LIST OF TOP 5 BIGGEST BANKS IN NIGERIA 2023

In terms of Fintech Apps in Africa, Nigeria has become the leading country where many finance app founders originated and that has made other foreign investor partner with Fintech Apps in Nigeria. However, commercial banks still operate in Nigeria and have their own banking app. In this post, we are going to be listing the top 10 biggest and most downloaded banks in Nigeria now.

However, there are not the only commercial banks in Nigeria. we have a top 20 list from the CBN portal which are;

Also, read; Polaris USSD Code For Transfer

Note: this research is not based on the age of the bank but on assets as of 2022. Here are the biggest banks in Nigeria for 2023;

What are the Top 5 Big Banks in Nigeria?

• Access bank
• Zenith bank
• FirstBank of Nigeria
• United Bank For Africa (UBA)
• Guaranty Trust Holding Company Plc.

If you live in Nigeria, then you should be familiar with these banks because their branches are in almost every urban area in Nigeria.

1. Access Bank Plc

Access Bank is a commercial bank based in Nigeria. It is licensed by the Central Bank of Nigeria (CBN) and NDIC, the Nigeria banking regulator. Originally a corporate bank, they expanded into personal and business banking in 2012. Access Bank and Diamond Bank merged on April 1, 2019. In conclusion of its merger with Diamond Bank, Access Bank unveiled its new logo, signalling the commencement of a new enlarged banking entity. the bank was founded in 1989. – according to Wikipedia.

Access Bank Group has altogether, headquartered in Nigeria, with branches in the Democratic Republic of the Congo, Ghana, Kenya, Nigeria, Rwanda, Gambia, Sierra Leone, South Africa, Zambia and the United Kingdom.

After the merger, with more than 42 million customers, Access Bank plc became the largest bank in Africa by customer base. Aside from that, the bank had the biggest assets among all banks in Nigeria.

Access Bank Plc On 31 March 2022, Access Bank had total assets of approximately US $28.8 billion and  a total asset value of N13.19 trillion as of June 2022, 

2. Zenith Bank Plc

Zenith Bank Plc is licensed as commercial by the Central Bank of Nigeria (CBN) and is one of the first largest commercial banks in Nigeria which was founded in 1990. the bank is also listed on the Nigeria Exchange Stock marketed NGX as ZenithBank and ZENB on London Stock Exchange (LSE).

It is reported that Zenith Bank reported a total asset value of N10.12 trillion at the end of June 2022, a 7.1% increase over the N9.45 trillion recorded as of December 31st, 2022. In terms of assets, Zenith Bank represents 15.9% of the total assets of the banks that are listed on the Exchange.

3.FirstBank of Nigeria

First Bank of Nigeria, is a Nigerian bank with branches in Ghana, South Africa, Guinea, Gambia, Sierra Leone, DRC, UAE, United States, UK, France, China, etc.

The Bank is registered with Corporate Affairs Commission as First Bank of Nigeria Limited and a trademark of FBN Holdings.

It has been reported that FBN Holdings’ total assets were valued at N9.53 trillion as of June 2022, a 6.6% increase compared to the N8.93 trillion recorded six months earlier, representing an increase of 6.9%. According to the report, FBN Holdings, the parent company of First Bank is responsible for 15% of the total assets of all thirteen of the banks in the group.

4. United Bank For Africa (UBA)

United Bank for Africa Plc (UBA) popularly known and called UBA is among the top biggest bank in Nigeria and is an African top financial services group headquartered on Lagos Island, Lagos and is known as Africa’s Global Bank. It has branches in 20 African countries and offices in London, Paris and New York.

Among the biggest banks in Nigeria based on total assets, United Bank for Africa ranks fourth, with a total value of 8.99 trillion, representing a 5.4% increase from N8.54 trillion recorded at the beginning of the year, when the bank was ranked fifth.

5. Guaranty Trust Bank (GT Bank)

Guaranty Trust Holding Company Plc as known as Guaranty Trust Bank (GT Bank)

It has been reported that Guaranty Trust Holding Company Plc (GTCO) has accumulated a total asset value of N5.69 trillion as of June 2022, which surpassed the N5.44 trillion recorded as of December 2021. GTCO accounted for 8.9% of the thirteen banks’ total assets.

This metric and sat were researched and derived from the Nairametric site.

In conclusion:

This is the list and evaluation of the top 5 biggest banks in Nigeria 2023, if you know any that are supposed to be here, you can leave a comment and we do our research and update our list.

Hope this article helps you find and know the top banks in Nigeria and assets in 2023, do check our other content here.

We may say there was a drastic increase in revenue when they included the purchase of airtime, and data and utility bills from their app