Best Nigerian Bank: Top Banks Ranked for Safety and Reliability

In Nigeria’s competitive banking industry, choosing a bank is never easy. Banks compete to offer their customers their best service possible, with an array of financial services, technical advancements, and security. Nonetheless, most of the customers are concerned with safety, capital and customer service. This assessment will address the issues of the best Nigerian banks evaluated by the measures of safety, trust and the services offered to the clients.

Overview of the Nigerian Banking Sector

In the last ten years, this industry has undergone major transformations ever since the Nigerian banks moved from the conventional way of banking to mobile or digital banking. This is primarily supervised by the Central Bank of Nigeria (CBN), which is essential in providing the required capital for the banks, protecting the deposited funds, and ensuring the banks operate within set standards.

Since the wave of consolidation reforms by CBN in the mid 2000s, the asset bases of the Nigerian banks have increased, non-performing loans have reduced, and their global league tables have improved. Today, Nigerian banks provide a wide range of services that are up to international standards, with many of these institutions venturing into the African region and even other parts of the globe. Let’s consider the most reliable rated banks in Nigeria, taking into account the safety provided by these banks.

 

1. Guaranty Trust Bank (GTBank)

Overview

In Nigeria, Guaranty Trust Bank (GTBank) is regarded as one of the most reliable banks offering outstanding services. Established in 1990 and as part of Guaranty Trust Holding Company Plc, GTBank has a strong presence in Nigeria and other African countries like Ghana, Kenya, and Uganda.

Safety and Reliability

For GTBank, security comes first. The bank routinely invests greatly on technology aimed at preventing frauds and breaches. Their digital platforms are popular with online users for being user centric and secure. The significantly high capital adequacy ratio of the’ GTBank enables it to weather economic storms and secure customers’ deposits.

Key Features

Mobile Banking: One of the features that make GTBank stand out among the existing banks in Nigeria is its mobile app and USSD banking services, which enable customers to carry out numerous transactions with ease.

Customer Relations: Customers’ queries and complaints are responded to GTBank, a customer sensitive bank that has won several accolades in relation to customer services.

Investments: GTBank does not lag behind other banks in the competitive Nigerian market in providing customers with modern innovative financial products and they also do this with efficiency towards their corporate clients.

Ratings and Awards

Guaranteed Idol by The Banker for several years in succession

Best Digital Bank in Nigeria by World Finance Magazine

 

2. Zenith Bank

Overview

Zenith Bank, which was established in 1990, has been able to grow to be one of the largest banks in Nigeria with regards to assets as well as customer base. They have carved a niche for themselves in the banking space as a dependable bank that focuses on corporate as well as retail banking. The unique appeal of Zenith Bank dwells in its highly valued services, client-centered offerings, and well-thought-out growth strategy.

Safety and Reliability

Zenith Bank has a reputation of being a financially stable institution and has well capitalized reserves as well as a diversified portfolio. These features, coupled with the bank's comprehensive internal security features, periodic audits, and risk management, make Zenith Bank a strong contender. Besides, its users can stay assured of its dependability since the bank has a wide branch network all over Nigeria.

Key Features

Corporate Banking: For corporate entities, the bank brings to the table the much-needed customer corporate banking specializing services plus strength in such a corporation.

Digital Platforms: Zenith Bank’s mobile app and online banking services have been developed and integrated into the system to enhance customer reliability, as he can enjoy the services from anywhere, at any time.

Investment Opportunities: The bank offers several investment opportunities, such as fixed deposit accounts, investment funds, and many other such investment products, for customers looking to maximize growth.

Ratings and Awards

Best Bank in Nigeria by Global Finance Magazine

Most Customer-Focused Bank by KPMG Nigeria Banking Industry Customer Satisfaction Survey

 

 

3. Access Bank

Overview

Access Bank has recently attracted attention, especially after it consolidated with Diamond Bank in 2019. As a result of this growth, Access Bank became one of the most prominent in Nigeria concerning assets and branch network. Access Bank is well-known for its ardent support of financial inclusion, and it is a preferred bank among its clients regardless of demographic considerations.

Safety and Reliability

Access Bank has demonstrated sound risk management and operational stability. The bank professes to only utilize state-of-the-art fraud detection mechanisms and actively safeguards customers’ personal and account information. The safety of the bank and its reliability is further heightened by its policies as well as its obligation to conform to CBN guidelines.

Key Features

Financial Inclusion Initiatives: Access Bank has multiple programs aimed at the financially sidelined part of the population with more amiable banking services that can be used with ease.

Diverse Loan Products: Access Bank extends margin facilities that include personal margin loans, business margin loans, mortgage margin loans, and other such margin loan products that are relevant for various clients.

Sustainability Focus: The bank is reputed for its sustainability as well as corporate social responsibility activities, which are evident in the bank's pledge to promote the welfare of society.

Ratings and Awards

Africa’s Best Bank Transformation by Euromoney

Global Finance’s Best Bank for Sustainable Finance in Africa

 

4. First Bank of Nigeria (FBN)

Overview

There is no doubt that First Bank of Nigeria has come along way since it’s humble beginning in 1894. With a customer-centric approach and an advanced infrastructure in the banking industry, First Bank of Nigeria has proven to be one of the most reputable banks in Nigeria. Thumbs up to their dedicated ideology and consistency over the years. 

Safety and Reliability

Success comes with dedication, hard work, and hosted deep underwater profits. That’s how First Bank of Nigeria has been able to cater to the requirements of a well-established firm, making it one of the most preferred banks in Nigeria. The conservative policies of the bank have kept it afloat even in the most difficult times, strengthening its reputation. 

Key Features

Largest branch network in Nigeria: Regardless of region, clients can conveniently locate First Bank branches due to the bank’s extensive networks, which span across the continent. Internet Banking Facilities: The bank has also made tremendous progress in the area of brand marketing with the introduction of safer and more convenient online platforms in this technologically driven society. Knowledge of the customer: In order to provide for the security of their clients, First Bank also goes out of the way to provide adequate awareness programs regarding financial literacy and even cybersecurity issues. 

Ratings and Awards

Asian Banker Awards: Best Retail Bank in Nigeria

Global Finance Magazine: Best Bank in Nigeria

 

5. United Bank for Africa (UBA)

Overview

The United Bank for Africa (UBA), which operates in a total of 20 African countries, is a bank with a strong Pan- African focus. It is a bank that remains dedicated to the unbanked and underbanked segments.

Safety and Reliability

The bank executes effective risk management and practices good corporate governance. It is known to be a conservative lender and has good asset quality; therefore, it is regarded as one of the safest banks to keep funds with.

Key Features

Pan African Network: UBA has a cross-border network, and its services can easily be accessed within the continent.

Strong Digital Presence: Tech-savvy customers can enjoy services offered by UBA’s Leo Chatbot banking experience on popular social media platforms.

Financial Literacy Programs: Several UBA programs are aimed at teaching the younger generations about savings, investments, and banking responsibly.

Ratings and Awards

Asian Banker Awards had awarded ‘Best Digital Transformation Initiative in Africa’ to UBA.

The Bank Magazine awarded ‘Pan African Bank of the Year award’ to UBA.

 

6. Fidelity Bank

Overview

Fidelity Bank, which is a mid-tier bank, engages more in retail and SME banking. It has always been among the most customer-oriented banks that operate within the interests of small businesses and individuals.

Safety and Reliability

The combination of Fidelity Bank’s risk policy and decent financial standing assures clients looking for appropriate financial services that their funds are secure with the bank. The bank management remains dedicated to its regulatory compliance and data protection policies.

Key Features

SME Support: The bank also offers SME financing options as well as advisory and training services.

Digital Banking: Fidelity Bank can be accessed through the mobile banking application that is simple and easy to use, while the bank’s website is secure.

Youth and Women Programs: Women and youth are encouraged to borrow the bank’s microloans and invest in other products designed for these demographics.

Ratings and Awards

Winner of the Nigerian Banking Industry Customer Satisfaction Survey for Most Improved Bank in Customer Service

Winner of the Global Banking & Finance Awards for Best SME Bank in Nigeria

 

7. Stanbic IBTC Bank

overview

Stanbic IBTC Bank is a member of the Standard Bank Group and one of the top ranking banks in Africa. It has a notable record of effective corporate governance, well-rounded management of wealth management and focus on offering safe financial solutions.

Safety and Reliability

STANBIC IBTC being a member of the Standard Bank Group possesses good capital support and sound risk management systems. Making all the necessary compliance and control measures is of utmost importance for this bank as it guarantees the protection of customers’ funds and information.

Key Features

Wealth Management Services: Considering the management of wealth of their high-net-worth individuals, stanbic ibtc is very strategic when it comes to providing a variety of wealth management and investment services.

Insurance Products: The bank has a number of useful insurances, such as health insurances and life insurance policies, in order to improve the financial security of the customers.

Corporate Solutions: stanbic ibtc focuses on the provision of highly specialized banking products and and management consultancy services to big corporate organizations.

Ratings and awards

Global finance - Best investment bank in Nigeria

Africa banking awards - Best wealth management bank

 

Conclusion

When there is the option of choosing from various banks in Nigeria, people do not only settle for the one that is convenient; aspects of security and dependability, together with the quality of services, also determine which bank is chosen. Different banks, such as GTBank with its attractive digital products or First Bank with its multitude of branches, have their own distinctive characteristics that vary depending on the bank and what its customers want. Below are the key points from the overview about the safest and most trustworthy banks in Nigeria.

GTBank – best for digital security and mobile banking technology

Zenith Bank - best for integration of corporate and retail management

Access Bank - is best for financial inclusion and giving loans

First Bank of Nigeria - best for dominance and reliability of the branch network

UBA - best for access to pan-African market and policies of financial inclusion

Fidelity Bank – best for utilizing SMEs and offering customer-related systems

Stanbic IBTC – best for managing wealth and offering corporate functions

One may choose a bank depending on the features they prefer, but this is also a guide to help you identify where to invest based on your concerns for safety and quality of service in Nigerian banks.

Read also, Best Course to study in Nigeria.

0 Comments