A bank is a financial institution
that accepts deposits from the
public and creates a demand deposit while
simultaneously making loans. Lending activities
can be directly performed by the bank or indirectly through capital
markets.
Because banks play an important role in financial
stability and the economy of a country,
most jurisdictions exercise a high degree of
regulation over banks
A bank
allows the depositor to open an account, make a withdrawal, pay third parties,
and use a debit or credit card, among other services. Banks have different
products and services like personal and business banking products for their
customers. Personal banking is another name for domestic or retail banking,
which involves the bank dealing with you directly or personally. While for
Corporate or business banking, the bank deals with a corporate body or an
incorporated company.
In
Nigeria, most of the banks offer a mix of these services, and if you own a
small business, your concern is how to get a loan quickly. But for the regular
saver, you want a secure bank. The Nigeria Deposit Insurance Corporation
secures your deposit of up to N500,000
in all commercial banks in Nigeria in case CBN closes any of
them. To help you sieve the best out of the number of banks, we will list 11 of
the best banks in Nigeria for private and business banking to allow you to make
an informed choice.
Objective of Leaning
At
the end of this article, you will be able to understand:
1. What are examples of personal
banking?
2. What are the examples of business
banking?
3. The best banks in Nigeria
Let us start with details
What are Examples of Private Banking?
Examples of Private banking are savings account,
certificate of deposit, credit, and debit cards, financing a car or a house,
and remitting foreign currency. There is 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 company. Extra service
includes online banking.
What are the examples 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., etc.
After
showing you some examples of private and business banking.
List of Top Best Banks in Nigeria for Private and Business Banking
1. First Bank of
Nigeria
2. Zenith Bank Plc
3. Fidelity Bank
4. Stanbic I.B.T.CBank
5. Union Bank of Nigeria
6. Standard Chartered Bank Nigeria
7. Sterling BankPlc
8. United Bank forAfrica PLC (UBA)
9. Ecobank Nigeria PLC
10. First City Monument Bank (FCMB)
11. GuarantyTrust Bank Plc
1. FIRST BANK OF NIGERIA
First bank is one of the best banks in Nigeria for
personal and business banking. Here is why. First bank of Nigeria is true to
its brand name and is genuinely the first when it comes to personal
banking services.
The bank, which started in 1894, now has close to 900
branches in Nigeria, across ten African countries and the U.K. First bank
has nearly ten thousand employees, and its revenues have continued to grow.
To prove how much the bank has been able to serve its
personal banking clients, the bank won “The Asian Banker International
Excellence” award for the best personal banking brand five
times in 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 fixed deposit.
Also,
the bank serves its corporate banking customers well, and its loan portfolio
continues to increase just like its deposit base. Rest assured that First bank
will give you the best of both services. Its business banking products
include Account, S.M.E. connect, loans, e-solutions, payment solutions, Agric
financing, and mortgages.
2. ZENITH BANK PLC
Zenith Bank Plc is a leading Conglomerate and provides
financial services across the globe using cutting edge technology and leads
while the other banks follow.
The bank was launched in May 1990 and started operating
in July of the same year with a commercial bank license.
In 2014, it transformed into a Public liability company
(P.L.C). Also, to meet demands for its services, it has 500 branches in Nigeria
and subsidiary offices in the U.K, Ghana, South Africa, and more.
Zenith offers numerous customers customized banking
services, which include S.M.E. banking, Personal banking, and Corporate
banking, investment and loans, bank account, asset management solutions, Online
banking, A.T.M, and P.O.S. No wonder it is now among the largest banks in
Africa. Its head office is at Zenith Heights, Plot 83, Ajose Adeogun Street,
Victoria Island, Lagos, Lagos State, Nigeria.
3. FIDELITY BANK
Fidelity Bank P.L.C. started in 1988 as a
Merchant bank and rebranded into a commercial bank in 1999. It is known for
serving startups and has several awards as S.M.E. Friendly Bank, the Most
Improved Corporate/Investment Bank, and the Best in Mobile.
It came 4th place as the best retail bank in a survey
carried out in 2001 by K.P.M.G. to find out how satisfied customers are about
their service providers.
Fidelity bank as of 2017 has 240 branches in Nigeria
that includes digital offices with 775 ATM’s and 4346 POS’s.
The bank provides customized products for different
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.
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 is now a part of the Standard Bank Group with
the Head office in Johannesburg, South Africa.
The bank provides excellent banking services in well
over 180 branches locally with 560 Physical ATMs. Its professional staff is up
to 3,000 and keeps increasing to match up with your demand for excellent
services.
Its foreign remittances service is top-notch. If you are
Nigerian living abroad, you may open a nonresident Nigerian bank account with
the bank as the cost of transactions is low, and it is easy to monitor your
account from anywhere you live abroad.
The
bank’s personal and business banking service is first class, 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 The I.B.T.C Place Walter Carrington Crescent Victoria
Island Lagos.
5. UNION BANK OF NIGERIA
The bank started in 1917, and they trade its stocks on
the Nigerian stock exchange. Union bank is
one of 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 is part of these best banks in Nigeria
for personal and business banking. As of 2016, it
had 320 branches and two fully-owned subsidiaries in the United Kingdom. The
bank offers products that target high net worth individuals and S.M.E’s.
Its banking products include savings 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
local 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.
6. STANDARD CHARTERED BANK NIGERIA
Another one of the best banks in Nigeria for personal
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 more than 900 employees as
of 2013.
The Bank in Nigeria provides one of the best businesses
banking services with an efficient, secure, and easy to use free online banking
platform, plus a fair exchange rate service.
That said, its retail banking services are equally
responsive to the demands of the customers. 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 small and medium enterprises (S.M.E.).
Its local head office is at 142 Ahmadu Bello Way, Victoria Island, Lagos.
7. STERLING BANK PLC
When this bank began in 1960, it was Nigeria’s first
Investment bank called Nigeria Acceptances Limited (N.A.L.).
Sterling Bank became a complete commercial bank
when N.A.L. merged with four other banks in the 2006 bank consolidation era.
With that merger, Sterling bank was born and ready to improve 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.
8. UNITED
BANK FOR AFRICA PLC (UBA)
One more bank in this list of the best banks in Nigeria
for personal and business banking is U.B.A. This bank started in
1949, and they trade the stock in the Nigeria Stock Exchange. Like its peers,
it has undergone a lot of transformation carried out 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 is a lot nimbler than the former conservative company.
UBA
is ready to serve stakeholders and to create an enterprise that will continue
to advance strategically and be ahead of other banks in all the services it
offers to customers in its branches in 22 African countries.
Its core services are corporate banking and personal
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.
9. ECOBANK NIGERIA PLC
Ecobank Nigeria is a part of the Ecobank Group. The bank
started operations in 1989 to provide financial solutions to enhance its
clients’ growth. Ecobank Nigeria is a commercial bank with branches of up to
610 all over the country as of 2011.
It offers personal banking and
business banking that includes 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 market. 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 West Africa. Its headquarters is in Togo employs
over 10,000 staff.
The Ecobank Group has a network of over 1,300 branches
in 36 countries such as Benin, Kenya, South Africa, including offices in other
parts of the world like Dubai, Paris, and London.
10. FIRST CITY
MONUMENT BANK (FCMB)
First City Monument Bank is the last bank in this
compilation of the best banks in Nigeria for personal and business banking.
This bank, which was initially called First City Merchant Bank 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 in the United Kingdom
through F.C.M.B. Bank (U.K.) Limited. The bank aims to become the best
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, foreign
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.
11. GUARANTY TRUST BANK PLC
Guaranty Trust Bank Plc (GTBank) is a limited
liability company incorporated to carry on the banking business in 1990 and
began operating in February 1991. The bank listed its stocks in the Nigerian
stock exchange in September 1996.
Through the years, due to sound management, its asset
base is now more than 3 trillion naira. The bank has 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 current accounts, nonresident Nigerian
service, and private 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.
In conclusion, this article has shown
you a list of the best banks in Nigeria for personal and business banking. We
gave you their product so you can make up your mind on the one you like best.
If you think their products are alike, you are right, but each bank is unique
in the way it delivers similar services.
Tell us the bank that you would choose for personal banking and why and do the same for business banking.
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