Basically to most Nigerians, Bank is where money is withdrawn. It serves as a transaction point to many in this part of the world especially business men/women.
In the lifes of various people, the bank performs different functions. These functions can be summed up into many bundles, but what are the essential(primary) functions of the bank?
As young people in primary and early secondary schools we were told that the main function of the bank is to store money. Reviewing that childhood memory of how they skillfully made you believe banks were just store houses of the national currency, you couldn't dare believe more then. That was then, as you've known better what banks really do.
What do banks really do?
Before listing the effective banks in the country, outlining the functions which banks really perform would be a good decision. Even when being fully grown, you still sense that feeling of a 'missing link' trailing through your brain when trying to list out what banks do.
I bet many do know faintly two functions of the banks and they are not to be blamed as basically that's what they attend these 'monuments' to do.
The first basic function of a bank is to deposit money
. To make a bank deposit, you have to get an account with them. It's really simple but i can't tell you it's really stress free. Is there any thing done without stress in Nigeria? You answer clips off the point. It really easy in the Nigerian way.
Three account type would be given you to choose one from. Viz - Current, Savings and Fixed deposit accounts
. For the current account, one would need to be transacting frequently. Do you have the need to transfer or withdraw funds from a bank account unlimited number of time? then it's on a current account. The savings account isn't much of a deal from the current account. Here, your withdrawals are limited with 'micro' interest on deposits credited you. The savings account is recommended for workers who have a mind of saving some fraction of their income. An article was made for ways to increase your personal income
For the wise savers who have some sizeable fund to spare, there's the fixed deposit for you! All they need from you is your accent to leave some money in your account for some period without withdrawal. You're sure of getting some 'it's better than never' interests from cagey banks through this type of account.
The next primary function of the bank is to facilitate Withdrawals
. There's no other place to get funds sent to you except through the banks.
Several ATM points set up by them perform this primary function too.
Let's go more formal on this banks functions. The banks serve as a point of funds transfer. On behalf of it's customers, the bank gets your money into an account somewhere out of town.
Utility functions like safe locker services are done by banks. Banks are also points of foreign exchange. Currencies could be swapped at the central bank's approved rates in banks easily. Some banks do act onbehalf of persons at stock exchanges.
photo credit: Reviewcious.com
Loans to businesses is primarily given by banks at a set interest rate. Those are the functions of banks a prospective customer should know.
Making choices if not important, is necessary as it could hold the swing to either lay down or rise you. There are many banks spread across the country, however making meaningful decision concerning your preferred 'store house' is important.
There are many factors to be considered while ranking the best banks in the country at the moment. One of such is an online presence.
As was pointed out on the thread 'effective online hustles to start in Nigeria this 2019
', banks are now enhancing their services online. In fact, there's no bank that hasn't an online presence in Nigeria.
What then are ratings for since the've made the cut? Even though all banks get some online presence, some does that better. Many banks are said to be more technologically alligned than others. We see it as competition down here because that's how they want it seen by us but the industry knows there are the leaders and the followers there. Some leads, others follow.
The trustworthiness of a bank is also an important ranking factor. This trustwordiness covers a lot. It goes to cover the age of the company in the country, how it fared financially over these times. Is it a trusted brand in the banking sector or is it a new trial in the industry?
Now what are the customer services of these banks. Are they bent on the money you offer them or on improving their services with you?
At the counter(banking hall), the costumer services is almost always nice, going back home what does different banks put in place in terms of off-bank services.
In this century, you don't gamble money, you don't play money either. What are the charges of these banks. Compare that with others then you would believe banks are better than banks!
Out of the about 21 banks currently operating in the country, 10 best ones are selected as oustanding.
10 best commercial banks in Nigeria 2019
The following are the key banks recommended listed in descending order:
10. Fidelity Bank
Formerly a merchant bank called Fidelity Union Merchant Limited, the bank is a long standing one. It was established in 1988. Almost throughout the 90's, the bank was a merchant bank. It became a commercial bank in 1999.
The bank is a reputable bank and hasn't been known to be in severe financial downturn. The bank currently has $6.31 billion as total assets in Nigeria.
9. Keystone Bank
Many might not consider keystone bank as one of the best bank, but looking at the parameters used in rating them gives reason for making them through. Keystone bank was fully known as a financial institution in Nigeria in 2011 and currently has over 200 offices. Keystone bank is owned by the Asset Management Company of Nigeria.
The bank is quite popular and has good costumer services. The bank has total assets of about $8 billion.
8. Ecobank Nigeria
If the former bank isn't really a long standing one, this one is. Ecobank Nigeria is a subsidiary of Ecobank – Pan African bank that is present in 32 countries with over 750 offices in Africa only.
To expand it's services through different territories, Ecobank acquired Oceanic bank. Its asset increased to about $20 billion after it's acquisition. The bank's universal headquater is at Lome - that's the capital of Togo. Wholesale, retail, corporate, investment and transaction banking services are provided by them to various parts of africa especially central and eastern part of the continent.
The financial institution is a reputable one in Nigeria.
7. Zenith Bank
Another opular bank on the list is Zenith Bank PLC. This bank is presumed to be the second richest bank in Nigeria probably behind GTBank. It has a total asset worth more than $15.7 billion.
The bank currently has branches in Gambia, Ghana, Sierra Leone, South Africa, and the United Kingdom. In Nigeria, operations started in 1990.
6. Union Bank of Nigeria
This is one of the oldest banks in the country. It started operations in Nigeria back in 1917. Apart from being one of the oldest bank in the country, it is a reputable one.
In a 2009 rating of banks around the world, the financial institution was rated the 556th largest bank globally. It settled for the 14th position in Africa. With many branches around the country, the bank boasts of an asset base of $6.8 billion.
5. Diamond Bank Nigeria PLC
Apart from being a popular banking house in Nigeria, Diamond bank is one of the richest. The bank has assets worth more than $7.3 billion. The financial institution started on the 20th of December 1990, Diamond bank is a fully licensed commercial bank in Nigeria and also provides services across Africa.
Some of the countries under it's radar include: United Kingdom, Cote d’Ivore, Benin, Senegal, Togo, etc.
4. Access Bank Nigeria
Obtaining an operating license in 1989 and listed on the Nigerian Stock Exchange in 1998, Access bank Nigeria is one of the best bank in the country. The financial institution increase it's territory after it acquired Intercontinental Bank.
The bank is ranked 532nd among the top 1000 banks globally and has about 309 branches across the country. The bank’s total asset is about $12.6 billion.
3. First Bank Of Nigeria
Established in far back 1894, First Bank Nigeria PLC is a recognised brand in Nigeria. It is one of the richest bank in the country aswell with total assets estimated at $21.3 billion.
Being a longstanding bank, business principles and costumer attention is observed by the institution.
2. United Bank for Africa
Occupying the number 2 position is UBA. It's an old financial institution aswell. It was established in 1949 and has up till today make positive gains in Nigeria's banking sector.
The UBA of today was formed as a result of a merger between the old UBA and Standard Trust Bank. To this effect, the institution's costumer base has enlarged. The firm has an asset worth of $12.3 billion.
1. Guaranty Trust Bank
Guaranty Trust Bank is the best banking institution of 2019 given by analysis obtained from the industry. It is one of Nigeria's technologically advanced bank and are worth about $11.77trillion.
The list of richest, biggest and reliable banks is gotten for authentic statistics. No fluffs! There are other 2019 fact you shouldn't miss out. Try out this top N10,000 businesses to start 2019h
and vie for the best empowerment schemes of 2019