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Best Banks in Nigeria for 2018 that as well meet the world best industry practice

Best Banks in Nigeria for 2018 that as well meet the world best industry practice


Best Banks in Nigeria – This guide will be an insight into what we adopted as top banks in Nigeria following series of parameters examined.

In banking, a lot of parameters are well considered for rating which if lacking could be said to have a poor judgement.

While carrying out this research, it was without favour or sentiments of any kind, however was based strictly on the below parameters.

  • Market capitalisation
  • Total assets
  • Service delivery
  • Link Downtime
  • Effective and efficient application of modern technology for seamless transactions
  • Profitability
  • ATM Efficiency

It then becomes note-worthy that the banks we arrived at are relatively safe from corporate governance issues and bad loans.

Market Capitalization

This is the aggregate valuation of a company based on its current share price and the total number of outstanding stocks. This is calculated by multiplying the current market price of the company’s share with its total outstanding shares.

Total Assets

This is the combined amount of company’s fixed and current assets as recorded in the company’s balance sheet. This shows all the assets used by a company regardless of how they are financed.

Service Delivery

This has to do with how the bank and its staff attend and render services to its customers. Two factors contribute to this trend, technology and customer centric employee.

Technology comes to play considering if the bank has a robust service process that is hitch free and seamless, which impacts on Turn Around Time (TAT).

The degree of customer satisfaction goes a long to define a bank that has achieved a milestone in quality service delivery.

Customer centric employee on the other hand plays a role in complimenting technology. An employee who shows bad attitude to work, insults and talks down anyhow to customers is unavoidably killing the brand. Sorry to reiterate that most of our modern commercial banks have stock piled of such employee, thus decides our list of best banks in Nigeria, needless to mention banks here.

Link Downtime

Regular customers of Nigerian banks can attest to the fact that link downtime is very common with our banks, you want to make withdrawals and attain to your urgent need, they’ll tell you the link is not up invariably they cannot part with cash, this also affects the ATM in most cases.

Some banks have considerably managed this to a level somewhere around standard.

Effective/Efficient Modern Technology

This is the mother of them all, the advent of technology brought about seamless banking using mobile devices.

Mobile and internet banking are now the order of the day, considering you can access bank service from your desired location at the dial of just a button from your mobile phone or tablets.

As seamless as that seems, it’s a pity to remark that most banks have failed in this area, it’s either they don’t have it or the system is highly mesmerised that you cannot use their platform as they neither work effectively nor efficiently.

Giving a shot at some banks mobile and internet services leaves you at the risk of losing your money without getting it regularised in the nearest future.

Imagine trying to send the last N10k in your account for your Mother’s immediate medical attention, your account was debited without corresponding credit to your beneficiary. This never gets resolved till about one month later, holly shi***t, you can imagine the frustration, the league of best banks in Nigeria should not include those found wanting.

Most Nigerian banks operate below average when you put modern technology in contest.


This has to do with the ability of the bank to make profit which ultimately contributes to its bottom line and pool of revenue.

Straight to our subject of discuss, we are spilling the beans all over on best banks in Nigeria for 2018 financial year.

ATM Efficiency: This refers to the availability of ATM services at all times, these machines are now customised to provide arrays of services like fund transfer, airtime top-up, bill payments and many more that the banking halls are decongested from rendering these services, it’s a great relief to the banking populace.

It’s however very sad that most Nigerian banks have failed in rendering efficient and reliable ATM services, it’s either they are out of service or not funded, one then wonders why those boxes are placed to occupy those spaces if they cannot render services they are meant for.

A handful of Nigerian banks are very guilty of this offence that people no longer visit to check if they are functional, I wouldn’t want to start mentioning banks, but they are most certain of their failures in this area.


1 ) GTBANK: Number one on this list is Guarantee Trust Bank, I don’t know how that sounds to you, recall I’ve revealed the yardstick for this rating. On the cause of our findings, we make do with numerous awards the bank received in 2018 in the following category

  • She won the digital wallet of the year
  • The best mobile payment service
  • Best trade finance bank in Nigeria
  • Best customer experience bank which is so pivotal in our consideration
  • Best cash and POS service
  • (USSD) Unstructured supplementary service data channel champion
  • E-reference operations
  • POS transaction enquiry efficiency
  • Real time payment, on and offline no incessant issues
  • Best retail bank

Their ATM up-time is commendable, always available for customers across channels, internet and mobile banking are simply “waw.” This bank has turn banking into one aspect of general technological goods widely acceptable by all. Yet to see a pitfall in modern technical services by GTBank.

When you talk about providing seamless services, meeting demands and customers aspiration steeped in information technology, as a rule of thumb, GTBank is the one go spot.

The bank’s Capitalization stands at N100,1 billion

While the Assets worth N11.77 trillion for the year under review.

2 ) Zenith Bank: Zenith makes the runner up in our findings, for obvious reasons too. In line with our enquiry and information available to us, Zenith Bank emerges top of the Nigeria’s most customer focused banks and one of the best banks in Nigeria.

This was contained in a report published by International Professional service giants KPMG. Zenith bank has continuously hold sway at the top of retail segment. ATM cash availability is one of their most important service measures, this can be attested by customers who do not even bank with them.

To even think that cash retract is disabled on their ATM’s is a goal, one important measure other banks should adopt.

Cash retract is the phenomenon where ATM debits your account on instruction without dispensing value to that effect. This is most worrisome aspect of ATM attributes in Nigeria, to even think that this problem takes ages to get resolved with these banks when you visit to lay complaints is most disheartening.

The bank’s Capitalization stands at N722.12 billion

Assets stands at N15.7 billion for the period under review. In view of these, Zenith bank made the list of best banks in Nigeria

You may also like: List of Banks in Nigeria,CEO’s, head offices and contact details 2019

3 ) First Bank of Nigeria: First Bank is one of the leading banks in the Nigerian banking industry, full of years and experience.

It’s often times referred to as pensioners bank, strictly for civil servants, way beyond that, the bank has proved a force to reckon with considering milestones covered.

Recall, First Bank was announced and awarded the best bank in Nigeria by Global Finance for 2018, the bank was reckoned with in reputation, management excellence and leadership in digital transformation.

First Bank provides a comprehensive range of retail and corporate financial services with over 750 business locations. The bank has an eye on fundamentals of good corporate governance, strong liquidity, optimised risk management and leadership.

The bank has a good customer service operational model, may be why they are still actively in business after 124 years, no wonder it played key role in financing of private investment in infrastructural development as well in federal government Privatisation and Commercialisation schemes.

First bank is being enlisted among best banks in Nigeria looking at their ATM up-time, which is readily up and doing, corporate governance at its peak, technological approach and transformation, quality service delivery capitalisation and assets.

Capitalisation: N285.37 billion

Total assets around: N21.3 billion for the period under review.


The likes of Ecobank and Access bank would have made the list of best banks in Nigeria, but for customer experience and market Capitalisation which forms the greater criteria of this rating. Are there banks you think should have made this list, what are your experiences with Nigerian banks, kindly share with us.


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