Banks that has the highest number of customers in Nigeria 2023

Read all about the banks with highest number of customers in Nigeria 2023.

Nigeria has a population of over 200 million people, and more than half of these number has some sort of bank account.

There are many banks in Nigeria, the most popular once which are GTbank, Access bank, First bank, Zenith bank and UBA.

The above banks have the majority of customers in Nigeria, but which of them has the highest customer base in Nigeria?

In this post, I am going to be writing all about the banks that has the highest number of customers in Nigeria 2022.

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Let’s get into it then…

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Access bank

Access Bank today is the largest bank in Nigeria and Africa’s leading bank by customer base.   It is a full service commercial bank operating through a network of more than 600 branches and service outlets, spanning three continents, 12 countries and 36 million customers.

The Bank employs 28,000 thousand people in its operations in Nigeria, Sub Saharan Africa and the United Kingdom, with representative offices in China, Lebanon, India and the UAE.   It continues to look at opportunities to build its network in global trade and payment centres, helping Africa to play its part on the world stage.

Access bank has an estimated customer base of over 31 million.

Zenith bank

Zenith Bank Plc was founded in May 1990 and began operations as a commercial bank in July of the same year. Following a highly successful Initial Public Offering, the Bank became a public limited company on June 17, 2004, and was listed on the Nigerian Stock Exchange (NSE) on October 21, 2004. (IPO).

Zenith Bank Plc has around one million shareholders and is Nigeria’s largest bank by tier-1 capital. The Bank listed $850 million worth of its shares on the London Stock Exchange in 2013, at a price of $6.80 per share (LSE).

Zenith Bank Plc, headquartered in Lagos, Nigeria, has approximately 500 branches and business offices in important commercial centers around the country, including the Federal Capital Territory (FCT).

Zenith bank has an estimated customer base of over 30 million

GTbank (Guaranty Trust bank)

Guaranty Trust Bank plc was established in 1990 as a limited liability company with a license to provide commercial and other banking services to Nigerians. Since its inception in February 1991, the bank has evolved to become one of Nigeria’s most renowned and service-oriented institutions.

Guaranty Trust Bank plc became a publicly traded corporation in September 1996, and it received the Nigerian Stock Exchange President’s Merit Award that year, as well as in 2000, 2003, 2005, 2006, 2007, 2008, and 2009.

The Bank received a universal banking license in February 2002 and was later designated as a settlement bank by the Central Bank of Nigeria (CBN) in 2003.GTbank has an estimated customer base of over 25 million.

United bank of Africa (UBA)

UBA was formed on February 23, 1961, to take over BFB’s operations. In 1970, UBA became the first Nigerian bank to list its shares on the Nigerian Stock Exchange, becoming the first Nigerian bank to do so (IPO).

In 2007, UBA completed another successful joint public offering rights issue and acquired three liquidated banks: City Express Bank, Metropolitan Bank, and African Express Bank.

Afrinvest UK was also bought by the bank, which was renamed UBA Capital, UK. In 2008, UBA stepped up its efforts to develop a strong local and African brand by acquiring two more liquidated banks, Gulf Bank and Liberty Bank.

UBA has an estimated customer base of over 21 million.

First bank Nigeria

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Established in 1894, First Bank of Nigeria Limited (“FirstBank”) is the preeminent bank in West Africa, Nigeria’s number one bank brand, and the country’s top financial services solutions provider.

Sir Alfred Jones, a shipping magnate from Liverpool, England, created the bank. The Bank of British West Africa, with its headquarters in Liverpool, began operations on a small scale in Lagos, Nigeria, under the name Bank of British West Africa (BBWA).

The Bank of Nigeria (formerly known as Anglo-African Bank) was founded in 1899 by the Royal Niger Company and acquired by the Bank in 1912. The Bank’s name was changed from Bank of British West Africa (BBWA) to Bank of West Africa in 1957. (BWA).

FirstBank had 1.3 million shareholders worldwide, was listed on the Nigerian Stock Exchange (NSE), and had an unlisted Global Depository Receipt (GDR) program, all of which were transferred to FBN Holdings in December 2012.First bank has an estimated customer base of over 12 million.

First city monument bank (FCMB)

First City Monument Bank (FCMB) Limited is a member of FCMB Group Plc, which is one of the leading financial services institutions in Nigeria with subsidiaries that are market leaders in their respective segments.

Having successfully transformed to a retail and commercial banking-led group, FCMB expects to continue to distinguish itself by delivering exceptional services, while enhancing the growth and achievement of the personal and business aspirations of their customers.

FCMB has an estimated customer base of 9.4 million.

Ecobank

Ecobank is committed to economic development across sub-Sahara Africa. In October 1985 the first Ecobank affiliate opened in Togo.

Despite the political upheaval of the 1980’s in Africa, and against all odds, the Ecobank Group opened branches in five African countries in 1988. From 1997 to 2001 the group’s coverage increased from five to twelve countries.

Today, the Ecobank Group is a world-class institution and a torchbearer for Africa. With a presence in 35 sub-Sahara African countries, the Ecobank brand is synonymous with banking in Africa.

Ecobank has an estimated customer base of 8.4 million.

Fidelity bank

Quoted on the Nigerian Stock Exchange (NSE), Fidelity Bank Plc began operations in 1988 as a Merchant Bank. In 1999, it converted to Commercial Banking and then became a Universal Bank in February 2001. The current enlarged Fidelity Bank is a result of the merger with the former FSB International Bank Plc and Manny Bank Plc in 2005.

Fidelity bank has an estimated customer base of 6.5 million.

Stanbic IBTC

Stanbic IBTC Holdings PLC was formed by the merger of Stanbic Bank Nigeria Limited and IBTC Chartered Bank Plc.

In 2007, a holding company structure was adopted, followed by a divestment from non-core banking financial services in 2012 to comply with the revised regulatory framework advised by the Central Bank of Nigeria, which required banks to either divest from non-core banking financial services or adopt a holding company structure.

Stanbic IBTC has an estimated customer base of over 2.4 million.

Sterling bank

Sterling Bank (formerly NAL Bank) has evolved from the nation’s pre-eminent investment banking institution to a fully-fledged commercial bank; and completed a merger with 4 other banks – Indo-Nigeria Merchant Bank, Magnum Trust Bank, NBM Bank and Trust Bank of Africa – as part of the 2006 consolidation of the Nigerian banking industry.

Sterling bank has an estimated customer base of over 2 million.

Conclusion

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