Are you a young entrepreneur or a businessman, an investor, or a teenager who wishes to open an account for your business education or savings?
Whichever category you find yourself in and you wish to know the best bank in Nigeria to open an account t with we are here to help you through the process.
A Brief History of the Nigerian Banking System
The first formal banking institution in Nigeria was established in 1892 as the African Banking Corporation (later known as the First Bank of Nigeria).
It primarily served colonial interests and provided limited banking services.
In 1917, Barclays Bank (now known as Union Bank) opened its first branch in Lagos, marking the entry of a foreign bank into Nigeria.
During this period, banking activities were mostly limited to the major commercial centers, and there was minimal penetration into rural areas.
In this article, we will be talking about the best banks to open an account with. It might interest you to know that we will not be talking about a particular bank but we will give you a short list of banks that are regarded the best.
Why this is done because we all have individual preferences and likes. The kind of services you might want your banks to render to you might not be the same as another person wants.
The mode of operation in a particular bank might be good for you but not convenient for another person. This makes us list the number of banks that are regarded as the best for an individual to open an account with
Best Nigerian Bank to Open Account With
- Access Bank Plc.
- Zenith bank
- Guarantee Trust Bank (GTB)
- Fidelity bank
- First bank
- United Bank Of Africa(UBA)
- Union bank Nigeria
Access Bank
This is the very first bank in our list of the best banks in Nigeria. Access Bank is a public limited company that was established in 1989 by Herbert Wigwe, Dr. Ajoristdere Awosika as the chairperson, group managing director, and also the chief executive officer.
This bank has an estimated revenue of US$1,419 million which is NGN: 514 Billion nairas as the record has it. This unique bank is popular because it has affordable interest rates in a competitive market.
Also because of its outstanding feature of accepting a three-tier saving account to make savings of 100,000 as a maximum deposit and above that and also allows for same in withdrawals.
Having been merged with the Diamond Bank of Nigeria, the bank is now regarded as one of the safest banks in Nigeria to run transactions with
Also, it is regarded as the best because of its large active customer base. Also, it is ranked as Nigeria’s largest bank by asset.
Zenith Bank
With its headquarters in Victoria Island Lagos, the zenith bank Nigeria PLC was established in 1990 by Jim Ovia. It has a generated revenue of $854 million on record as of 2019
Zenith Bank is regarded as the best bank in Nigeria because it is one of the oldest banks in Nigeria. Also, the bank ranks top when it comes to the best bank in Nigeria because of its highest tier-one capital.
They offer services like pension management, trade services, cooperate banking, investment banking, foreign exchange, treasury and cash, commercial and consumer banking, personal and private banking, etc.
The third on our list of best banks to open an account with us GTB a s popularly called. Firstly it was regarded as the best bank for students because of its feature of allowing withdrawals to the last 1000.
This bank was founded in 1990 by Hezekiah Oyinlola, Segun Agbaje, and Miriam Olusanya. They offer retail, commercial, and corporate banking.
With an estimated revenue of 455.23 billion and an operating income of 210.8 billion. This bank is known to be the best in savings because it gives high interest on savings accounts.
The bank as said earlier has a zero balance as a limited amount to be the operating balance and can hold an unlimited balance.
It can transfer as much as 100,000 using the USSD code and a maximum of 5 million using the mobile application.
Fidelity Bank
A commercial bank that has its headquarters in Lagos Nigeria.
The bank was established in 1988 with its key people including Mustafa Chike Obi as the chairman, Nneka Onyeali-ikpe as the managing director, and the chief executive officer.
The bank offers services like loans, credit cards, savings, investments, and mortgages. Having received the license from the Central Bank of Nigeria to operate.
It also has a large customer base where we have more than 2.5 million active customers using the banks. With a registered bank asset of $6.51 billion.
The banks have so far helped promote cooperative banking system, the micro, and small scale, and even the medium size banking system.
First Bank
First Bank Nigeria is regarded as one of the oldest banks in Nigeria. This public limited company was established in 1894. As a British Bank of Africa.
In 1979 the name was changed to the first bank of Nigeria and since then it has remained the first bank of Nigeria.
The bank has its headquarters in Lagos Nigeria And has over 700 business locations and offices with different subsidiaries across the globe. The bank has an estimated revenue of &0.8 billion nairas. With an operating income of 294.4 million naira.
The bank is on our list of two banks to open an account with because of its significant features and services. The bank has a substantial asset of about $21.1 billion.
It is the best bank brand in Nigeria and has held that position from 2100 to 2015. It has unique Internet banking solutions.
Also, it allows for account upgrades at any time of their choice. They also allow for the operation of salary account
United Bank of Africa
A public limited company that was established in 1949. This bank has it as the 6th on your list of the best banks to operate or open an account with. Fortunately, it provides codes to open an account at your convince and make a deposit till you are chanced to get to the bank to activate and process other information.
The bank has its headquarters in Lagos. Also, it has different subsidiaries in Africa, Europe, the United States of America, and Asia.
It has the chairman Tony Elemelu, and Oliver Alwuba as the group managing director ad chief executive officer.
The bank offers services like Internet banking, mobile banking, wholesale banking, cooperate banking, investment banking, consumer banking, collections, trade finance, saving accounts, etc.
Also,, the bank has a competitive interest rate in its savings accounts and also has a minimum opening account balance
UBA is popularly known for its digital service and they are concerned with the customer’s wellbeing. One can rightly say that they offer satisfactory customer service.
It has an asset value of $13.2 billion and has several locations around the continent not just in Nigeria
Union Bank Nigeria
One of the oldest and most popular banks in Nigeria. Established in 1917 and has its headquarters in Lagos. It has Mr. Farouk Gmell as the chairman and Mr. Maudassir Amray as the chief executive officer.
It offers services ranging from loans, target savings, union mobile, and agency banking. The bank has an estimated number of 2200 employees.
Union Bank is known to be a pensioner’s bank because we have older-aged personalities patronizing the bank. After all, they feel their money is safer there.
It is ranked the 14th largest bank in Africa and the 556th largest bank in Africa. It is one of the wealthiest banks in the country and serves both large, small, and medium-scale business
Conclusion
This article talks about a brief history of the Nigerian banking system and also talks about the major banks that are considered the best banks to open an account with.
Frequently Asked Questions
Can I open an account with a USSD code or is it necessary to go to the bank before opening an account?
You can open a count in the comfort of your home or office using different means
- The USD code
- The online mobile application
What are the requirements for opening an account?
To open an account you need to have
- A bank verification number or you apply for one if that is your first account.
- A valid means of identification (NIN, voter’s card, etc.)
- A passport photography
- A utility bill receipt
- Your signature
Can I operate an account without a BVN?
Yes you will be able to open a student account which you will need to upgrade in the future when you acquire a valid means of identification
You must note that the student account you are operating has a limit
How much can a student account hold?
If you are operating a student account you can only deposit a single deposit of 50,000 and also you cannot make a transaction of more than 20,000 a day.
You are not eligible to deposit or run transactions of more than 300,000 a month.
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