was founded by Aigboje Aig-Imoukhuede and Herbert Wigwe . In December 2018 Access bought Diamond bank and this made the bank strong in terms of financial growth and paved way for a significant improvement in their networth. Access bank is the No.1 richest bank in Nigeria with estimate asset value of N15 trillion in Dec, 2022 from N11.73 trillion in Dec, 2021.
They provides services such ass opening of account, fund transfer, laon, exchange of foreign currency and investment opportunity.
Ecobank
This is one of the Nigeria’s oldest banks, established in 1985 by the Federation of West African Chambers of Commerce and Industry with the support of the Economic Community of West African States (ECOWAS) and headquartered in Togo, making it not only a historic institution but also the richest bank in Nigeria. Its inception aimed at fostering financial services-based economic integration and development throughout Africa, a vision that has driven its growth and prominence in the financial sector.
Ecobank operate in over 35 different countries in Africa, Dubai, Beijing and UK and has significantly developed into the top 10 bank operated in Nigeria.
With their over 28 million customer, Ecobank seems to have gain trust over the years paving ways for their development.
They hit their highest asset value from NGN11.69 trillion in 2021 to NGN13.37 trillion in 2022
Zenith Bank
Zenith bank is the third highest and richest bank in Nigeria. The Bank is one of the leading financial institutions in Nigeria. It was established in 1990 by Jim Ovia and has since grown to become one of the largest banks in the country until 2021 after the annual revenue conducted where they lost to access bank. The bank provides variety of financial services to individuals, corporations, and government entities.
The richest bank in Nigeria, Zenith Bank, operates about 500 branches across the globe, solidifying its global presence. With a workforce of over 10,000 staff, the bank maintains a strong reputation for exceptional customer service, evident in their positive feedback. Notably, Zenith Bank has achieved remarkable growth, positioning itself as one of the largest banks to achieve its success without merging with any other institution. Furthermore, the bank has garnered significant recognition within the Nigeria Stock Exchange, standing out as the sole bank with liquid stock, setting it apart from its counterparts in the industry.
In term of technology advancement and incorporation, zenith is the first bank to integrate and extend the service in mobile app making transaction easy and seamless to their customer. The seamlessness nature of this bank has made them received many awards such as the Bank of the Year award 2005, 2013 and 2020.
They hit their highest asset value from N9.45 trillion in 2021 to NGN12.29 trillion in 2022.
First Bank of Nigeria
First bank is one of the oldest bank in Nigeria founded in the years 1894 by sir Alfred Lewis Jones. To help individuals, companies, and governments, First Bank provides a wide range of financial services. The managing director Adesola Kazeem Adeduntan has helped the bank grow in their financial services such as Personal banking services, corporate banking, commercial banking, investment banking, and electronic banking solutions, etc.
First Bank has a wide-ranging branch network of more than 700 branches across Africa and United states with offices in many different states in Nigeria. It has a broad reach and serves both urban and rural-unbanked areas of the nation with financial services.
In order to meet the changing needs of its customer, First Bank embraced digital transformation and provides online services using mobile banking services. For convenient and safe banking transactions, it offers services like online banking, mobile banking apps, and USSD banking.
Since 1894, first bank has amassed about 36 million customers with active account. They are also the second card issuer in Africa with total card issued of about 11.8 million
Firstbank of Nigeria is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N10.58 trillion in 2022 financial year audit from N8.93 trillion in 2021.
United Bank of Africa
In Nigeria financial institution, UBA is one of the largest customer based bank and one of the top 10 richest bank in Nigeria. Since 1949, UBA has been providing uninterrupted services both in cooperate banking, commercial and investment. Moreover, they have amazing customer satisfaction with their use of technology since they integrated their services in the mobile app.
As an entrepreneur and a humanitarian, Tony O. Elumelu, the CEO of Transcorp Nigeria Plc, and Heirs Holdings is also the CEO of bank of Africa Plc. UBA has offices in London, Paris, and New York as well as subsidiaries in 20 other African nations. UBA acquired its banking license to start operating in the UAE in December 2021.
As one the richest bank in Nigeria, UBA is boasting a significant presence, exhibited a remarkable trajectory in its asset growth. With a total asset value of N8.5 trillion in the year 2021, it surged to an impressive N10.9 trillion in 2022. Accompanied by a vast customer base of above 27 million, the bank operates a network of 2,666 ATMs and 87,223 PoS terminals, underlining its robust position within the financial landscape.
Guaranty Trust Bank Plc (GTBank)
Since its founding in 1990, by Tajudeen Afolabi Adeola,GTBank has expanded to rank among the biggest and most recognized banks in Nigeria with over 24 million customers all across Africa and United Kingdom. In 1996, it debuted on the Nigerian Stock Exchange and also won the Nigerian Stock Exchange President’s Merit award that same year and subsequently in the year 2000, 2003, 2005, 2006, 2007, 2008 and 2009.
GTBank is renowned for its great customer service and cutting-edge banking solutions. It sets a high priority on providing outstanding customer service and giving its customers convenient, user-friendly banking experiences with the use of their mobile banking. It provides reliable web-based and mobile-based financial services, including USSD banking, mobile banking apps, and internet banking. Customers can make numerous banking operations easily and securely with their over rated mobile app.
GTB is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N6.5 trillion in 2022 financial year audit from N5.44 trillion in 2021.
Fidelity Bank
Of course we cannot mention top 10 bank in Nigeria without mentioning fidelity bank. This is one of Nigeria most recognized bank due to its financial status and customer satisfaction owned by Abigail Johnson & family with 49% mutual fund.
Fidelity Union Merchant Bank Limited, the predecessor to Fidelity Bank, was created in 1988. It started off as a merchant bank before changing its name to a commercial bank in 1999. Since then, it has developed into one of Nigeria’s top banks operating in over 58 countries including Canada, India, UK, Asia and Germany.
Supporting small and medium enterprises in Nigeria is a priority for Fidelity Bank. In an effort to support SMEs’ expansion and success, it provides customized banking products and services catered to their individual needs.
Fidelity bank has amassed over 7.5 million customers across the 250 business offices. In order to give its customers individualized and seamless banking experiences, Fidelity Bank implements a customer-focused strategy. It places a high emphasis on establishing trusting connections with its customers and providing specialized goods and services to fulfill their individual requirements.
Fidelity bank is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N3.989 trillion in 2022 financial year audit from N3.276 trillion in 2021.
Stanbic IBTC Bank
This is one of Nigeria prestigious bank established in 1989 and has since grown drastically to becoming one of Nigeria top bank. The founder of Stanbic IBTC Bank is Atedo Peterside CON. He is the founder of Anap Business Jets Limited (Anap Jets), and the Atedo N. A. Peterside Foundation (Anap Foundation).
Stanbic IBTC Bank provides investment solution, asset management, trustee service and pension management. They operate in over 20 sub-Sahara country with over 2.5 million customer spanning to over 166 branches and 732 ATMs in Nigeria
Stanbic IBTC Bank is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N3.03 trillion in 2022 financial year audit from N2.74 trillion in 2021.
First City Monument Bank (FCMB)
First City Monument Bank is one of the oldest Bank established in 1982 by Michael Olasubomi Balogun with 7.1 million customers and 206 branches.
FCMB is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N2.98 trillion in 2022 financial year audit from N2.49 trillion in 2021.
Union Bank
Union bank is one of Nigeria’s oldest and most reputable financial institution. This was Colonial Bank before it was renamed Union Bank in 1917. It has a long history and contributed significantly to the growth of Nigeria’s banking industry. Over the years It has experienced numerous changes and rebranding with the real owner of Union bank being Titan Trust Bank acquired in 2022.
Union bank has over 2700 employee and over 3.2 million customer spread across 320 branches across the globe
Union bank is one of the largest and top 10 richest bank in Nigeria with a total asset worth of N2.8 trillion in 2022 financial year audit from N2.6 trillion in 2021.
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