Top ten (10) banks in Nigeria with highest number of employees.



The banking and finance sector is a very huge part of the Nigerian economy and in extension that of the
whole world. The establishment of new banks and other financial institutions begs for more employees
for the industry. Also as the existing banks extend their services to once remote areas by building more
branches, outlets and galleries cum cash centres, the need for staff to run those centres and outlets
increase. It is also imperative to point out that, the more branches and outlets a bank has the more
employees it also is likely to have. Likewise, the richer a bank is, the more comfortable it is to sustain a
high number of staff without flinching. It is worth noting that the asset of a bank does not show how
much successful the bank will be.
Invariably, the banking sector is a major employer of labour in the country as there are thousands that
draw from the purse of each of the banks in Nigeria. This article is concerned with finding the ten banks
in Nigeria that have the highest number of employees.

1 Access Bank:

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Access Bank is a renowned bank in Nigeria and in other African countries. Access Bank was licensed to
operate as a money deposit bank and commercial bank by Central Bank of Nigeria in 1998. The bank has
since its inception grown from strength to strength. The resolution to be a leading bank has been shown
in the bank’s ability to acquire other banks. The greatest of such is the acquisition of Diamond bank in
early 2019. This acquisition pushed the banks number of employees to 28121 employees which is the
highest that any bank in Nigeria has worked with.

2 Ecobank:

The official name of Ecobank is Ecobank Transnational inc. Ecobank is a Pan-African Bank as its slogan
depicts. The Bank has branches in about 36 countries in Africa as well as offices in Europe, America and
Asia. Ecobank has their head offices in Lome, Togo. The bank offers so many other financial services in
these countries and as a result is the second on the list of highest employing banks in Nigeria. Ecobank
has employee strength of about 19568.

3 United Bank for Africa:

UBA as the bank is popularly known was established in 1949 and has always been a major player in the
banking sector. The bank has received several awards in the course of its existence and in respect of its
innovative initiatives. The bank has subsidiaries in major cities in other African countries and beyond the
borders of the continent. UBA is the third largest employer of labour in the banking sector as it currently
employs 13000 individuals as professional staff and contract staff.

4 Guaranty Trust Bank:

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Guaranty Trust Bank was established in 1988 by over 30 young men in their 30s led by Tayo Aderinokun.
GT Bank as it is popularly called was then licensed by Central Bank of Nigeria in 1990 and operations
started in 1991. The bank has been a major player in the industry and has made its mark on the African
continent and the world at large. It is one of the pioneers of internet and mobile banking in the country.
Its chain of banking and other financial offices is manned by nothing less than 10000 employees making
the bank sit fourth on the list of highest employing banks.

5 First Bank of Nigeria:

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First Bank of Nigeria was established in 1894 as Bank of British West Africa, and then converted to a
public liability company in 1970. As the name implies, it is actually the first formal bank as well as the
oldest in Nigeria. It is one of the most popular banks in the country as it can be found in almost every
city in the country. It has a large customer base and also has branches in other parts of the world.
Despite the bank having many branches, it does not have a bogus employee structure but rather 8743
employees placing it fifth on the list.

6 Zenith Bank:
Zenith Bank is one of the richest banks in Nigeria and also among the highly reputed banks. The bank
was founded by Jim Ovia in 1990 and also operates in other countries of the African continent as well as
having subsidiaries in major financial cities of the world. Zenith Bank has a reputation for corporate and
business banking. The bank is on the frontiers of innovation in the sector and despite being in the top of
the list of the richest banks employs less staff than its contemporaries. Zenith Bank has a staff strength
of about 6000 employees.

7 Heritage Bank PLC:
Heritage Bank was founded as Societe Generale Bank (Nigeria) (SGBN), by late Dr. Olusola Saraki in the
1970s. After some struggles with the Central Bank of Nigeria over capitalization issues the bank changed
to Heritage Bank PLC in 2012 and started operation in 2013. Heritage bank has been waxing strong and
in its bid to grow in asset and customer base, the bank earned and acquired ownership of Enterprise
bank. Heritage bank has about 4000 staff strength despite the bank being much like a regional bank.

8 First City Monument Bank:
First City Monument Bank was founded in 1977 as City Security Limited then later changed to First City
Merchant Bank which was granted banking licence in 1983. First City Merchant Bank changed to First
City Monument Bank in 2001. The bank has been a major bank in Nigeria and beyond since when it was
made a public liability company in 2004. FCMB as it is popularly known is an employer of about 3934
staff who man its branches scattered all over the nation.

9 Fidelity Bank :

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Fidelity Bank is among the leading banks in the country. It was established in 1987 as a merchant bank
but was licensed as a commercial bank by the Central Bank of Nigeria in 1999. Since the it has been a
bank reckon with in terms of retail and corporate banking. The bank boosted its customer base when it
acquired FSB international bank and Manny Bank in 2005. Fidelity was ranked 7th most capitalized bank
in 2011 and currently the bank is making waves. The bank has over 3234 employees in its service for a
better customer experience.

10 Union Bank:

Union bank was founded in 1917 by the colonists and has since then managed to stay relevant in the
banking sector of the country. In spite of the tumultuous economic condition over the century, Union
bank has been a great bank and been serving Nigeria as well as other African countries and currently the
bank employs over 2700 staff.

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