List of Banks in Nigeria - How They Are Rated

Posted by: Darlinton Omeh on Saturday, September 07, 2013 Category:
Banking in Nigeria has become a great delight due the massive overhaul in the industry in recent years. Gone are the days you put your money in the bank and go home living in constant fear and developing heart attack, not knowing what will be the next news. Those days are gone for good!

Today, you can work into any Nigerian bank and expect world class services complete with the beaming faces of smiling and extremely cautious staffs. 

There is huge competition in the industry among the banks, to out perform one and other and I think that is a good thing for banking customers because if bank A isn't doing me well, I can easily move my stuffs to bank B that offers better services. In this quest to be the best, some are winning while some are getting it wrong due to factors such as poor customer services, poor internet banking, and not too good facilities. 

Central Bank of Nigeria

Below is the complete list of Nigeria banks and how I rate them base on personal experience and service delivery over time.

22. Union Bank - One of the most reliable bank in those days in terms of keeping your money safe. Union bank is among the oldest banks in Nigeria and is still going strong. But banking has gone beyond just keeping money safe! While banks in Nigeria have made huge effort to improve in their service delivery and customer services, this bank seem to prefer the old way. 

Though it may be working well for some people for some reasons, Union bank is not just seem to get it. Twice I have had reasons to transact business with them and twice I was disappointed. From old staffs that looks like pensioners to 1960 computer systems and rusty desks - this bank is a No for me. 

21. Mainstreet Bank - To me, this bank is just a paper bank. Nothing different from the Afribank they took over from. In fact they are even worse. Granted, Mainstreet bank may be doing some high profile businesses that we don't know - like investment banking. but to average simple customers like me, they are nowhere to be found. Customer care is none existent and their facilities are extremely poor.

20. Sterling Bank - They recently acquire Equatorial Trust Bank, that's a good deal and one would expect greater business and big improvement. The bank is doing well in the stock market, posting revenue of NGN 45.17 billion 2011 financial year. But what is the average customers business with that? Only the investors cares!

I went to one of the popular branch to open a business account recently. The first person I asked directed me to a man who took me upstairs and asked me to wait. I waited endlessly for about 40 minutes while the man chats around with other ladies staffs. When I got tired, I just took my leave the way I came. Another customer lost on a platter of silver.

19. Savanna Bank - Nothing much can be said about this bank since they have not commenced full banking operation after the restoration of their operational license. So let's wait until they are fully into the market. But judging from what happened last time in service, people would always be a little skeptical with Savanna bank this time, at least for now.

18. United Bank for Africa - Probably one of the biggest bank in Africa and they have been around for a very long time. Got into the new generation platform when they merged with Standard Trust Bank in 2005. In those days, Standard Trust Bank used to be the king in Nigeria's banking. So, it's natural that people flow with them to UBA.

UBA is still doing their very best to remain on top of the game, like introducing new products and all that, but I think their best is not good enough. I opened a current account with them in 2008 and my account got hacked within two months through UBA's complacency. Though my money was refunded but I was never happy with that level of carelessness and inefficiency.

Again, a mischievous client could just pay money into your account, transact business with you and call UBA on phone that he has been duped and UBA will freeze your account instantly without any verification or contacting you or contacting you in anyway. It happened to me and I am sure it could happen to you too.

17. First City Monument Bank - This bank is doing very well in the industry, they are one of the banks that is always upgrading their services and introducing new products and innovations.  They recently acquired FIN Bank which I am sure will add capacity to their business.

However, most of the staffs in their customer care seems to always fond of making you look stupid. They would attend to you at their on convenient time, it doesn't matter how urgent it is. Their online banking is extremely poor and difficult to locate mostly due to bad domain name. 

Please, understand that the Domain names which most businesses in Nigeria think is not important could mar your business big time online. You don't just pick any crap and call it a domain - - even a responsible blog can't go with such Domain Name! What happened to FCMB.COM? Buy it, it's the brand you promote and project to us!

Update! It seems FCMB.COM actually belongs to First City Monument bank. I will update this rating if anyone from FCMB could confirm the ownership. That will probably be one of the best domain name by any Nigerian owned company

16. Enterprise Bank Limited - Formally Spring Bank. I really don't know much about this bank so I am going to rate them base on Spring Bank. If you are banking with them, you have to content with unavailability of branches and ATMs. Their online banking is zero and I don't see them with plenty of innovations like the other top banks in Nigeria.

15. Heritage Bank Plc - They are not into regular day to day banking. Appointed as a Lagos State revenue collection bank. Heritage bank is one of those banks we see their name only on paper

14. Standard Chartered Bank - British multinational banking and financial services company headquartered in London, United Kingdom. It operates a network of over 1,700 branches including some in Nigeria. They are international bank with outlets in Nigeria.

13. Citibank - This is a bank I respect internationally. Citibank has retail banking operations in more than 160 countries and territories around the world. More than half of its 1,400 offices are in the United States. I don't think they are in Nigria for retail banking operation. Like Standard Chartered Bank, they are international bank doing investment banking in Nigeria.

12. Wema Bank - I have never had any complain with this bank but it's not uncommon to hear their customers complain of poor services. However, they are one of the most improved banks in Nigeria in recent time. But because they are regional banks and doing very well more than other regional banks, I am giving them 3 star rating.

11. Keystone Bank Limited - Formerly Bank PHB, this is one of the banks Sanusi took over for no reason in my own opinion. The only changes we see are banners on the branches of the former Bank PHB buildings nationwide. Their official website looks like a blog and online banking there is just there. The bank is certainly not the best option for anyone banking from outside Nigeria.

10. Skye Bank - Great bank with good products, always on the move and I think they can only get better. However, their online banking really suck. Adding a live chat that is always offline on a working day is evidence of customer care irresponsibility. Maybe they don't really know what live chat is?

09. Unity Bank Plc - This bank is doing very well but building micro branches in place of standard bigger branches like other banks, to me is short sightedness and most customers sees it that way and avoid them. 

08. Access Bank - Acquired Intercontinental Bank, this bank is getting bigger by the days and have good customer base to show for it. But that doesn't come without complains. Below is what a customer has to say which is very peculiar with Nigerian banks anyway: 

Steve Okoh:

Alert! Access bank suspected fraud. I wish to use this medium to call on the management,staff and customers of access bank to investigate the custant unexplanable deductions of small monies from account holders. Is someone repeating the American's fraud? Where somebody syhoned little negligeble amounts of money from ususpecting account holders & made so much. Eg: if you syphon N10 from one million accounts, the owners may not notice, but you have made 10 million naira. I hope this is not what someone is doing in access bank. My savings account had a deduction of almost N500 in less than 2 months, when i did not do any transaction. Even current account service charges are not that high. Pls access should correct this, else we use all available means to correct them. Meanwhile, if you bank with access, check your ac balance regularly before any further transaction.

My account with GTBank is going through the same problem and the banks always think we wouldn't notice. Access bank have been accused of wrong doings many times by their customers.

07. Fidelity Bank Nigeria - This bank is one silent giant bank in Nigeria. Though their adverts are everywhere, people rarely take them very serious. You need to work in and experience how good they are. 

In 2011, the bank was ranked the 7th most capitalized bank in [Nigeria], the 25th most capitalized bank on the African continent and the 567th most capitalized bank in the world -  Wikipedia
The only problem I have with the bank is adding PLC on their website's domain name, making it difficult to locate them online and killing their brand online.

06. Ecobank Nigeria - "I love this bank because they are well organized,their ATM service is fast, they attend to their customers on time and they are customers friendly" - happy customer 

Recently acquired Oceanic Bank which used to be one of my choice bank. Good product, good services, good online banking. But not without the usual Nigerian idiosyncrasy.

05. First Bank of Nigeria - This bank is the most improved old generation bank in Nigeria. I love the way they are transitioning from the old practices to modern banking practice in Nigeria.  For that alone, I am giving them four star rating. However, their ATM is always very poor and their customers do complain a lot. First Bank is one of the bank in the country with most branches nationwide which is a plus to them.

04. Stanbic IBTC Bank - A member of Standard Bank Group, this bank is one of the best bank in Nigeria judging by customers comments and general ratings elsewhere. Stanbic IBTC is one of the few banks in Nigeria that really operate on international standards.

03. Zenith Bank - This bank would want us to believe they are the gods in banking in Nigeria. N50,000 before you open a savings account, N100,000 if you wants to open a current account, and N200,000 for business account? Who exactly are they trying to filter in this 21st century where banks are looking for customers? They are certainly top bank in Nigeria but not even my number two.

02. Guaranty Trust Bank - This is the bank where I have all my major accounts. Savings, Current, Domiciliary, MasterCard, Business account, Domiciliary again! GTBank is a bank I like so much but that doesn't qualify the bank to be number one on this list.

I tried to buy Norton anti virus online with my GTBank master card early this year; Norton declined the transaction but GTBank retained my money N15,000! When I went to their customer care to find out why, they told me they have to hold on to the money for 21 days to be sure Norton wouldn't come asking for for money. 

It was so sad that a top bank in  Nigeria don't have a clue how automated online transaction is. That one can only download or get any goods supplied by merchants only after that have successfully charged an account. However, I think they have changed and they remain the bank to beat in the industry. They have one of the best if not the best online banking among Nigerian banks.

01. Diamond Bank - A bank that understands customer convenience and satisfaction. Diamond Bank have the most cautious staffs I have ever seen in Nigerian banks. Well respectful and professional to the highest level.

Almost all branches of this bank are build in such way that offers enough banking space. They seems to put customers at heart without being showy about it. Their innovative banking is something else, most of the products in Nigerian banking today where first introduced by Diamond bank. 

Unfortunately, most Nigerians doesn't go with the best most times, they go with the trends, that's why some banks are taking them for a ride. Diamond bank is a bank that stands out in terms of quality banking and service delivery, you need to walk in to experience what I am talking about! Based on these and many more, Diamond bank is hereby declared the number one bank in Nigeria!

What do you think about this rating? Share your opinion and let's move forward.

Follow me on Twitter @DarlintonOmeh


I completely agree with your list and rating.this is the most comprehensive list i've ever seen. I must add, the way GTBank and UBA are cutting their account holders money is becoming unbecoming, maybe you should write something about that too.


I would like to thank you for the efforts you've put in writing this site. I'm hoping to see the same high-grade
content from you later on as well. In truth, your creative writing abilities has encouraged me to get
my own website now ;)

Here is my weblog - divas


well, u have tried and ur level of exposure has been exposed. Keep it up.
But, to be sincere, are u not advertising the CAN's bank? Where have u put Jaiz bank? Does it not exist? Or it is yet to be qualified for even one star?


Mansur, Pls pardon my ignorance but I just have to exclude any business that has strong religious connotation from It doesn't matter whether Christian or Muslim. All the banks mentioned are contemporary, non religious banks


Your ratings on Guaranty trust Bank and Diamond is very correct. As for first bank, i don't think they even deserved the 4 star ratings as they still work in the old ways. I have an account with them but i have systematically moved my main transaction to GTB and Diamond bank because they offer better customer service.


The reason I gave First Bank the 4-star rating is mainly because they managed to stand out among other old generation banks like Union Bank and Afri Bank


Your effort is quite commendable and rating seemed to be fair,however, I dont know the measured used to arrive at this conclusion. Have they empirically tested?Or is it merely based on observations and peoples comments? .


The rating is based on customers experience (mine and that of others) and mere observations too. First impression matters a lot in business, when you walk into any of these banks, you'd get some impression as to what level services they could offer, the general appeal. We put all these into consideration as well as their online banking capacity and the ease of use to come up with the rating.


Stering bank as am concerned is one of the best bank eversince I have be operating with them.


Anyway this is nothing but ur personal opinion which we never can say is free of interest & personal ideology. Thanks all the same.


I commend your effort but i do not agree with your rating because their is no basis for it it. just personal opinion. But a nyc job i must say


Post a Comment

[Sign In with your Google/Gmail account or register to comment] Please, no email address or phone number in your comment. Tick "Notify me" to follow the conversation and get notified whenever there is a new comment!