Only 12 states in Nigeria have up to 100 commercial bank branches

Ten states in Nigeria account for 67% of all commercial bank branches. Lagos has over 1,000 branches, while no other state has more than 350. Thirteen states have less than 50 branches each, and Yobe, Ebonyi, and Taraba each have less than 25.

Source:

The Nigerian Financial Services Market Report

Period:

2023
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Titan Trust acquires Union Bank, keeping its name and century-old heritage
  • Union Bank began as Colonial Bank, later Barclays Bank DCO, before indigenisation in 1979.
  • Nigerian investors took majority control, renaming it Union Bank of Nigeria.
  • The 2009 banking crisis weakened the bank; AMCON stabilised it, while Union Global Partners Ltd injected $500m for 65% control.
  • Titan Trust Bank acquired up to 100% ownership, and Union Bank was delisted from the Nigerian Exchange.
  • A court-approved scheme merged Titan Trust into Union Bank; Union Bank survived, retaining its century-old name and legacy under Titan’s ownership.
Access Bank reported the highest total salaries paid among selected Nigerian banks in 2024, reaching ₦357.6B
  • Access Bank paid the highest total salaries in 2024, amounting to ₦357.6 billion.
  • Stanbic IBTC devoted the largest share of its revenue to salaries at 9.96%, despite a much lower total salary bill than Access or FirstHoldCo.
  • Zenith Bank had one of the highest salary bills (₦137.7 billion) but spent the smallest portion of its revenue on staff at just 3.47%.
  • Wema Bank, though paying the lowest in total salaries (₦33.8 billion), had one of the highest salary-to-revenue ratios at 7.81%.
  • FirstHoldCo, with ₦229.1 billion in staff costs, maintained a moderate salary-to-revenue ratio of 7.14%.
  • The gap between total salary spend and salary-to-revenue ratios reveals more about each bank’s internal cost structure.
Access Bank consistently led in gross earnings among selected Nigerian banks, reaching N4.9T in 2024, a significant jump from N2.6T in 2023
  • Access Bank led all Nigerian banks with ₦4.9T in gross earnings in 2024, nearly doubling its 2023 performance.
  • FirstHoldCo saw a sharp rise in earnings to ₦3.2T in 2024
  • Zenith Bank grew consistently, crossing the ₦4T mark in 2024 from ₦1T in 2022, showing strong operational expansion.
  • Wema Bank, despite being the smallest, quadrupled its earnings over two years, from ₦0.1T to ₦0.4T.
  • Fidelity and FCMB nearly tripled their gross earnings between 2022 and 2024, showing rising momentum among mid-tier banks.
Kenya led 40 African countries with 90.1% account ownership in 2024
- Kenya led with 90.1 percent account ownership in 2024. - Mauritius (89.6 percent) and Ghana (81.2 percent) also in top 3. - Nigeria ranked 11th at 63.3 percent; Tanzania fell short at 59.8 percent. - Only 14 African countries exceeded the 60 percent inclusion benchmark. - Another 14 African countries have no recent data in the Global Findex
Nigerian listed banks gave ₦20.97 billion to communities in 2024; Access, Zenith, UBA lead
Key Takeaways:
  • In 2024, ten publicly listed banks donated more than ₦20.97 billion to host communities.
  • Access Holdings Plc led the list with ₦6.74 billion, accounting for nearly 32% of total donations.
  • The top three banks (Access, Zenith, and UBA) contributed around ₦13.6 billion, or 65% of total donations.
  • Donations ranged between ₦113 million (Jaiz Bank) and ₦6.7 billion (Access Holdings).
  • Jaiz Bank donated the smallest proportion, 0.54%.
Zenith Bank remained Nigeria's most profitable bank in 2024, with a profit after tax (PAT) of ₦1.03 trillion, a 53% increase from the 2023 value
Key takeaways:
  • Zenith Bank Plc led the profitability ranking with a Profit After Tax (PAT) of ₦1.03 trillion.
  • Guaranty Trust Holding Company followed closely with ₦1.02 trillion in PAT.
  • Each of the top six banks recorded profits exceeding ₦600 billion.
  • The total PAT for the top ten banks rose by 53%, from ₦3.39 trillion in 2023 to ₦5.54 trillion in 2024.
  • FCMB Group Plc was the only bank among the top ten to record a year-on-year decline in PAT.
  • Ecobank, First Holdco, Fidelity Bank, and Wema Bank each recorded over 100% growth in PAT compared to 2023.
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