As we all know Banks are financial institutions that provide a variety of financial services and products, such as managing deposits, lending, managing valuables, currency exchange, and venture banking.Individual consumers, corporations, and a variety of institutional customers are among the clients of these banks.
Some of the banks due to their age are loved by aged people because of the trust they’ve earned and also it seems there is preferential treatment for aged people so that explains the reason why they are referred to the new generation banks.
If you currently want to open an account in a Nigerian bank be it savings, current, or domiciliary and you’re currently searching for the best banks in Nigeria that would suit your needs, then this article is here to guide you on banks to choose or consider.
1.GUARANTY TRUST BANK (GTB)
Guaranty trust bank popularly known as GTB was founded on the 17th of January, 1990, and became incorporated as a limited liability company licensed to provide commercial and other banking services to the Nigerian public. However, it’s operations commenced the following year; 1991.
Since it’s operations, GTB has cemented it’s place as one of the best, respected and service focused banks in Nigeria, it’s trajectory excellence has also earned it banking license to operate in numerous countries outside Nigeria. During its inception, the bank has been able to report annual growth in the number of customers and major financial files due to its consistent delivery of innovative financial arrangements and exceptional client service.
GTBank received a number of national and international awards in 2016 for product and administration development as well as solid corporate governance.
First Bank Of Nigeria PLC is the oldest bank in Nigeria, the bank has been in business since 1894, although it came to Nigeria in 1979 and started operation immediately.FirstBank is the choice of the old people as they receive the best treatment, FirstBank staff listens to old people and they are never in a hurry.
It has been the nation’s leading financial incorporation administration provider for over 126 years.It provides a broad range of retail and corporate financial services to more than 17 million customer accounts through more than 44,000 business locations.Nigeria’s first and largest bank in terms of total deposits and gross earnings.
First Bank offers a good financial service to customers inclusive of online and mobile banking service, and it was formerly rated as the best bank in Nigeria before it’s place was overthrown by Guaranty Trust Bank PLC.
Access Bank is directly one of the five biggest banks in Nigeria as far as assets, loans, deposits, and branch networks are concerned.The merger of Access Bank and Diamond Bank on 1 April 2019 has made Access Bank the biggest bank in Africa.
Access Bank has enjoyed arguably the most successful banking trajectory growth in Nigeria over the last 10 years accumulating massive total asset, capital, and providing good services for it’s customers. This is the reason why it has earned it’s place in Top 3 Commercial banks in Nigeria.
4.UNITED BANK OF AFRICA (UBA)
United Bank for Africa otherwise known as UBA, is a leading pan African financial institution with headquarters in Lagos, Nigeria, and subsidiaries in over 21 African countries. UBA is therefore the largest bank in Nigeria, and as a matter of fact one of the largest in Africa.UBA, as it is popularly called, is a leading pan-African financial institution with its headquarters situated in Lagos Nigeria.
UBA has excellent customer care with stress-free mobile banking and online banking with a smooth banking transaction that will blow your mind.
The bank was established in 1990 on the principles of grandeur, verified skill, and best practices.Due to its regular supply of innovative financial arrangements and great client service, the bank has been able to report an annual increase in the number of customers and important financial files since its founding.
Zenith Bank is one of the leading financial institutions in Nigeria, and it comes third on my list having distinguished itself in the Banking sector through quality service delivery, unique customer experience, and sound financial indices.
When talking about one of the best banking apps in Nigeria Zenith Bank should top the list and also it has a beautiful website where you can register an account with them and also manage your existing account.
Fidelity Bank Plc originally began operations in 1988 as a merchant bank, however in 1999 it converted to a commercial bank securing it’s Universal banking license in 2001 and International Banking license in 2011. Since it’s establishment and commencement of operation as a commercial bank.
Fidelity has evolved into one of the best banks in Nigeria; well reputed for it’s financial stability, security, integrity, and efficient service delivery to customers.They have a simple and easy system of banking and also you can operate or open an account with them online, through a mobile app,s and also USSD code.Fidelity Bank is also one of the oldest banks in Nigeria, though not so popular before but now they’ve stepped up their games and they are up to global banking standards.
Ecobank is one of the richest banks in Nigeria in terms of asset values based on the 2020 Q3 financial result of the bank which was approved by the Bank’s board of Directors on the 25th of November, 2020.Ecobank in Nigeria focuses on providing retail, Corporate, wholesale, investment, and transaction services to it’s customers and it is one of the most preferred banks for salary earners in Nigeria.
It focused its services on retail, wholesale, investment, normal banking transaction, and corporate services to all its customers.This bank is much preferred by salary earners and the bank is upgrading every year to meet up to standard.
Union Bank of Nigeria Plc like FirstBank and Eco Bank is one of the oldest commercial banks in Nigeria. It started operating in Nigeria in 1917. It is rated as the most trusted bank in Nigeria and is used mostly by aged people just like FirstBank.
Union bank keeps up an immense network of interconnected branches in every single Nigerian state.It has two completely owned bank auxiliaries; Union Bank UK in London, United Kingdom, and UBN Property Company Limited in Nigeria.
Polaris Bank was formerly the very popular Skye Bank, the bank is one of the largest banks in Nigeria and they are licensed by the Central Bank of Nigeria.
Polaris Bank like others that we’ve listed is a commercial bank in Nigeria and also very popular based on its customer base and also its assets.
Despite it’s relatively small time in operation, Polaris bank has earned a spot in the list of the best banks in Nigeria, thanks to it’s trajectory record in Customer service and exceptional customer experience.
Kuda bank is the first and fastest growing Electronic Banking System in Nigeria (with headquarters in London, United Kingdom). So far, its rate of growth is surpassing some of the major banks in Nigeria because it is very easy for citizens to use and understand. Kuda was established in 2015 by Babs Ogundeyi and Musty Mustapha. The back became more popular during the covid 19 period where people were forced to stay at home.
It is however important to note that, one of the problems many Nigerians face with the bank is the inability to lay physical complaints (Unlike other banks in the country). Also, there is usually a delay when customers order to get a credit card from the bank.
These are just some of the issues with the bank and the reasons why some people don’t use them yet. But trust me, Kuda is a great bank and i will recommend it for any student or person who loves making online transactions frequently.
Different banks provide unique services to their consumers, and we’ve used these variables to create this bank rating page.