Best Banks in Nigeria 2020 – Top Financial Institutions

Best Banks in Nigeria 2020

Banks in Nigeria obviously offer services in financial support and savings. They constantly work on the improvement of their service quality in order to attract new clients. All commercial banking institutions in this country possess operational licenses by the CBN and have a solid reputation and authority not only on the local financial market but also on the international level.

There are over 20 commercial banking institutions licensed by the CBN. Nevertheless, not all of them are equal. Some of them are large and old giants while other ones are new generation services that are richer when it comes to consolidation and their total assets.

So, leaving all the lyrics beyond, which of them are the best banks in Nigeria to keep your savings or open an account? With different experiences gained and reviews checked, we created a list of top 10 best finance firms in Nigeria to entrust your money to, no matter if you are a business person, a trader, a student, an office clerk, a civil servant or anyone else.

Best Banks in Nigeria

The best banks we mentioned below are the top financial institutions for people to keep their money and investments safe. When using their services, you can be sure about every cent of your fund to remain untouched and to be carefully managed to bring you maximum incomes from deposits. Using services by these firms is a great possibility for you to become richer while keeping your money in reliable hands.

Guaranty Trust Bank

The GTBank or Guaranty Trust Bank is the best currently when speaking of customer comfort and banking services. The GTBank is friendly to their clients and has a reliable reputation level. According to the reviews, this institution is patronized by almost every citizen.

Their total asset reaches slightly less than 12 trillion dollars, and it is quite challenging to find a firm equal enough to GTBank and its possibilities. This company is among the biggest financial institutions in the entire West African region.

First Bank of Nigeria

This bank is actually the very first institution of that kind that appeared in the country. The firm was established back in the year 1894, and it still remains the top operator for people to open an account and keep their savings.

The total assets of the company reach more than 21 billion dollars. Additionally, the part of the Financial Times Group – The Banker magazine – had been claiming it to be “The Best Bank Brand in Nigeria” during five consecutive years (2011-2015).

Best Microfinance Banks in Nigeria

A microfinance firm is usually an institution oriented towards individuals, small businesses, and so on without global services. These are the best institutions of such type available.

Keystone Bank Limited

This is the firm that is a part of new-gen institutions worth including them into our list. Keystone Bank Limited is, of course, a big financial organization providing services for investment companies, large stock traders, some top businesses, etc. But at the same time, it suits public institutions, individuals and SMEs well.

This establishment obviously possesses the CBN license. Additionally, the Bank PHB was acquired after the Central Bank revoked the license. It is among the biggest financial service centers.

Zenith Bank

It is one more licensed financial institution providing services for clients in entire West Africa. Created in the year 1990, it got into NSE list. Additionally, Zenith is the biggest financial organization of the country in terms of Tier-1 capital. Its overall worth in shares in more than 850 000 000 dollars.

This institution provides a vast variety of services including Trading, Foreign Exchange, Stock Exchanges, Cash Management, Consumer and Commercial Banking, Private and Personal Banking, Pension, Investment, and Corporate Banking, and so on. Additionally, the total asset of Zenith is estimated at almost $16 billion, which means it is among the richest finance firms in the country.


This is another commercial institution that is of age and has many branches and offices all over the state. It is considered as the best to keep salary accounts of military servants and civil workers.

Ecobank is the international institution having its representatives and offices in over 30 countries. Their headquarters is located in Lome, Togo. Services provided by Ecobank include savings, loans, debit and credit cards, retail, wholesale, investment, and transaction, etc.

Banks with the Best Interest Rates in Nigeria

An interest rate is a percent defining one’s deposit profits. Here below are the institutions having the highest interest rates among institutions all over the states. Get maximum profits with your deposits.

Access Bank PLC

Actually, Access definitely is among the friendliest institutions in terms of their customer treatment and comfort. They’ve got high-interest rates for deposits and got even stronger with their acquiring of another firm, Diamond PLC in 2018-2019. The large base of clients is provided with the top services possible.

Access started functioning back in 1989 after getting the CBN license properly. In the nearest future, Access officials plan to become the industry leader in the country. Possessing the widest ATM network across Nigeria, and providing clients with great services and possibilities, Access has all it might need to make that plan real.

Polaris Bank

Comments and reviews published by customers put Polaris among the top 10 financial institutions to have an account in. Moreover, their interest rates are also worth your attention. Polaris belongs to firms of the largest caliber, as their total assets reach nearly $4 billion.

Formerly, Polaris was known as Skye Bank. It is present on the finance markets of Guinea, Angola, Sierra Leone, Liberia. It also has quotes on the NSE (Nigerian Stock Exchange).

Fidelity Bank

Fidelity is one more financial institution of Nigeria that made it through a long and time-taking path of creating and maintaining the reputation and authority of a reliable firm. With more than 2 500 000 patronizing customers, Fidelity can’t remain unnoted. It’s user-friendly and offers high interest rates for deposits.

The establishment of Fidelity took place in 1988. Its current assets have an estimate worth near $7 billion. Throughout the last three years, they greatly increased the number of deposits, improved internet banking, and mobile products. As a result of those efforts, Fidelity is definitely worth your trust.

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