Top 5 Best Banks to Open an Account in Nigeria

Nigerian banks roll out financial services which are beneficial to customers. Authorized to operate by the Central Bank of Nigeria, these commercial banks have not only built sterling reputation in Nigeria but they’ve become internationally acclaimed.

Are you looking for the best banks to open an account? Here’s a list of banks compiled in terms of customer service, banking services and company assets.

1. First Bank of Nigeria

First Bank

Peaking at number 1 is First Bank of Nigeria (FBN), a Nigerian multinational bank and financial services company. Founded in 1894, the premier financial institution has its headquarters in Lagos. First Bank operates over 888 branches across Africa, the United Kingdom, Abu Dhabi, Beijing and Johannesburg.

The bank specialises in retail banking and has the largest retail clientele in Nigeria. For five consecutive times, the premier bank has bagged The Asian Banker International Award for the best retail bank in Nigeria. In terms of total deposits and gross earnings, First Bank is ranked as the biggest financial organization in the country.

With an active customer base of over 10 million and over 7,000 staffs, First Bank operates key Strategic Business Units (SBUs) – Retail Banking, Corporate Banking, Commercial Banking and Public Sector Banking.

With top notch customer service, interest on savings, good exchange rates, reliable mobile banking and internet services, First Bank ranks amongst the best banks to open an account with. According to Wikipedia, it’s net income is estimated at N13,588,000,000 while its total assets is N4,514,789,000,000.

2. Guaranty Trust Bank

Guaranty trust bank

Guaranty Trust Bank PLC also known as GTBank or simply GTB is a Nigerian intercontinental financial institution. Headquartered in Victoria Island, Lagos, GTB offers online/internet banking, retail banking, corporate banking, investment banking and asset management services.

Established in 1990 by over 35 young Nigerians, the new generation bank has risen to be one of the top banks in Nigeria. With over 231 branches, 17 Cash Centres, 18 e-branches, 41 GTExpress locations and more than 1165 ATMs in Nigeria, GTBank has broadened it’s customer base and spread its tentacles across other African countries including United Kingdom.

Owning to its customer service, good mobile banking services and average exchange rate, the top-tier bank has become peoples’ most preferred bank. GTBank is one of the banks which offers free opening of domiciliary account i.e you can operate a zero account.

In the course of operation over the years, the bank has clinched several awards and recognitions due to its excellent banking services. In 2019, It was adjudged the best bank in Nigeria for the ninth time. You need not think twice before opening an account with GTBank.

3. Zenith Bank

Zenith Bank

Established in May 1990, Zenith Bank is one of the top licensed bank with over 500 branches in Nigeria. The bank was ranked the Number One Bank in Nigeria by Tier-1 Capital in the 2020 Top 1000 World Banks Ranking published by The Banker Magazine.

The financial service provider was listed on the Nigeria Stock Exchange and the London Stock Exchange. Acquiring total assets of ₦:5,898,596,000,000 as at 2019, Zenith Bank is ranked Nigeria’s biggest bank by tier-1-capital. With that whopping total assets, the bank can’t possibly experience liquidation so you need not worry about losing your money.

4. United Bank of Africa


With subsidiaries in 20 African countries and offices in London, Paris and New York, UBA is ranked Africa’s best and most resilient banking group. Established in 1949, UBA is ranked as one of Nigeria’s longest-serving banks.

The Pan-African bank has increased its customer base through its customer service and less bank charges. UBA is the largest employer in the Nigerian banking sector, with staff strength of nearly 20,000 employees group-wide. Why not open an account with a bank which has been in existence for over 55 years with no fear of crumbling anytime soon?

5. Union Bank of Nigeria

Union bank

Recognised as one of the oldest commercial banks in Nigeria, Union Bank of Nigeria caters for the needs of small and medium sized companies, including large corporations and organizations.

Listed among the richest banks in the country with total assets of 1,381 billion Naira, UBA has proven to be a reputable financial institution where you can save or keep your money without fear of liquidation.

The bank currently has a workforce of over  2,700 individuals and serves 4.3 million customers through a network of 300 sales and service centers, over 950 ATMs, and 7,000 active POS terminals.

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