Nigerian banks reel out financial services to benefit their customers and also to attract more. These commercial banks are licensed to operate by the Central Bank of Nigeria (CBN) have not only maintained a solid reputation locally in the banking industry, but also internationally.
While there are 21 licensed commercial banks in Nigeria, not all these financial institutions are equal. Some are bigger and older, while other new generation banks are richer in terms of total assets and consolidation.
What is the best bank in Nigeria?
So, which among these Nigerian banks is best to open a savings or current account with and save your hard earned money in? Using various reviews and experience, we shall list 10 best banks in Nigeria that you can trust to save your funds in, be you a civil servant, business man, student, trader, etc.
Guaranty Trust Bank
Guaranty Trust Bank or GTBank is the best bank in Nigeria today when it comes to banking service and customer relations. They are a customer-friendly bank with a trusted reputation. Reviews show that GTBank is the bank almost every Nigerian patronizes.
With an asset totaling $11.77 trillion, it’s hard to see other players in the banking industry beat this bank as it is one of the largest financial institutions in the whole of West Africa.
Keystone Bank Limited
Keystone Bank is one of the new generation banks worth mentioning on this list. They offer banking services not only to large corporations but to public institutions, SMEs and individuals.
Keystone Bank Limited was issued a commercial banking license by the Central Bank of Nigeria (CBN). They also acquired Bank PHB after the CBN revoked their license, making this financial institution one of the largest financial services providers in Nigeria.
First Bank of Nigeria
Aside from being the oldest financial institution in the country, First Bank is among the top 10 best banks in Nigeria to open a savings account with. They are a leading company worth $21.3 billion in total assets.
The first bank was established in 1894 and is Nigeria’s oldest bank. The Banker magazine of the Financial Times Group awarded First Bank as “The Best Bank Brand in Nigeria” for five solid years in a row (2011, 2012, 2013, 2014 and 2015).
Ecobank Nigeria
Ecobank Nigeria is another old commercial bank operating in Nigeria with many branches all over the country. Most military officers prefer using this bank to open a salary account as well as civil servants.
Ecobank operates in 32 countries with its headquarters in Lome. This financial institution offers banking services such as wholesale, retail, loans, savings, investments, debit and credit cards, corporate, investment and transaction banking services to its customers.
Zenith Bank Nigeria
Zenith Bank PLC is another top licensed commercial bank providing financial services not only in Nigeria but also in West Africa. Established in 1990, this institution was listed on the Nigerian Stock Exchange (NSE) and is also Nigeria’s biggest bank by tier-1 capital with worth over $850 million in shares.
Zenith Bank’s financial services range from Pension Management, Corporate and Investment Banking, Commercial and Consumer Banking, Personal and Private Banking, Trade Services and Foreign Exchange, Treasury and Cash Management Services, etc. They are also one of the richest banks in Nigeria with assets estimated to be worth $15.7 billion in total.
The cover image is somewhere in Lagos, Nigeria. Photo by Prince Akachi on Unsplash
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