Finance

Which Bank is the Best in Nigeria: Top 5 Best Banks in Nigeria.

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Are you looking for the best bank in Nigeria you can deposit or partner with, you don’t need to search anymore because you are in the right page. In this article, we will educate you on Which Bank is the Best in Nigeria and top best bank in Nigeria.

When it comes to managing your finance, choosing the right bank to partner with is very important and essential. In Nigeria today, the banking industry is one of the fast growing financial sector and it has helped in boosting the country economy. But the problem now is how to know the bank which best fits your financial needs. Without wasting much of your time, let’s dive into the business of the day.

What is a Bank?

Bank is a legal entity licensed to collect deposits from public and make loans. Bank can also be defined as a legal entity where people save or borrow money.

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Which Bank is the best bank in Nigerian

Types of Banks in Nigeria

The following are the major types of banks in Nigeria.

  • Central Bank
  • Retail Bank
  • Commercial Bank
  • Cooperative Bank
  • Investment Bank
  • Savings and Loan Association Bank
  • Shadow Bank
  • Credit Unions

Factors to Consider Before Choosing a Best Banks in Nigeria

We suggest you look into this key factors and have them in mind before selecting your choice of bank. They are critical factors you must look into before making choices.

  • Financial Goal: you need to know the kind of banking service you need, whether it is for investment , savings or loan opportunities.
  • Customer Service: look for a bank that has prompt and quick customer support.
  • Fees and Charges: compare fees for account maintenance, online transactions and other services.
  • Digital Service: make research on there Mobile banking and Ussd code, whether it is user-friendly or not.
  • Interest Rate: make research on the bank interest rate offered on Savings, investment and loans etc.
  • Branch and ATM Accessibility: make sure the bank branch and ATM gallery is very close to you.
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Which Bank is the Best in Nigeria

There are many good banks in Nigeria, but for the sake this post we will be pointing out only 15 of those banks. Please it doesn’t really mean the banks that are not listed here are not good Banks.

FirstBank Nigeria PLC

First Bank is one of the oldest and mist reputable bank in Nigeria, the bank was formerly known as Bank of British West Africa. The head office is located Marina Lagos, Lagos State. Firstbank was founded 1894. They offer a wide range of financial solutions including retail, corporate and digital banking.

Ecobank PLC

Ecobank is a Pan African bank/banking conglomerate with banking operations in 33 African nations. The bank was founded 1985 and it’s head quarter is in Line, Togo. Ecobank is a popular choice of bank, it’s mobile app is user-friendly you easily manage your account and perform online services from there.

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Union Bank of Nigeria PLC

Union Bank is one of the oldest commercial bank in Nigeria.Union bank was founded 1917 and is headquartered in Marina Lagos Island, Lagos State. It’s mobile banking is user-friendly and convenient to access banking services.

United Bank For Africa (UBA)

United Bank for Africa better known as UBA is a multinational pan African financial and investment service headquartered Marina Lagos Island, Lagos State. UBA was founded 74 years ago in 1947. The offer a blend of investment, corporate and personal banking services.

Other Top Best Banks in Nigeria

  • Zenith Bank PLC
  • First City Monument Bank PLC (FCMB)
  • Sterling Bank PLC
  • Guaranty Trust Holding Company PLC (GTCO)
  • Fidelity Bank PLC
  • Access Bank PLC
  • Polaris Bank PLC
  • Stabic IBTC
  • WEMA Bank PLC
  • Citibank PLC

The above mentioned banks, are the best banks we have in Nigeria as per multiple research reports. When we wrote about Fake Loan Apps in Nigeria we stated that our reviews on banks and loan apps are based on research and people’s testimonies.

Frequently Asked Questions FAQs

Are this Banks Regulated in Nigeria?

Yes, all this banks are regulated in Nigeria by Central Bank of Nigeria (CBN).

Can I Open a Bank Account Online?

Many banks allow customers to open account with them online without visiting physical branch.You can open account with this banks online banking or Ussd Code.

What is the Minimum Amount to Open Savings Account ?

It varies by bank, some banks to open savings account with some of this bank is free. while in some banks your need minimum of #1000-#5000.

Is Mobile Banking Safe?

Yes, Nigeria Banks implement strong security measures to secure mobile banking transactions.

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