Lady holding an ATM card in a bank

When, after putting in a lot of effort for 30 days, you expect to receive your month’s salary in five or six figures. But it isn’t complete due to hefty bank fees. As a result, it encourages you to switch banks and test different services. So, what are the best and most trusted commercial banks in Nigeria?

Which commercial banks in Nigeria offer good interest rates and customer services? We’ll address these questions below. As well as several other queries relating to commercial banks in Nigeria.

Let’s get started!

What Are The Top 10 Best And Trusted Commercial Banks In Nigeria?

1. Access Bank

Access Bank is a leading Nigerian commercial bank. Headquartered in Lagos, Access Bank provides financial services to individuals and corporate customers.

The bank was set up in 1989 by Herbert Onyewumbu Wigwe and is one of the largest banks in West Africa.  With operations across twelve African countries.

Access Bank is on the Nigerian Stock Exchange (NSE), and they trade shares under the symbol ABL. The bank brought in NGN 514 billion as of SEP 2019. Making it one of the top ten largest banks on the African continent (on capitalization).

Access Bank operates a network of branches across Nigeria. Also the institution has international subsidiaries across Europe and Africa.

2. FirstBank of Nigeria

FirstBank of Nigeria is the first commercial bank in Nigeria. Also its one of the most trusted by its customers. The bank offers various products and services, including:

Savings accounts
Checking accounts
Mortgage loans
Credit cards
International wire transfers

Furthermore, you can do international wire transfers to over forty countries worldwide.

Besides, First-Bank is a popular option for businesses and individuals in Nigeria. Its because of the comprehensive range of financial products and services

The bank has over 700 branches and over 5,000 ATMs across Nigeria. It also provides excellent customer service. The establishment came in 1894 (under the Bank of British West Africa). It was later renamed First Bank of Nigeria in 1979.

3. Zenith Bank

Zenith Bank is one of the fastest-growing commercial banks in Nigeria. It was established in 1990 and has grown to be the largest bank in West Africa by assets. Zenith Bank offers various banking services, including savings accounts, loans, insurance, and debit cards.

1. The first thing that makes Zenith Bank one of the best banks in Nigeria is its customer service. They have branches across the country and offer phone banking for customers who cannot reach their physical locations.
2. Zenith Bank is more than just your average commercial bank. Their online and mobile apps allow customers to manage their accounts on any device easily.
3. Zenith Bank also offers excellent rates on loans and other financial products, so you can invest in whatever you want without worrying about how much money you’ll need upfront.
4. You can find Zenith Bank’s annual reports and audited statements on their website, so you know what they’re doing with your money.
5. Finally, this Nigerian bank is recognized internationally (in the UK, Sierra Leone, South Africa, etc.) as an exemplary institution. 

4. United Bank for Africa (UBA)

United Bank for Africa (UBA) is one of the best commercial banks in Nigeria.

The bank was founded in 1949 and has branches in several continents, such as Africa, Europe, the United States, and Asia. It’s an international bank with a good reputation.

The best feature of UBA is the wide range of services it provides to its clients, including the following:

Internet banking
Mobile banking
Wholesale Banking
Corporate banking
Investment Banking
Consumer Banking
Trade finance
Savings Accounts, Current Accounts, Domiciliary Accounts
Non-Resident African Banking
Money Transfer
Debit Cards

UBA offers global e-services, allowing customers worldwide to send money abroad or transfer funds within their accounts.

5. Guaranty Trust Holding Company plc (GTB)

Guaranty Trust Bank is a Nigerian commercial bank. It was established in 1988 and became a fully licensed commercial bank in 1990.

GTCO provides payments, asset management, pension management, and retail and investment banking services.

The headquarters of the GTCO is located at 635 Akin Adesola Street, Victoria Island, Lagos.

The bank has 11 subsidiaries across Africa, with plans to open additional plans to launch more services soon.

6. Wema Bank

Wema Bank is a commercial bank established in 1945 to make banking services more accessible to low-income earners. They also offer a wide range of banking products and services. These include savings, loans, investment, and insurance services.

Over 149 branches and service stations are operated by Wema Bank, which has over 3,500 people working across the country and is supported by a strong ICT platform throughout Nigeria.

7. First City Monument Bank (FCMB)

First City Monument Bank is a Nigerian commercial bank with headquarters in Lagos.

It was founded in 1982 and has grown to become one of the most successful banks in Nigeria.

The bank provides banking services tailored to meet the needs of individual and corporate customers nationally and internationally.

FCMB offers the following products and services:

Business Banking (local and international)
Merchant Services (credit card acquiring, cash collection)
Agricultural Banking Services, Insurance Products (Life, Motor & General)
Mortgages (investment property mortgages for individuals & corporations)
Trade Finance (short-term working capital loans for importers/exporters)
Wealth Management Services

First City Monument Bank has been around for a long time, and it seems like it will go nowhere soon.

8. Ecobank

Ecobank is a pan-African financial institution and one of the largest banks in Africa by market capitalization, assets, and customers.

Headquartered in Togo, with subsidiaries across the continent, Ecobank operates in more than 40 countries and has over 8 million customers.

The bank also specializes in trade finance for import/export and lending to governments to finance large infrastructure projects.

Ecobank was founded in 1985 and listed on the Nigerian Stock Exchange in 1990. It’s seen significant growth since it merged with the West African Development Bank (BADEA) in 2005.

Throughout its history, Ecobank has committed to empowering communities through sustainable financing.

In 2008, it launched the Ecobank Transforming Lives initiative, which helps communities access immediate needs like clean water and education while supporting microfinance initiatives.

9. Heritage Bank

Heritage Bank (Nigeria) is a commercial bank that offers several products and services, including savings, current accounts, personal loans, mortgages, internet banking, investment banking, and insurance.

The bank started in 1970 as the Societe-Generale Bank of Nigeria. It was founded to provide financial services to individuals and businesses in Nigeria.

Heritage Bank Company Ltd, 2012 bought all shares and renamed Heritage Bank (Nigeria) establishment.

With its main office in Lagos, Heritage Bank has a nationwide network of more than 127 branches and 202 automated banking locations with more than 350 ATMs.

10. Stanbic IBTC Bank

Our last bank of Nigeria’s best and most trusted commercial banks is Stanbic IBTC Bank, which has been operating since 1989. The bank offers various services to individuals, small and medium-sized businesses, and large corporations.

Services include loans, deposits, foreign exchange transactions, and savings products.

The bank’s headquarters are located in Victoria Island, Lagos. They have branch offices all over Nigeria with subsidiaries outside the country, including Ghana, Kenya, Tanzania, etc.

Stanbic IBTC is one of the top five Nigerian commercial banks by assets and gross earnings, making it an excellent choice for your money needs.

What Is The Best Commercial Bank In Nigeria?

Zenith Bank tops this list of Nigeria’s best and most trusted commercial banks.

With excellent customer service, a wide range of banking products, and over 500 branches around the country, it’s easy to see why people love this bank.

However, it all depends on individual preferences in the end.

Final Words On Commercial Banks In Nigeria

Commercial banks in Nigeria are a great way to store your money. You’ll easily deposit and withdraw funds whenever needed if you have a bank account and chequebook.

Plus, there’s no limit on how much money you can store in your account, so the sky’s the limit!

By Tosin Kolawole

Nigeria is home to Tosin Kolawole, a content writer and brand consultant. He is an avid fan of sports, most especially football and tennis. He enjoys reading, writing, learning, and watching movies. He is keen on helping brands and platforms like Haba Naija launch into an area of excellence. He dedicates his time and energy to producing outstanding content in genres such as education, finance, technology and other related niches