When it comes to finances, whether you are an individual or a corporate, banks play a key role in our daily life. And if you are in Nigeria, then putting your money in the right place should be your first priority. However, choosing the best bank is not always an easy task. Because what best fits someone else might not work for you. So, identify the features and services that matter to you the most. Such as online banking, instant transfer services, bank ATM fees, network branches, customers services, low fees, and so on. Based on your needs and profiles, here are the 5 best banks in Nigeria you need to know.
1. Standard Chartered Bank Nigeria: Best Bank For Corporate Account
The Standard Chartered Bank Nigeria is a multinational financial institution, headquartered in London that provides banking services. With over 150 years of experience in the financial industry, it offers the most comprehensive solutions for corporate banking. Unlike most of the banks in Nigeria, Standard Chartered has one of the best exchange rates when it comes to foreign transactions. And as a company, this is something to really consider before opening a corporate account in Nigeria. Additionally, Standard Chartered Bank Nigeria online offers a reliable internet banking platform, easy, secure, and absolutely free. It is the smartest choice, particularly for corporates in Nigeria.
INSTITUTION PROFILE
- Established in: 1999
- Branches: 22 business locations in Nigeria and 1,200 branches globally
- Revenue 2018: 14.79 billion USD
- CEO: Mr. Lamin Manjang (Since 2018)
- Size: 900 staff in Nigeria and 87,000 employees worldwide
- Reference: Standard Chartered Annual Report 2018
2. First Bank of Nigeria: Best Bank For Personal Banking
As the first banking institution in Africa, First Bank is a premier financial organization that offers one of the best services for personal banking in Nigeria. Actually, the company was recently awarded by The Asian Banker International Excellence as the best retail bank in Nigeria. Not only once or twice but for the fifth time consecutively. Thanks to its good customer services combined with its large retail customer’s database in the country. Also called consumer banking, retail banking refers to the services, financial institutions provide to individual clients. So, when it comes to the best banks in Nigeria for personal banking, First Bank of Nigeria is the winner.
INSTITUTION PROFILE
- Established in: 1894
- Branches: over 888 business locations
- Revenue 2018: 1.62 Billion USD
- MD & CEO: Mr. Adesola Kazeem Adeduntan (Since 2016)
- Size: 7,000-10,000 employees
- Reference: FBN Holdings Annual Report 2018
3. Bank of Industry (BOI): Best Bank for Small Business Startup Loans
If you already have switched your personal banking or business account from one bank to another, then you should know that not all banks are equal in terms of services. As a small business owner getting access to a loan is key in the business world. Because loans can be used for working capital, business expansion, equipment financing, and various other purposes. For that BOI is your best bet. The Bank of Industry Limited (BOI) is Nigeria’s most successful development financing institution. For years, they have been providing small business startup loans and financial assistance to SMEs and large businesses in Nigeria.
INSTITUTION PROFILE
- Established in: 2001
- Branches: 24 business locations
- Revenue 2018: 40 million USD
- MD: Mr. Dinabandhu Mohapatra (Since 2017)
- Size: 300-500 employees
- Address: Bank of Industry Building, 23 Marina Street, Lagos Island, Lagos, Nigeria – Phone: +234 700 225 5264
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4. Heritage Bank Nigeria: Best Bank to Open Savings Account
Firstly, saving your money throughout your lifetime is vital. So choosing the right saving account is key. Heritage Bank offers saving accounts that suit best your needs with low balance requirements. This makes it one of the best banks in Nigeria to open saving accounts. For instance, with the Heritage Bank savings account, you can get an interest rate of 13.88% with a minimum deposit of N.100,000. While the minimum tenor is 1 month. See some fixed deposit rates in Nigeria here.
INSTITUTION PROFILE
- Established in: 2012
- Branches: 127 business locations
- Total assets: over 1.7 Billion USD
- Managing Director / CEO: Mr. Ifie Sekibo (Since 2016)
- Size: 4,000-5,000 employees
- Headquarter: 292B Ajose Adeogun Street, Victoria Island, Lagos
5. Stanbic IBCT Bank: Best Bank for Nonresident Nigerian Bank Account
As a Nigerian living abroad, you may want to do some transactions in your home country when you wish. So, opening a nonresident Nigerian bank account is the best way to go. Basically, any bank in Nigeria can do it. However, choosing a bank with international affiliations may be more appropriate. With several business locations worldwide and low transaction fees, Stanbic has developed a smart solution dedicated to Nigerians living abroad. The solution is called Heartland Banking. It is the smartest and most convenient option when it comes to the nonresident Nigerian bank account. You will have easy and appropriate banking with smooth control of all your finances while staying abroad.
INSTITUTION PROFILE
- Established in: 1989
- Branches: 600 branches worldwide and 1800 ATMs in Africa
- Revenue 2017: 420 million USD
- CEO: Mr. Yinka Sanni: (Since 2017)
- Size: 3,000-5,000 employees
- Head Office: The I.B.T.C Place Walter Carrington Crescent Victoria Island Lagos
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