For those who are looking for the best banks in Nigeria either for banking or partnership, gistbriefly.com is here to give you the best banks in Nigeria which you can trust when it comes to banking.
I know many of you may want to see their favorite bank on this list but you may be disappointed as we are giving this list based on our experience with the banks.
When it comes to management of finance, Having a reliable and efficient bank is very important. In Nigeria a country known for its fast growing financial sector and economy, there are many local banks to choose from. Each of these banks offer different services, but not all of them may meet your particular need. Just like we have said earlier that in this article we will explain and list some of the best banks in Nigeria. Before that let us give you our own explanation of what bank means.
What is a Bank?
Before we talk about the best banks in Nigeria, it’s important you know the the meaning of banks. A bank is a financial institution licensed by the country’s financial regulatory system to receive deposits and make loan and do some other financial transaction.
Types of Bank
There are different types of banks. But we will be talking about the 3 major types of banks we have. Below are the major types of banks.
- Commercial or Corporate Banks
- Investment Bank.
- Central Bank.
Factors to Consider When Choosing the Best Bank in Nigeria
There are many factors you need to consider when choosing a reliable and a good bank to work with. Below are some factors you need to put into consideration.
- Ensure the bank has good and strong Financial Stability.
- Compare the bank Service Charge and Fees with that of other banks.
- A bank with digital friendly mobile banking platform.
- Availability of Bank branch and ATMs near your location.
- Banks that offer Additional Services like Investment advisory, insurance and wealth management.
Top Best Banks in Nigeria
First Bank Nigeria PLC
First bank as the name implies stands out as the best financial institution in Nigeria banking industry, with a long standing history of service excellence. First Bank offers many financial services including savings and current account, loans and investment opportunities to their customers and companies. As per research and multiple report, FBN reported term deposits of #2.31 trillion.
Union Bank PLC
Some people may be surprised to see Union Bank in our list, but let me tell you something. Union Bank has been in existence for a long time and still operating till date.
Union Bank prides it’s self on being the best bank in Nigeria in terms of customer service relationship and offering personalized banking solutions to meet their customers need. Union bank even have their branch in many rural areas where some banks don’t even think of having a branch. They also have user-friendly mobile App and also ussd codes to make transactions easy. We have previously written a post about Union Bank ussd code. As per multiple report, the reported term deposits of #503 billion.
Ecobank has also been in existence for so long and has also been offering one of the best experience for sometime now to their customers. Union Bank is known for it’s technology advancement in the banking industry. According to 2022 research, Ecobank is said to have one of the best banking the technology With theiy user friendly mobile banking platform and solutions and innovative payment systems. Ecobank’s commitment to cyber security ensures your transaction remains safe and secure. According to research, they reported term deposits that amounted to #1.53 trillion.
United Bank for Africa (UBA)
This list wouldn’t have been complete if we did not mention United bank of Africa. UBA stands out for it’s effort to promote financial inclusion in Nigeria. They provide a very good and nice banking services to both Rural and Urban areas and also offer loans to empower small businesses and entrepreneurs. UBA dedication to social impact sets it apart from it’s competitors. They also have their own mobile app and ussd Code which makes it easier for their customers to perform their transactions easily. According to research, UBA reported term deposits #2.66 trillion.
Other Best Banks in Nigeria
These are other best best in Nigeria.
- Guaranty Trust Holding Company PLC (GTCO)
- Access Bank Nigeria PLC
- Zenith Bank PLC
- Fidelity Bank PLC
- Sterling Bank PLC
- First City Monument Bank PLC (FCMB)
It is good you make the right choice when selecting best bank to save your money or to invest with. When selecting the best bank, we strongly advise you go through the factors listed above before making your choice of bank. There are other good banks we didn’t mention in this article, not that they are not good but we are on focusing on the best.