Banks are pivotal entities within Nigeria’s financial landscape, embodying significant economic prowess and serving as pillars of stability.
With a collective asset value nearing N150 trillion across 26 commercial banks, Nigeria’s financial sector has witnessed substantial growth, with formal financial inclusion reaching 64% by 2023.
When picking a bank, one thing to consider is how big the bank is because that affects what services it provides and how many places you can access it. Based on this rationale, here is a list of the top 10 largest banks in Nigeria based on their total assets and number of branches.
10. Union Bank of Nigeria – N3.65 trillion
Established in 1917, Union Bank of Nigeria, the second oldest bank in Nigeria has a total asset size of about N3.65 trillion. The bank which has about 258 branches and cash centres across Nigeria has an active customer base of about 7.8 million customers.
9. First City Monument Bank Limited – N3.78 trillion
First City Monument Bank Limited (FCMB), a subsidiary of the FCMB Group is the ninth largest bank in Nigeria. The bank has a total asset size of N3.78 trillion and has branches in 203 locations across the 36 states.
FCMB which was established in 1982 by Otunba Subomi Balogun has about 8.7 million customers in Nigeria.
8. Stanbic IBTC Bank – N4.97 trillion
Stanbic IBTC Bank Limited, a subsidiary of Stanbic IBTC Holdings (a member of the Standard Bank Group) boasts a total asset size of N4.974 trillion. The bank has about 130 branches across Nigeria.
Stanbic IBTC Bank, known for its digital innovations, operates 814 ATMs throughout Nigeria. It’s wholly owned by Stanbic IBTC Holdings Plc, which itself is 67.55% owned by Stanbic Africa Holdings Limited, a company under the umbrella of Standard Bank Group.
7. Fidelity Bank – N6.23 trillion
Fidelity Bank Plc was incorporated in 1988 with a merchant banking license, however, in 1999, the bank converted to a commercial bank. The bank currently ranks as the 7th largest bank in Nigeria in terms of asset with a total asset size of N6.23 trillion.
Fidelity Bank currently operates 249 branches across Nigeria and one branch in the UK.
6. GT Bank Nigeria – N8.79 trillion
GT Bank Nigeria Limited currently ranks as the sixth largest bank in Nigeria in terms of asset size. The bank which is a subsidiary of GTCO Holdings currently has an asset size of N8.79 trillion, however, GTCO Holding has a total asset size of N13 trillion.
Currently, GT Bank Nigeria has about 270 locations, including 237 bank branches and 33 eBranches.
5. Ecobank Nigeria – N10.37 trillion
Ecobank Nigeria is a subsidiary of Ecobank Transnational Incorporated (ETI) Plc. The bank has a total asset size of N10.37 trillion with about 273 branches, as well as 541 ATMs spread across Nigeria.
Ecobank began in Togo in 1985, with its pioneer shareholders being members of the Federation of West African Chamber of Commerce (FWACC). In its founding years between 1988 and 1990, the bank was established in Togo, Nigeria, Ghana, Cote D’Ivoire, and Benin. Since then, Ecobank has now been established across 32 sub-Saharan countries.
4. First Bank of Nigeria Limited – N16.90 trillion
Nigeria’s premier banking institution, First Bank of Nigeria which is a part of the FBN Holding Group has an asset size of N16.9 trillion. The bank has 595 branches and 144 Quick Service Points (QSPs) in Nigeria, as well as 86 branches across its international subsidiaries.
First Bank has over 41 million customers, positioning the bank as the Nigerian bank with the highest number of customers.
3. Zenith Bank – N24.28 trillion
Zenith Bank which is the highest profit-generating bank in Nigeria was founded in 1990 by Jim Ovia. The bank ranks as the third largest bank in Nigeria with a total asset size of N24.28 trillion, with its Nigerian subsidiary, Zenith Bank Nigeria contributing N16.81 trillion of the asset size.
The bank has 447 branches, with Zenith Bank Nigeria boasting 397 of those branches. The bank has over 33 million customers across all its subsidiaries.
2. United Bank for Africa – N25.37 trillion
United Bank for Africa (UBA) Plc is the second largest Nigerian bank in terms of asset size, with a total asset size of N25.37 trillion. The bank has over 1000 touchpoints across the 24 countries where it is domiciled, however, the bank has 451 branches across Nigeria’s 36 states and the FCT.
UBA has a staff strength of over 10,000, with over 5,900 in UBA Nigeria.
1. Access Bank – N32.57 trillion
Access Bank Plc is the largest bank in Nigeria in terms of asset size, with an asset size of about N32.57 trillion. The bank has about 737 branches, with 554 of these branches in Nigeria alone. Access Bank’s remaining 183 locations are in the 20 countries where Access Bank has subsidiaries.
The bank’s Nigerian subsidiary has a total asset size of N22.72 trillion, while its different African subsidiaries have a joint asset size of N5.76 trillion.
