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5 Best banks for business and personal banking in Nigeria in 2020

By David Oladele



Best Banks in Nigeria 2020
Best Banks in Nigeria 2020

It is not a gainsaying that banking is a specialist activity that developed over the course of the last 500 years or so to handle the financial aspects of any country.

Suffice to say that even in the most primitive economy where there is no money system, it is the best hunter hunts, the best angler fishes, and the best potter makes the pots.

The above statement is applicable to Nigerian Banking sector today as it remains one of the most competitive sectors in the economy and perhaps the most profitable.

In this article, based on our in-depth reports on banking sector activities and performance in Nigeria, we are considering five best performing financial institutions in the country.

We are using metrics and data that include personnel expenses of the top banks.

According to NSE, 13 Nigerian banks increased their personnel expenses from N254.06 billion in the first half (H1) of 2019 to over N271.64 billion in the same period in 2020.

Also, in terms of assets, we gathered Zenith Bank, FBNH, GTBank and Access Bank have the sum of N925.9 billion, N680.3 billion, N661 billion, and N635.5 billion respectively.

The following banks, however, are on the list of our five Best Banks for business and personal banking in Nigeria in 2020:

They Include FBN, UBA PLC, Zenith Bank, Access Bank, Guaranty Trust Bank. See details:

1. FBN Holdings 

FBN Holdings recorded the biggest personnel expense in H1 2020. As much as N49.53 billion was spent on workers across the nation, compared to the N46.77 billion spent in H1 2019.

FBN Holdings, the subsidiaries of First Bank of Nigeria FBN Quest Capital Limited, First Bank of Nigeria Plc, Asset Management Arm, FBN Insurance Brokers Limited, FBN Finance Company B.V and FBN Funds Limited.


The figure above represents personnel expenses for all the subsidiaries across the FBN Holdings group of companies.

2. UBA Plc

UBA PLC followed closely with N44.56 billion for its staff’s remuneration during the first six months of the year, compared to the N37.17 billion in H1 2019.

The bank had about 13,237 employees, according to information gleaned from its full-year 2019 financial statement.

3. Zenith Bank Plc

Zenith Bank came third with about N38.86 billion as personnel expenses. Interestingly, this is just 0.37% higher than its expenses in H1 2019.

4. Access Bank

Access Bank Plc witnessed a 16% increase in its personnel expenses from N31.24 billion in H1 2019 to N36.25 billion in H1 2020. This can be attributed to an increase in its staff strength from 4,273 in FY 2018 to 6,898 as of December 2019.

5. Guaranty Trust Bank

Guaranty Trust Bank, Nigeria’s second most profitable bank, experienced a 1.1% rise in its expenses from N18.57 billion to N18.77 billion in the period under review.

The tier-1 bank is known for its very minimal operating cost approach. This probably explains why its staff strength as of December 2019 stood at 3,509.

The bank had the highest increase in expenses among the 13 banks listed on the NSE.

With a 71% increase, its expenses grew to N2.12 billion from N1.24 billion in the period under review.

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