10 Types of Banks in Nigeria for Every Need

Nigeria has a diverse range of banks catering to different needs, from personal to business and even mobile banking.

For individuals, there are banks like GTBank and Fidelity Bank that offer a wide range of personal banking services, including savings and current accounts.

Some banks, such as First Bank and Union Bank, have a long history in Nigeria and offer a variety of business banking services, including loans and accounts for small and large businesses.

With the rise of mobile banking, banks like Access Bank and Zenith Bank have made it easy to manage finances on the go.

For more insights, see: Types of Business Loans

Nigeria's banking sector is surprisingly robust, with a high level of awareness among its citizens. In fact, 90% of Nigerians are aware of banking institutions.

Access Bank leads the field, closely followed by UBA and GTBank, both at 89%. However, customer satisfaction tells a different story, highlighting that recognition doesn't necessarily translate to satisfaction.

Interestingly, the top-rated banks in Nigeria based on Net Customer Satisfaction score are dominated by Nigerian banks, with only two subsidiaries of international banks making the list - Standard Chartered and Stanbic IBTC Bank.

Here are the top 10 banks in Nigeria, ranked by Net Customer Satisfaction score:

Standard Chartered (subsidiary of British Standard Chartered Bank)FBN – First Bank of Nigeria (Nigeria)GTBank – Guaranty Trust Bank (Nigeria)Stanbic IBTC Bank (subsidiary of Standard Bank Group from South Africa)Fidelity Bank (Nigeria)UBA – United Bank for Africa (Nigeria)FCMB – First City Monument Bank (Nigeria)Sterling Bank (Nigeria)Wema Bank (Nigeria)Access Bank (Nigeria)

For your interest: Indina Bank Net Banking

In Nigeria, you'll find a mix of local and international banks, which is quite interesting. The country has a strong banking sector, with many banks originating from Nigeria itself.

One notable example is Standard Chartered, which is a subsidiary of the British Standard Chartered Bank. This shows that some international banks have a presence in Nigeria.

Worth a look: Fidelity Bank Nigeria Share Price

Most of the top-rated banks in Nigeria are actually local banks, with 7 out of the top 10 banks being Nigerian-owned. These include FBN – First Bank of Nigeria, GTBank – Guaranty Trust Bank, and UBA – United Bank for Africa, to name a few.

Here's a list of the top 10 banks in Nigeria based on Net Customer Satisfaction score:

This highlights the strength of the Nigerian banking sector, with many local banks offering high-quality services to their customers.

Nigeria's banking system has a robust regulatory framework to ensure stability and security. The Central Bank of Nigeria (CBN) is the primary regulator of the banking industry.

The CBN issues banking licenses to qualified applicants, which is a prerequisite for operating a bank in Nigeria. To be eligible, applicants must meet strict capital requirements, among other conditions.

In 2020, the CBN introduced a new banking license regime that requires banks to maintain a minimum capital base of 25 billion naira. This move aims to strengthen the industry's resilience and reduce the risk of bank failures.

The CBN also has a framework for licensing microfinance banks, which are specialized banks that provide financial services to low-income households and small businesses.

Standard Chartered is the top-ranked bank in Nigeria, with a satisfaction score of 72%. This is a significant achievement, especially considering the bank has withdrawn from numerous African markets and closed most of its physical branches in Nigeria.

The bank's strategy to prioritize digital banking seems to be paying off, with a low dissatisfaction score of 6%. In contrast, FBN, the oldest bank in Nigeria, comes second with a satisfaction rate of 68%. GTBank rounds out the top three, with a 66% satisfaction score.

Interestingly, awareness of banking institutions is high in Nigeria, with Access Bank leading the field at 90% awareness rate. However, this doesn't necessarily translate to customer satisfaction, as rankings based on net satisfaction scores differ from those based on awareness.

Here are the top-rated banks in Nigeria based on the Net Customer Satisfaction score:

It's worth noting that all banks, except for Standard Chartered and Stanbic Bank, originate from Nigeria, highlighting the strength of the Nigerian banking sector.