Which Bank Is The Best In Nigeria – A bank is a financial institution licensed by a regulatory authority to accept deposits and lend excess funds to borrowers and repay depositors when needed. A bank allows depositors to open accounts, withdraw funds, make payments to third parties, use debit or credit cards. Banks have various products and services for their customers such as personal and business banking products. Personal banking is another name for local or retail banking that involves a bank working directly with you or in person. For corporate or business banking, a bank works with a corporate body or a corporate company.
Most banks in Nigeria offer a mix of these services and if you have a small business, your concern is how to get a loan quickly. But for the average saver, you want a safe bank. The Deposit Insurance Corporation of Nigeria guarantees your deposit up to N500, 000 in all commercial banks in Nigeria if the CBN closes one of them. To help you filter the best from the number of banks, we have listed the top ten banks for personal and business banking in Nigeria. Let’s start with some examples of both services.
Which Bank Is The Best In Nigeria
Examples of personal banking include savings accounts, certificates of deposit, credit and debit cards, car or home financing, and foreign currency remittances. There is also private banking (for high net worth individuals), insurance, stock broking and wealth management, which the bank sells to you through its subsidiary. Additional services include online banking.
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Corporate banking or business banking services include loans and advances, treasury services, equipment leasing, trade finance and small and medium enterprise (S.M.E.) loans, online banking, P.O.S. etc. included.
After showing you some examples of personal and business banking, let’s jump right into the list and take a quick look at the best banks.
Guarantee Trust Bank Plc (GTBank) is a limited liability company incorporated in 1990 to carry on banking business and commenced operations in February 1991. The bank listed its shares on the Nigerian Stock Exchange in September 1996.
Over the years, due to prudent management, its asset base now exceeds 3 trillion Naira. The bank has a UK branch and branches in African countries such as Ghana and Uganda.
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GTBank offers excellent personal and business banking services to customers with its professional staff. GTbank Personal Banking Service Savings and Current Account Opening, Non-Resident Nigerian Service and Private Banking, Online Banking, A.T.M and P.O.S.
Business Banking brings you GT Business Account, Corporate & Commercial Banking, S.M.E. and loans and advances etc.
First Bank is one of the best banks in Nigeria for personal and business banking. Here’s why. First Bank of Nigeria remains true to its brand and is the first when it comes to personal banking.
The bank, which started in 1894, now has about 900 branches in Nigeria, ten African countries and the First Bank of Great Britain, employs about ten thousand people and its income continues to grow.
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The bank won to prove how well the private bank serves its customers.”
Its personal banking solutions include loans and mortgages, bank cards, payment solutions, online banking and A.T.M and P.O.Sand diaspora banking, money transfer and term deposits.
The bank continues to serve corporate banking clients well and its loan portfolio continues to grow as does its deposit base. I am confident that First Bank will provide you with excellent services in both. The business banking products account, S.M.E. Connectivity, loans, e-solutions, payment solutions, farm finance and loans.
Zenith Bank P.L.C. A leading global provider of financial services using the latest technology and leadership, other banks are following suit.
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The bank began its operation in May 1990 and began working with a commercial banking license in July of the same year.
In 2014, it became a Public Liability Company (P.L.C). It has over 500 branches in Nigeria and branches in UK, Ghana, South Africa etc. to meet the demand for its services.
Zenith offers customized banking services to a wide range of customers including S.M.E. Banking, Personal Banking and Corporate Banking, Investments and Loans, Bank Account, Asset Management Solutions, Online Banking, A.T.M and P.O.S No wonder it is now one of the biggest banks in Africa. Its head office is at Zenith Heights, Plot 83, Ajos Adiogan Street, Victoria Island, Lagos, Lagos State, Nigeria.
I.B.T.C. Chartered Bank started in 1989 and merged with Stanbic Bank Group in 2007. It is currently part of Standard Bank Group and has its head office in Johannesburg, South Africa.
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The bank provides excellent banking services through more than 180 local branches with 560 physical ATMs. Its professional staff is up to 3000 and continues to grow to meet your need for the best service.
Foreign money transfer service is top notch. If you are a Nigerian living abroad, you can open a non-resident Nigerian bank account in the bank because the transaction cost is low and it is easy to monitor your account if you live abroad .
The Bank’s personal and business banking is first class with an unrivaled range of services including financial advice, loans, savings, investments, debit and credit cards, mortgages, pensions and stock broking. Its head office is I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos.
Another of the best banks in Nigeria for personal and business banking is Standard Chartered Bank of Nigeria. It is headquartered in London and has around 1,200 branches worldwide. The bank has more than 150 years of banking experience.
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Standard Chartered Bank Nigeria commenced operations on September 15, 1999 and as of 2013 has 22 branches with ATMs and over 900 employees.
Bank of Nigeria provides excellent business banking services with an efficient, secure and easy-to-use free online banking platform as well as fair exchange rate services.
In other words, its retail banking services are equally responsive to customer needs. Its products include personal banking, preferred banking and business accounts for retail customers.
Its corporate and institutional services include transaction banking, priority banking and small and medium enterprises (S.M.E.). Its local headquarters are at 142 Ahmadu Bello Way, Victoria Island, Lagos.
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Sterling Bank N.A.L. Merged with four other banks during the 2006 banking consolidation. With this merger, Sterling Bank emerges and is poised to increase shareholder value.
Sterling Bank has rebranded itself to provide personal and business banking services and some additional banking services. Its products include private banking and wealth management, agent banking, commercial agricultural credit schemes and loans in the telecom, power and steel sectors.
As of 2018, the bank has 179 branches, 847 ATMs and 7,853 Point of Sale (P.O.S.) terminals. Its head office is at Sterling Towers, 20 Marina, Lagos, Lagos State, Nigeria.
Another bank on the list of best banks in Nigeria for personal and business banking is U.B.A. This bank started in 1949 and they traded shares on the Nigerian Stock Exchange. Like his contemporaries, he saw many changes that Tony had made. In 2005, he received his U.B.A. with Standard Trust Bank before the end of his tenure as MD. As a result, the bank is more agile than the conservative company it used to be.
Best Banks In Nigeria For Personal And Business Banking (2023)
U.B.A. Ready to serve its stakeholders and create an industry that will continue to develop strategically and be ahead of other banks in all the services provided to customers in its branches in 22 African country.
Its core services are corporate banking and personal banking, including S.M.E. Banking & Internet Banking, Money Transfer, Treasury, Trading & Savings, Current Account, P.O.S., A.T.M. and online banking and more.
The bank’s core values make these three words fulfillment, business and efficiency the main objective of the banking sector and its branches are strategically located in New York, Great Britain and France. Its head office is U.B.A. House, 57 Marina, Lagos, Lagos State, Nigeria.
Fidelity Bank P.L.C. It started as a merchant bank in 1988 and became a commercial bank in 1999. It is known for its services to startups and S.M.E. He has many awards to his name. Friendly Bank
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In 2001, it was ranked as the 4th best retail bank in a survey conducted by K.P.M.G. To find out how satisfied customers are with their service providers.
Fidelity Bank has 240 branches in Nigeria as of 2017, 775 ATMs and 4,346 digital offices with POS.
The Bank offers customized products to a variety of customers, including Corporate Banking, S.M.E. Banking, Private Banking and Online Banking. Some include mortgages, loans, credit cards, savings, checking accounts and investments.
The bank started operations in 1917 and they traded their shares on the Nigerian Stock Exchange. Union Bank is one of the older generation banks that, like its peers, is rebranding its services and changing its logo.
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So this is about the best banks in Nigeria for personal and business banking. In 2016, it was 320
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