Nigerian Business Bank Accounts

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List of Top 9 Banks in Nigeria

1. Zenith Bank
2. Guaranty Trust Bank (GT Bank)
3. First Bank of Nigeria
4. Ecobank Nigeria
5. Access Bank
6. United Bank of Nigeria
7. Diamond Bank
8. Union Bank of Nigeria
9. Fidelity Bank

Let’s discuss each one of them in detail –

#1. Zenith Bank

Zenith bank was formed in 1990. It provides service to more than 1.6 million customers and has 7,000 employees. This bank maintains its operations through 500 branches, subsidiaries, and representative offices. This bank has its presence in Ghana, Gambia, South Africa, Sierra Leone. The UK, China, and the UAE.

It provides services like retail and SME banking, FOREX, corporate and investment banking, treasury, trade services, and other financial services. This bank has revenue of NGN$673.64 billion and net income of NGN157.14 billion.

#2. Guaranty Trust Bank (GT Bank)

This bank was formed in 1990 and has its headquarters in Nairobi. It has nearly 5000 employees and it serves approximately 8 million customers. This bank provides financial services like retail, corporate and investment banking, online/ internet banking, and asset management.

It has 220 domestic branches, 1165 ATMs, 44 e-branches, and also has its presence in other South African countries along with the UK. This bank has revenue of NGN419.23 billion and its net income in the year 2017 was NGN170.47 billion.

#3. First Bank of Nigeria

This bank was formed in 1894. It has its headquarters in Lagos. This bank has four major strategic units- Retail Banking, Commercial Banking, Corporate Banking, and Public Sector Banking. This bank has nearly 7000 employees which around 760 branches and 2,600 ATMs all over the country.

It has its offices in Abu Dhabi, Beijing, and Johannesburg. This bank has an annual revenue of NGN469.59 billion and its net income is NGN40.01 billion.

#4. Ecobank Nigeria

With revenue of NGN506.17 billion, this bank was formed in 1986. This bank was a subsidiary of the pan-African banking group Ecobank Transnational Inc. It has three major units- Retail banking, Wholesale Banking, and Treasury and Financial Institutions.

It provides services in retail and wholesale banking, corporate banking services, capital markets, and investment banking services. This bank has nearly 600 branches all over the country.

#5. Access Bank

This bank was given a license for commercial banking in the year 1988 by the Central Bank of Nigeria. With revenue of NGN381.32 billion and a net income of NGN71.4 billion this bank has its 317 branches all over Nigeria and also has its presence in the UK and representative offices in China, UAE, India, and Lebanon.

This bank has 2,965 employees and operates in four segments mainly Personal Banking, Commercial Banking, Corporate, and Investment Banking.

#6. United Bank for Africa

This bank was founded in 1949 and at that time it was known as the British and French Bank Limited. In the year 1970, it was the first to get listed in the Nigerian stock exchange. They provide services in retail, commercial and corporate divisions along with other financial services.

Thos bank employs 12500 employees with more than 14 million customers around the world. This bank has revenue of NGN222.78 billion and net income of NGN42.34 billion. It has 1000 branches, 13500 POS terminals and 1740 ATMs all over Africa.

#7. Diamond Bank

With revenue of NGN203.35 billion and net income of NGN869.44 million this bank started in 1991. In the year 2001, it got its universal banking license. This bank provides services of banking and other financial areas to its customers along with providing loans and advances, dealing in the money market, and corporate finance services. It has 270 branches and 1059 ATMs all over Nigeria and has 4,400 staff.

#8. Union Bank of Nigeria

This bank was founded in 1917 and was formerly known as Colonial Bank. This bank deals in retail and commercial banking, SMEs, and major corporations. It has more than 2,700 employees and a customer base of 4.3 million. This bank has 300 sales and service centers, 950 ATMs, and 7000 POS terminals. In the year of 2017, this bank recorded revenue of NGN157.57 billion and net income of NGN13.18 billion.

#9. Fidelity Bank

Founded in 1987 this bank has an annual revenue of NGN152 billion and net income of NGN9.73 billion. This bank focuses on retail and electronic banking, SMEs, and niche corporate banking. With 240 business offices, 774 ATMs and 4046 POS terminals this bank got its universal banking license in 2001.