Which is the Best Bank in Nigeria to bank with?

There comes a time in everyone’s life where they have to open a bank account. Having a bank account in Nigeria is a crucial part of surviving in today’s modern society. Gone are the days where people save their money under their bed or buried in their backyard. Even holy books talk about the importance of managing your finances intelligently. Cash in your pocket has no use, but money in the bank can gain some interest and stay safe. When you reach this Aha moment as a Nigerian, the next question that comes to mind is, “What is the Best Bank in Nigeria to bank with?”

We understand that opening an account or finding the right bank to open an account can be a daunting process. That is why we have gone through the stress for you.

In this article, we will share;

• Reasons to open a bank account
• Factors to consider when choosing a bank to open an account with
• And Nigeria’s top 5 banks you should open an account with

Which is the Best Bank in Nigeria to bank with?

Why You Should Open a Bank Account

The benefits that come with owning a bank account are numerous. But we will share four that we think are most important.

1. Safe Place to Keep Your Valuables

Banks are just the right place to keep your money. Any item you consider valuable, such as precious jewels or certificates, can be kept in a bank’s vault. You sure don’t want to keep some of these valuables in your home when you have a safe place where you can keep them.

2. Promotes Your Safety

In past times, the rate of robberies was high because people had to travel with large sums of money or kept huge amounts in their homes. Today, you can access your money anywhere your bank branch is available and online via your mobile phone. Even when your bank doesn’t have a branch in an area, you can get your money via any bank’s ATM. Thus, having a bank account in Nigeria promotes your safety.

3. Promotes Personal Finance

It’s easy to lose track of your spending. Another way to say this is that it’s easy to go broke when you don’t have your money saved up in a bank. Banks help you understand your spending habits by recording all your transactions and compiling as an e-statement you can request for at any time. With your bank’s account statement, you’ll monitor and adjust your spending when necessary.

4. Encourages Savings

Bank accounts have percentages of interest which they attract according to the amount of money in them. When you don’t need your money and are not ready to invest, putting your money in a bank is one of the best ways to help your money grow while you’re waiting to invest or use it.

What to Look For in a Bank

Now that you know why it is essential you open a bank account in Nigeria, it’s proper you also know what to consider before you choose a bank to bank with. Choosing a bank that suits all your needs is essential because it makes handling your finances smoother.

In this section, we will share some factors to consider when choosing your bank, either for personal or business use.

Factors to consider when choosing a Nigerian bank to bank with

Interest Rate

The savings account offers interest on your account balance monthly and annually. Be sure to check the interest rate a bank offer to know if you’re comfortable with it. If you’re not satisfied with it, you can check out the best bank with the highest interest rate and work with them.

Minimum Cash Amount

Some banks require you to have a minimum cash amount for you to open an account with them. This can be anything from N1000-N5000 or more. Banks like UBA and Zenith have a zero balance that allows you to open an account without any money. So, if you’re thinking of opening a bank account and having no money, you might want to look out for banks that open account with zero naira.

Branch/ATM availability

This is one that usually skips our minds. Before you open an account, check if the bank has branches and ATM points at convenient places in your area.

Though you might say any bank’s ATM can work, many prefer to use their bank’s ATM outlets to avoid being charged for using another bank’s outlet.

Besides, it’s crucial to have your bank’s physical branch close to you so you can quickly sort any problems you may have.

Bank Charges and Fees

Some banks are known to charge their customers hidden or unnecessary fees, from bank drafts to anything that comes to mind. Read the fine print on your documents to ensure you are not consenting to any unnecessary or hidden fees. Once you sign the terms and conditions, you may not have the right to complain.

Banking Services

You want to work with a bank that provides a myriad of services that suit your needs at any time. These can include the opening of savings, current, and domiciliary accounts, online banking services, loans, and more. The more services your bank offers, the more likely you will have all your banking needs solved in one bank.

Customer Service

We consider this the most critical factor when choosing a bank. Banks like UBA are praised for their well-trained customer service agents who are polite and provide solutions each time they are contacted. You might want to check out the bank’s customer service before opening an account with them.

Best Banks in Nigeria to Bank with

In no particular order, here are five banks we consider at the top of their game in Nigeria today.

1. United Bank of Africa (UBA)

Founded in 1949, UBA was the first bank to be listed on the Nigerian Stock Exchange in 1970. They offer a variety of services to retail, commercial, and corporate clientele.

With over 14 million customers, This bank has over 1000 branches and 1470 ATM points in Africa. They were the first to integrate artificial intelligence into their online banking system. They are praised for their customer service and are undeniably one of the banks with the best reputation.

2. Guarantee Trust Bank (GTB)

Founded in 1990, GTB became a listed company on the London stock exchange in 2007. Their services are extensive and include retail, corporate, investment banking, and asset management.

With over 8 million customers, they have over 220 branches and 1165 ATM points. Their customer service is fair, and they’re amongst those leading retail banking in Nigeria.

3. Zenith Bank

Founded in 1990, the bank offers a myriad of services: retail, SME banking, corporate banking, foreign exchange services, and more.

With over 1.6 million customers, the bank operates with 500+ branches and has subsidiaries in Ghana, UK, UAE (Dubai), and China.

They also offer mobile banking and online banking services in Nigeria. Their customer service system is excellent, and they’re sure to be on the upper part of a list of commercial banks in Nigeria.

4. Wema Bank

This is one of the oldest banks in Nigeria and was founded in May 1945. They offer services in retail banking, revenue management, and agent banking and operate with a network of over 149 branches.

In 2017, Wema became the first bank to launch a completely virtual bank known as Wema ALAT and remain the only ones to do so. They’re amongst the banks leading digital banking in Nigeria.

5. First Bank of Nigeria

Being dubbed the oldest financial institution in Nigeria, this bank was founded in 1894, and they are the best bank to open a savings account with in Nigeria. They were awarded Best Bank Brand by the Bankers Financial times Magazine 5 years in a row. (2011-2015)

The bank offers services in retail banking, commercial banking, corporate banking, and public sector banking.

With a customer service system that rates 4/5 stars, it’s no surprise they have an active customer base of over 10 million customers.

Best Bank in Nigeria; a Step Further

Managing money has never been easier, all thanks to financial institutions known as banks today. Having an account with them offer many benefits like promoting safety for you and your money. As well as growing interest on money that you don’t need at the moment.

There’s no reason to not have a bank account in Nigeria.

Now you know the best banks in Nigeria.

Did you know the banking system in Nigeria has become even smoother with the introduction of Digital Banks in Nigeria?

Yes.

These platforms offer you more than what banks offer you?

Despite the many benefits that come with owning a bank account, they have their shortcomings.

Some of them may be difficult or impossible to tolerate.

A clear example is the long queues we meet in the banking halls or at an ATM outlet.

Even though banks have taken the initiative to provide shade for their customers, the shade only protects the people who are using the ATM. The rest of the queue is at the mercy of the sun.

Banks have also adopted installing more outlets to allow more people to use the ATM simultaneously and save time.

However, it’s unfortunate and no surprise that only 50% of the outlets work most times.

Online Banking (Digital Banking); A way out

Online banks trump these shortcomings, and more.

Because they don’t incur the overhead costs of owning a physical bank, online banks offer better interest rates.

This is, of course, besides the saving of time and stress digital banks offer you.

These banks also offer a better online experience compared to traditional banks.

The reason for this is because they are purely virtual. All their effort is invested in improving their virtual services.

An example of such platforms is the piggyvest banking platform, arguably one of Nigeria’s best online banks.

However, the bank we consider the best online bank in Nigeria is Bank with Mint.

What you can do with Bank with Mint

Bank with Mint is a Nigerian online bank that allows you to

Skip queues and charges

The issue of waiting in a long line is completely eradicated with online banks like Bank with Mint. Not to mention, there are no hidden charges on your money.

Pay on the go

Recharge your phone, pay subscriptions, and transfer money with the click of a button using Bank with Mint’s easy-to-use user interface.

Flexible saving options

Unlike other banks with strict saving policies like a minimum amount to deposit, Bank with Mint allows you to deposit money as it suits you.

Customer service with no hassle

It can be frustrating when you’re facing some banking difficulties, and you have to contact customer service. Some banks’ customer care lines are always flooded with calls making your wait time longer. This is different with Bank with Mint.

Sometimes the agent is unable to solve your problem and tells you to visit a bank branch, wasting your time and call card. Bank with Mint’s 24/7 customer care service is staffed with trained agents who can always solve any problem you have.

The best part of this whole package is that not only is opening an account with Bank with Mint free, but it is also easy as 1-2-3. You can open a digital bank account with them anytime and anywhere from the comfort of your phone, tablet, or computer.

One of the amazing features of digital banks.

Final Thoughts

Although we can’t name one bank as the best bank to bank with in Nigeria, we’ve highlighted the importance of banking and what to look out for before opening a bank account in Nigeria.

What works for you?

Traditional banks or digital banks?

No matter what you go for, we hope this article on the best bank in Nigeria to bank with helps you make this critical decision.