Best banks in Nigeria for personal and business banking (2020)
Best banks in Nigeria for personal and business banking (2020)
A bank could be a financial organisation licensed by a regulating body to receivedeposits and lend surplus money to borrowers, and upon demand, pay the depositor. A bank allows the depositor to open an account, make a withdrawal, pay third parties, and use a debit or mastercard, among other services. Banks have different products and services like personal and business banking products for his or her customers. Personal banking is another name for domestic or retail banking, which involves the bank addressing you directly or personally. While for Corporate or business banking, the bank deals with a company body or an incorporated company.
In Nigeria, most of the banks offer a mixture of those services, and if you own atiny low business, your concern is a way to get a loan quickly. except for the regular saver, you wish a secure bank. The Nigeria Deposit Insurance Corporation secures your deposit of up to N500,000 all told commercial banks in Nigeria just in case CBN closes any of them. to assist you filter the simplest out of the amount of banks, we are going to list ten of the simplest banks in Nigeria for private and business banking to enable you to create an informed choice. allow us to start with some samples of both services.
What are samples of personal banking?
Examples of personal banking are bank account, certificate of deposit, credit, and debit cards, financing a car or a house, and remitting foreign currency. there’s also private banking service (for high net worth individuals), insurance, stock brokerage, and wealth management, which the bank will sell to you using its subsidiary. stock up includes online banking.
What are the samples of business banking?
Corporate banking or business banking services include Loans and advances, treasury services, equipment leasing, trade finance, and small-medium enterprises (S.M.E.) loans, online banking, P.O.S., and more.
After showing you some samples of personal and business banking, allow us to go straight to the list and examine the simplest banks straight away.
The best banks in Nigeria
Here are the most effective banks in Nigeria for private and business banking:
1. Trust Bank Plc
Guaranty Trust Bank Plc (GTBank)
may be a liability company incorporated to hold on the banking business in 1990 and started operating in February 1991. The bank listed its stocks in the Nigerian exchange in September 1996.
Through the years, because of sound management, its asset base is now over 3 trillion naira. The bank includes a subsidiary office in the united kingdom and branches in some African countries like Ghana and Uganda.
GTBank offers excellent personal and business banking to customers using its professional staff. GTbank’s personal banking service includes opening savings and accountings, nonresident Nigerian service, and personal banking, online banking, and A.T.M and P.O.S.
While the business banking gives you access to a GT business account, corporate and commercial banking, S.M.E. and loans and advances, and more.
2. First Bank of Nigeria
First bank is one amongst the most effective banks in Nigeria for private and business banking. Here is why. First bank of Nigeria is faithful its name and is genuinely the primary when it involves personal banking services.
The bank, which started in 1894, now has near 900 branches in Nigeria, across ten African countries and also the U.K. First bank has nearly ten thousand employees, and its revenues have continued to grow.
To prove what quantity the bank has been able to serve its personal banking clients, the bank won “The Asian Banker International Excellence” award for the simplest personal banking brand five times during a row.
Its personal banking solutions include loans and mortgage, bank cards, payment solutions, online banking and A.T.M and P.O.S and diaspora banking, money transfer, and stuck deposit.
Also, the bank serves its corporate banking customers well, and its loan portfolio continues to extend a bit like its deposit base. Rest assured that First bank will offer you the simplest of both services. Its business banking products include Account, S.M.E. connect, loans, e-solutions, payment solutions, Agric financing, and mortgages.
3. Zenith Bank P.L.C.
Zenith Bank P.L.C. could be a leading Conglomerate and provides financial services across the world using innovative technology and leads while the opposite banks follow.
The bank was launched in May 1990 and commenced operating in July of the identical year with an advertisement bank license.
In 2014, it transformed into a Public liability company (P.L.C). Also, to fulfill demands for its services, it’s 500 branches in Nigeria and subsidiary offices in the U.K, Ghana, Republic of South Africa|African country|African nation}|African country|African nation}, and more.
Zenith offers numerous customers customized banking services, which include S.M.E. banking, Personal banking, and company banking, investment and loans, checking account, asset management solutions, Online banking, A.T.M, and P.O.S.No wonder it’s now among the most important banks in Africa. Its head office is at Zenith Heights, Plot 83, Ajose Adeogun Street, Victoria Island, Lagos, Lagos State, Nigeria.
4. Stanbic I.B.T.C. Bank
I.B.T.C. chattered bank started in 1989 and merged with Stanbic Bank Group in 2007. it’s now an element of the quality Bank Group with the top office in Johannesburg, South Africa.
The bank provides excellent banking services in overrun 180 branches locally with 560 Physical ATMs. Its professional staff is up to three,000 and keeps increasing to match up together with your demand for excellent services.
Its foreign remittances service is top-notch. If you’re Nigerian living abroad, you will open a nonresident Nigerian checking account with the bank because the cost of transactions is low, and it’s easy to watch your account from anywhere you reside abroad.
The bank’s personal and business banking service is top notch, with an unbeatable range of services that include financial advisory services, loans, savings, investments, debit and credit cards, mortgages, pensions, and Stockbroking. Its Head Office is that the I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos.
5. Standard Chartered Bank Nigeria
Another one in all the simplest banks in Nigeria for private and business banking is Standard Chartered Bank, Nigeria. Its head office is in London, and its branches worldwide are about 1,200. The bank boasts of over 150 years of banking experience.
Standard Chartered Bank Nigeria started operating on 15 September 1999 and has 22 branches with A.T.M’s and quite 900 employees as of 2013.
The Bank in Nigeria provides one in every of the most effective business banking services with an efficient, secure, and straightforward to use free online banking platform, plus a good charge per unit service.
That said, its retail banking services are equally attentive to the strain of the shoppers. Its products include personal banking, priority banking, and business accounts for its retail clients.
While its corporate and institutional services include transaction banking, priority banking, and tiny and medium enterprises(S.M.E.). Its local head office is at 142 Ahmadu Bello Way, Victoria Island, Lagos.
6. Sterling Bank Plc
When this bank began in 1960, it had been Nigeria’s first Investment bank called Nigeria Acceptances Limited (N.A.L.).
Sterling Bank became an entire banking company when N.A.L. merged with four other banks in the 2006 bank consolidation era. therewith merger, Sterling bank was born and prepared to enhance stakeholders’ value.
Sterling bank has repositioned itself to deliver both personal banking and business banking services plus some extra banking services. Its products include private banking and wealth management, agent banking, commercial agriculture credit scheme, loans to the telecom, power, and steel sectors.
The bank now has up to 179 branches, 847 ATM’s and 7853 point of sale (P.O.S.) terminals as of 2018. Its head office is at Sterling Towers, 20 Marina, Lagos, Lagos State, Nigeria.
7. United Bank For Africa Plc (U.B.A.)
One more bank during this list of the simplest banks in Nigeria for private and business banking is U.B.A. This bank started in 1949, and that they trade the stock in the Nigeria exchange. Like its peers, it’s undergone lots of transformation dispensed by Tony Elumelu. In 2005, he merged U.B.A. with Standard Trust Bank before his tenure as M.D. ended. As a result, the bank could be a lot nimbler than the previous conservative company.
U.B.A. is prepared to serve stakeholders and to make an enterprise which will still advance strategically and be sooner than other banks all told the services it offers to customers in its branches in 22 African countries.
Its core services are corporate banking and private banking that include S.M.E. banking and internet banking, money transfer, treasury, trade and savings, current account, P.O.S., A.T.M., and online banking, and more.
The bank’s core values have these three words execution, enterprise, and excellence driving its goal of dominance in the banking sector, and has strategically positioned its subsidiary offices in new york, UK, and France. Its headquarters is U.B.A. House, 57 Marina, Lagos, Lagos State, Nigeria.
8. Fidelity Bank
Fidelity Bank P.L.C. started in 1988 as a bank and rebranded into an advertisement bank in 1999. it’s known for serving startups and has several awards as S.M.E. Friendly Bank, the foremost Improved Corporate/Investment Bank, and also the Best in Mobile.
It came 4th place because the best retail bank in an exceedingly survey allotted in 2001 by K.P.M.G. to seek out out how satisfied customers are about their service providers.
Fidelity bank as of 2017 has 240 branches in Nigeria that features digital offices with 775 ATM’s and 4346 POS’s.
The bank provides customized products for various customers, corporate banking, S.M.E. banking, private banking, and online banking. Others include mortgages, loans, credit cards, savings, and current accounts and Investments.
Its head office is at Fidelity Place, 2 Kofo Abayomi St, Victoria Island, Lagos, Nigeria.
9. Union Bank of Nigeria
The bank started in 1917, and that they trade its stocks on the Nigerian stock market. Union bank is one in all the old generation banks, and like its peers is rebranding its services to become alive to its logo of a galloping Stallion.
That is why it’s a part of this best banks in Nigeria for private and business banking. As of 2016, it had 320 branches and two fully-owned subsidiaries in the united kingdom. The bank offers products that concentrate on high net worth individuals and S.M.E’s.
Its banking products include bank account and current accounts fixed deposits accounts, mortgages, auto loans, personal loans, bill payments, and debit cards.
The bank’s business banking product includes credit and advances, trade finance, account and cash management solutions, union one and union 360, and native trade, Agric business solutions, and more.
Additional services include Online Banking, Mobile Banking, Debit Cards, A.T.M’s, and P.O.S. Systems. Its head office is at 36 Marina, Lagos Island, Lagos State, Nigeria.
10. Ecobank Nigeria P.L.C.
Ecobank Nigeria could be a a part of the Ecobank Group. The bank started operations in 1989 to supply financial solutions to boost its clients’ growth. Ecobank Nigeria could be a full service bank with branches of up to 610 everywhere the country as of 2011.
It offers personal banking and business banking that features retail, wholesale banking, treasury, and financial institutions and capital markets and investment banking to its diverse customers. Other personal bank services include Ecobank online internet banking, A.T.M’s, and P.O.S.
The stocks of Ecobank Nigeria is listed on the Nigerian stock exchange. Its head office is at Plot 21, Ahmadu Bello Way, Victoria Island, Lagos.
Whereas, the parent company Ecobank Group was formed in 1985 to serve the citizens of geographic region. Its headquarters is in Togo employs over 10,000 staff.
The Ecobank Group features a network of over 1,300 branches in 36 countries like Benin, Kenya, South Africa, including offices in other parts of the globe like Dubai, Paris, and London.
11. First City Monument Bank (F.C.M.B.)
F.C.M.B is the last bank during this compilation of the most effective banks in Nigeria for private and business banking. This bank, which was initially called First City depository financial institution and launched in 1982, evolved from City Securities Limited that began in 1977. In 2001, it became First City Monument Bank and obtained a universal banking license.
F.C.M.B. has roughly 5.1 million customers and 206 branches in Nigeria. It owns a subsidiary bank within the united kingdom through F.C.M.B. Bank (U.K.) Limited. The bank aims to become the simplest financial services group of African origin.
F.C.M.B. offers personal banking products, business banking solutions, and other corporate products for its customers.
Its numerous financial services include micro-lending, asset management, stock-broking, trusteeship, and custodial services, exchange, personal banking, corporate and commercial banking, investment banking, A.T.M’s, P.O.S., and online banking.
Other products it offers clients are commercial, public sector, financial institutions, small and medium-scale enterprises, trade and liquidity management solutions to businesses, and more. The bank’s headquarters is at Primrose Tower, 17A Tinubu Street, Lagos, Nigeria.
In this post, you’ve got an inventory of the most effective banks in Nigeria for private and business banking. We gave you their product so you’ll conjure your mind on the one you prefer best. If you think that their products are alike, you’re right, but each bank is exclusive within the way it delivers similar services.
Tell us the bank that you just would choose for private banking and why and do the identical for business banking.
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