Top 10 Biggest Banks in Nigeria [Check 2025 Rankings]

Are you curious about which financial institutions dominate Nigeria’s banking landscape? Nigeria’s banking sector has evolved significantly over the years, becoming one of Africa’s most robust financial systems. In this comprehensive guide, we’ll count down the top 10 biggest banks in Nigeria based on asset size, market capitalization, and overall market influence.

These banking giants don’t just hold Nigeria’s wealth; they drive economic growth, facilitate international trade, and provide essential financial services to millions of Nigerians.

Whether you’re looking to open an account, make an investment, or simply understand Nigeria’s financial ecosystem better, this ranking gives you valuable insights into the country’s most powerful financial institutions.

10. Sterling Bank Plc

Founded in 1960 as NAL Bank and rebranded as Sterling Bank in 2006 following a merger of five different banks, Sterling Bank has established itself as a significant player in Nigeria’s banking sector. Headquartered in Lagos, this financial institution has steadily grown its presence across the country.

With total assets valued at approximately ₦1.3 trillion, Sterling Bank may occupy the tenth position on our list, but its impact on Nigeria’s financial landscape is substantial. The bank operates over 200 branches nationwide, ensuring accessibility for customers across different regions.

Sterling Bank stands out for its innovative digital banking solutions, including the “OneBank” app that allows customers to perform a wide range of transactions without visiting physical branches. The bank has also gained recognition for its focus on specific sectors of the economy, including health, education, agriculture, renewable energy, and transportation (H.E.A.R.T strategy).

In recent years, Sterling Bank has made significant strides in financial inclusion initiatives, partnering with various organizations to extend banking services to previously underserved populations. The bank’s commitment to sustainability has also been noteworthy, with various green banking initiatives aimed at promoting environmentally responsible practices.

9. Stanbic IBTC Bank

A member of the Standard Bank Group, Africa’s largest banking group by assets, Stanbic IBTC Bank has established a strong foothold in Nigeria since its formation in 2007 through the merger of Stanbic Bank Nigeria and IBTC Chartered Bank. Headquartered in Lagos, this financial powerhouse brings international banking expertise to Nigeria’s financial ecosystem.

With assets totaling approximately ₦2.1 trillion, Stanbic IBTC offers a comprehensive range of banking services across retail, corporate, and investment banking sectors. The bank operates over 170 branches and service outlets across Nigeria, complemented by over 650 ATMs nationwide.

Stanbic IBTC distinguishes itself through its robust wealth management and investment banking services, making it a preferred choice for high-net-worth individuals and corporate clients. Its asset management subsidiary consistently ranks among the largest in Nigeria, managing significant investment portfolios.

The bank has received numerous awards for its digital innovation, corporate governance, and customer service excellence. Its mobile banking platform provides seamless financial services to customers, reinforcing the bank’s commitment to leveraging technology to enhance banking experiences.

8. Fidelity Bank Plc

Established in 1988 and obtaining its commercial banking license in 1999, Fidelity Bank has grown from modest beginnings to become a formidable presence in Nigeria’s banking sector. The Lagos-headquartered bank has built a reputation for reliability and customer-focused services over the decades.

Boasting assets worth approximately ₦2.5 trillion, Fidelity Bank operates over 250 business offices across Nigeria, supported by over 1,000 ATMs and 11,000 POS terminals. This extensive network underscores the bank’s commitment to bringing financial services closer to Nigerians.

Fidelity Bank has gained recognition for its strong support of small and medium-sized enterprises (SMEs), offering specialized products and advisory services to help businesses thrive. Its “Managed SME” scheme provides entrepreneurial training and funding opportunities to small business owners.

The bank’s digital transformation journey has resulted in innovative offerings like the Fidelity Mobile App and USSD banking services, which have significantly improved customer experience and accessibility. With a focus on both retail and corporate banking segments, Fidelity Bank continues to expand its market share through strategic initiatives and customer-centric approaches.

7. Union Bank of Nigeria

As one of Nigeria’s oldest financial institutions, established in 1917 as Colonial Bank and later becoming Barclays Bank DCO, Union Bank carries over a century of banking heritage. Rebranded to its current name in 1979, this historic bank has been a constant feature in Nigeria’s financial landscape for generations.

With assets valued at approximately ₦2.6 trillion, Union Bank combines its rich legacy with modern banking approaches. The bank maintains over 300 branches and service centers nationwide, serving millions of customers across different segments.

Union Bank has undergone significant transformation in recent years, modernizing its operations and revitalizing its brand identity while maintaining its reputation for reliability. Its iconic white stallion logo remains one of the most recognizable banking symbols in Nigeria.

The bank has made substantial investments in digital banking solutions, including its upgraded mobile banking app and USSD services, catering to both tech-savvy customers and those in areas with limited internet connectivity. Union Bank’s agricultural financing initiatives have also positioned it as a key supporter of Nigeria’s agricultural sector, providing essential funding to farmers and agribusinesses.

6. First City Monument Bank (FCMB)

First City Monument Bank, founded in 1982 initially as an investment bank, has evolved into a full-service banking group following its merger with Cooperative Development Bank, Nigerian-American Bank, and Midas Bank in 2005. Headquartered in Lagos, FCMB has established itself as a versatile financial institution serving diverse customer segments.

With assets worth approximately ₦2.7 trillion, FCMB operates over 200 branches across Nigeria, delivering comprehensive banking services to retail and corporate clients. The bank has built a strong reputation for its investment banking expertise while expanding its retail banking operations.

FCMB stands out for its SME-focused initiatives, including the “SheVentures” program designed to support women entrepreneurs through capacity building, access to finance, and mentorship. The bank’s digital banking platforms have seen significant enhancements, improving accessibility and transaction convenience for customers.

The bank has also made notable strides in microfinance through its subsidiaries, extending financial inclusion to underserved communities. With strong corporate governance practices and innovative banking solutions, FCMB continues to strengthen its position in Nigeria’s competitive banking landscape.

5. Ecobank Nigeria

As a subsidiary of the Ecobank Transnational Incorporated (ETI), Ecobank Nigeria benefits from being part of the largest pan-African banking group, with presence in 33 African countries. Since commencing operations in Nigeria in 1989, Ecobank has leveraged its international network to deliver cross-border banking services unmatched by many competitors.

With assets valued at approximately ₦3.2 trillion, Ecobank Nigeria operates over 200 branches nationwide. The bank’s unique selling proposition lies in its ability to facilitate seamless transactions across African countries, making it particularly attractive to businesses with pan-African operations.

Ecobank’s digital banking platform, Ecobank Mobile, has received recognition for its user-friendly interface and comprehensive functionality, allowing customers to conduct a wide range of transactions without visiting physical branches. The bank’s Rapidtransfer service has also become popular for international remittances, particularly within the African continent.

The bank has demonstrated strong commitment to supporting Nigeria’s trade sector, providing specialized trade finance solutions and advisory services to importers and exporters. Ecobank’s corporate banking division serves major players across various sectors, including oil and gas, telecommunications, and manufacturing.

4. United Bank for Africa (UBA)

Established in 1949, United Bank for Africa has grown from a single country operation to a prominent pan-African financial services group with operations in 20 African countries, as well as presence in the United Kingdom, United States, and France. This expansive reach makes UBA one of Nigeria’s most internationally connected banks.

With assets worth approximately ₦5.6 trillion, UBA operates over 1,000 business offices and customer touch points globally, with more than 700 branches in Nigeria alone. This extensive network facilitates banking services for millions of customers across different geographies.

UBA has earned recognition for its robust digital banking platforms, including the UBA Magic Banking and Leo, the virtual banking assistant that operates across various social media platforms. These innovations have significantly enhanced customer experience and accessibility to banking services.

The bank’s corporate social responsibility initiatives, channeled through the UBA Foundation, have made substantial impacts in education, environmental sustainability, and economic empowerment across Africa. UBA’s strong presence in African markets positions it uniquely to facilitate intra-African trade and investments, supporting the continent’s economic integration.

3. Guaranty Trust Holding Company (GTCO)

Formerly known as Guaranty Trust Bank before its 2021 reorganization into a holding company structure, GTCO was established in 1990 and has built a reputation for excellence in service delivery and corporate governance. The transformation into a holding company structure allows GTCO to expand into other financial services beyond traditional banking.

With assets valued at approximately ₦6.8 trillion, GTCO operates through its banking subsidiary GT Bank, with over 200 branches across Nigeria and presence in several other African countries, as well as the United Kingdom. GT Bank’s distinctive orange brand color and square logo have become synonymous with innovation and quality service in Nigeria’s banking sector.

GTCO has consistently led the banking industry in terms of profitability and efficiency ratios, maintaining some of the lowest non-performing loan ratios in the industry. The bank’s digital banking platforms, including its mobile app and internet banking services, are renowned for their reliability and user-friendly interfaces.

The holding company’s expansion into payment services, asset management, and pension fund administration positions it for growth beyond traditional banking. GTCO’s annual Food and Drink Festival has become one of the largest culinary events in Africa, demonstrating the organization’s commitment to supporting small businesses and promoting Nigerian cuisine.

2. FBN Holdings (First Bank of Nigeria)

As Nigeria’s oldest bank, established in 1894, First Bank of Nigeria carries over 125 years of banking heritage. Now operating as part of FBN Holdings following the 2012 restructuring, this institution combines its rich legacy with contemporary financial services. Its iconic elephant logo symbolizes strength and stability in Nigeria’s financial landscape.

With assets totaling approximately ₦8.9 trillion, FBN Holdings operates through several subsidiaries, with First Bank of Nigeria serving as its flagship banking entity. The bank maintains over 750 business locations in Nigeria and presence in several other countries, making it one of the most extensive banking networks in the country.

First Bank has demonstrated remarkable adaptability throughout its long history, evolving from a colonial-era bank to a modern financial institution with comprehensive digital banking capabilities. Its USSD banking code *894# has become one of the most widely used banking services in Nigeria, processing millions of transactions monthly.

The bank’s commitment to financial inclusion is evident through its extensive agent banking network, which brings banking services to remote areas through authorized agents. With strong retail banking operations complemented by corporate and investment banking services, FBN Holdings continues to be a dominant force in Nigeria’s financial sector.

1. Zenith Bank Plc

Founded in 1990, Zenith Bank has achieved remarkable growth to become Nigeria’s largest bank by asset size in a relatively short period. Headquartered in Victoria Island, Lagos, Zenith Bank exemplifies how innovation and strong corporate governance can propel a financial institution to market leadership.

With assets worth approximately ₦12.1 trillion, Zenith Bank operates over 500 branches and business offices across Nigeria, with international presence in several countries including the United Kingdom, United Arab Emirates, and Ghana. The bank’s distinctive red and white branding has become emblematic of banking excellence in Nigeria.

Zenith Bank has consistently maintained a leadership position in digital banking innovation, with its mobile banking app, internet banking platform, and social banking solutions receiving widespread adoption. The bank’s investment in technology has resulted in efficient service delivery and enhanced customer experience across various channels.

The bank’s financial performance has remained impressive, with strong profitability metrics and dividend payouts that make it attractive to investors. Zenith Bank’s corporate banking division serves many of Nigeria’s largest corporations, particularly in the oil and gas, manufacturing, and telecommunications sectors.

Zenith Bank’s CSR initiatives focus on health, education, and youth empowerment, contributing significantly to community development across Nigeria. With its strong financial position, innovative approach, and commitment to excellence, Zenith Bank continues to set the pace in Nigeria’s banking industry.

FAQs About Nigeria’s Banking Sector

Wrapping Up

Nigeria’s banking sector continues to evolve, with these top 10 banks leading the charge in financial innovation and service delivery. From the century-old heritage of First Bank to the rapid rise of Zenith Bank, these financial institutions collectively shape Nigeria’s economic landscape and connect millions of Nigerians to formal financial services.

As the industry embraces digital transformation, we can expect these banks to continue investing in technology to enhance customer experience and operational efficiency. The competitive nature of Nigeria’s banking sector ultimately benefits customers through improved services and innovative financial products.

Whether you’re looking for personal banking services, business financing, or investment opportunities, understanding the strengths and offerings of these leading banks can help you make informed financial decisions. Each bank brings unique advantages to the table, catering to different segments of Nigeria’s diverse population and business landscape.