Home » Five Best Banks In Nige­ria 2020 To Open A Bank Account
Best banks in Nigeria 2019

Five Best Banks In Nige­ria 2020 To Open A Bank Account

Are you look­ing for the best banks in Nige­ria 2020 to open a bank account, you need not to wor­ry as i’ve pro­vid­ed you with what you need­ed, on this unbi­ased post. This post is strict­ly writ­ten, based on the num­ber of banks that i’ve done busi­ness with, and also my friends and fam­i­ly.

I’m writ­ing this post which is the best banks in Nige­ria 2019 to open a bank account, and i’m lay­ing empha­sis on sav­ings account.

Please note that the cri­te­ria i used is based on the com­pa­ny rev­enue and assets, the cus­tomer ser­vice, and also the bank­ing ser­vices giv­ing to the bank cus­tomers.

How­ev­er, i’m not ful­ly depen­dent on the cus­tomer ser­vice pro­vid­ed by the var­i­ous banks we in Nige­ria.

For exam­ple, you will see some­one in Oshog­bo com­plain on how bad the zenith bank cus­tomer ser­vice is, and some­one in Enugu say­ing that Zenith bank has the best cus­tomer ser­vice in Nige­ria.

So in terms of good cus­tomer ser­vice, it dif­fer from loca­tion to loca­tion or the bank branch, and also the MD in charge of that par­tic­u­lar branch or loca­tion.

I will focus more on the ser­vices pro­vid­ed by the banks we have, and these includes inter­est rates, mon­ey trans­fer, wire trans­fer, exchange rate, apply­ing for a loan, atm ser­vices etc and last­ly the bank rev­enue or total assets.

The Best Banks in Nige­ria 2020

Now the ques­tion goes, what are the best banks in Nige­ria 2020, and the unbi­ased list goes below;

Best banks in Nigeria 2019

1. The First Bank Of Nige­ria

Found­ed in 1894 | Good cus­tomer ser­vice | Gives inter­est on sav­ings | Good Exchange Rates | Good mobile bank­ing ser­vices | Good inter­net bank­ing ser­vices 

Yes they are the num­ber one best bank in Nige­ria and you should­n’t doubt it. In terms of bank ser­vices, First bank of Nige­ria  pro­vides a top notch ser­vice to its cus­tomers.

For exam­ple, if you want to receive mon­ey from abroad to your local bank account, with first bank it will only take a dura­tion of one to two days, whilst oth­er banks might take up to five work­ing days.

Not only that, first bank is the very first bank that issue their cus­tomers with their naira or even dol­lar deb­it or cred­it card(atm card) the very first day you opened an account with them.

Oth­er banks will ask you to come in two weeks in time for your atm card col­lec­tion. Is so dif­fi­cult to expe­ri­ence atm dis­pense error with the bank, it does hap­pen but very rare to see.

In terms of inter­est on sav­ings account, i’m pleased to tell you that first bank do give their cus­tomers inter­est on their sav­ings account, but the rate is usu­al­ly poor unl you have a good sum amou of mon­ey with them.

But at least it is some­thing com­pared to oth­er banks that don’t offer such at all.

In terms of cus­tomer ser­vice, i will rate them 910 based on the num­ber of loca­tions and branch­es i’ve vis­it­ed so far.

When i request­ed for a hard copy of my state­ment of account, they real­ly treat­ed me well and filed it with a clean and strong first bank enve­lope. The reverse was the case, when i made a request for a hard copy of my account state­ment with gtbank.

First bank of Nige­ria mobile bank­ing is very good, of recent, i haven’t had any issues buy­ing air­time or inter­net data, pay­ing for util­i­ties or trans­fer­ring mon­ey from my account to anoth­er bank.

I’m sor­ry to say this but zenith bank *966# is very awful, one can’t use it in the night or mid­night, not until day break( by 8 or 9am in the morn­ing).

In terms of exchange rates, be it dol­lar, pounds, euro etc, it is quite okay. If you’re buy­ing or sell­ing your for­eign cur­ren­cy, the dif­fer­ence isn’t that much.

For exam­ple if you want to change your for­eign cur­ren­cy (dol­lar) using gtbank, the bank gives you N358.5 per dol­lar. But in the case that you want to make a pay­ment in dol­lars, the bank charges N365 per dol­lar.

First bank of Nige­ria gives you N359 or N360 per dol­lar if you’re sell­ing your dol­lar, and N365 per dol­lar if you are buying(making pay­ment in dol­lar).

Dont Miss!!!   Bank Charges In Nigeria 2020 By The Central Bank

In apply­ing for a loan with first bank isn’t that bad, and i applied using my salary account. It was quite easy and did­n’t even require a grantor.

Accord­ing to Wikipedia, first bank of Nige­ria has a net income of N13,588,000,000 and a total assets of N4,514,789,000,000 respec­tive­ly.

2. Guar­an­ty Trust Bank

Found­ed in 1990 | Aver­age cus­tomer ser­vice | Good mobile bank­ing ser­vices | Aver­age Exchange rate | No inter­est on sav­ings account 

In as much that Gtbank is a new gen­er­a­tion bank, it deserves to be on the num­ber two on the best banks in Nige­ria 2020. The bank is real­ly wax­ing strong and def­i­nite­ly on the top five banks we have in this coun­try.

Guar­an­ty trust bank is one of the bank that offers free open­ing of domi­cil­iary account in Nige­ria. The likes of first bank will ask you to deposit the sum of $100 before cre­at­ing your domi­cil­iary account.

Open­ing a sav­ings account with gtbank is so cheap, will only cost you a thou­sand and five hun­dred which is used in cre­at­ing your naira deb­it card(atm card).

Gtbank is one of the bank that you can with­draw all your whole mon­ey, leav­ing your account N.00.

When it comes to mobile bank­ing ser­vices, both the *737# and the mobile app are top notch, even in the mid­night, you can still buy air­time or data, make pay­ment or trans­fer mon­ey with­out hitch­es.

The trans­fer charges are quite okay com­pared to oth­er banks.

Gtbank don’t offer any inter­est rates on sav­ings accounts unless you have mil­lions in your bank account. Well this is the case with most banks in Nige­ria.

In terms of cus­tomer ser­vice, i always pre­fer using the online plat­form to con­tact the cus­tomer ser­vice rep­re­sen­ta­tive and they reply swift­ly.

Peo­ple do always com­plain about their bad cus­tomer ser­vice in their branch­es, well this depend on one’s loca­tion cause their branch in Enugu has a good banker-cus­tomer rela­tion­ship com­pared to their branch in Ower­ri or even the one in maita­ma Abu­ja.

The very day i had atm dis­pense error, did­n’t both­er going to the bank but rather con­tact­ed Gtcon­net and it was resolved imme­di­ate­ly.

Not only that, when i had issues with online pay­ment that did­n’t go through but i was deduct­ed, con­tact­ed Gtcon­net and they reversed my mon­ey back with­in five work­ing days.

In terms of apply­ing for a loan through gtbank, i must tell you that i haven’t tried that at all. Though i a friend of mine once did and there was no issues, even though the inter­est accrued was much.

In terms of exchange rates, they bank tried though some oth­er banks offer a good amount of rate com­pared to guar­an­ty trust bank. But what i don’t real­ly like is the delay in receiv­ing funds from abroad.

For exam­ple if you have some­one send­ing mon­ey to you from the UK or the US, with gtbank, it usu­al­ly takes up to five work­ing days, while some banks will give you a dura­tion of two days.

What i hate about the bank is not issu­ing cus­tomers their atm card on time. A cus­tomer will wait for a whop­ping two weeks in order to get his or her atm and in the case that the cus­tomer trav­elled up to a month, he or she will have to pay for a new atm card.

Accord­ing to Wikipedia and Forbes, Guar­an­ty Trust Bank total asset is a whop­ping ₦ 3.16 Tril­lion dat­ed back in 2016, and i bet will triple in 2020.

When you mul­ti­ply bank charges in the name of mon­ey trans­fer, card main­te­nance, month­ly sms charges by five mil­lion, why would­n’t the bank have a huge asset.

3. Zenith Bank (Third best bank in Nige­ria)

Found­ed in 1990 | Poor cus­tomer ser­vice | Aver­age mobile bank­ing ser­vices | Good exchange rate | No inter­est on sav­ings account

Zenith bank  being on the top three is just the bit­ter truth, in as much i do real­ly detest this bank, espe­cial­ly the poor ser­vices offered to their cus­tomers.

Hav­ing looked at the oth­er banks, there’s no doubt that Zenith bank should be in the top three of the best banks in Nige­ria 2020 .

Please when i say that i detest the bank isn’t based on my biased opin­ion, cause the bank offers the worst cus­tomer ser­vice i’ve ever seen, both offline and online.

Dont Miss!!!   Can Savings Account Be Used As A Salary Account

The mobile bank­ing both the ussd code and mobile app always have net­work issues. You can’t make use of them in the ear­ly hours of the day or even in the night which can be real­ly annoy­ing.

The bank mobile bank­ing 247 avail­able to cus­tomer is a com­plete farce.

Like oth­er banks, they don’t offer any bit of inter­est on sav­ings, no mat­ter the amount you have with them, unless you go for a fixed deposit.

Get­ting a loan from the bank can be easy but the inter­est charged is times fifty of what they offer in a fixed deposit account.

Zenith bank is the only bank i’ve seen that always have issue of net­work prob­lem. You go to the atm to make with­draw­al, and boom net­work issue, you go inside the bank and they will also tell you that they are hav­ing a net­work issue.

Get­ting my bvn from them was hell, it took me almost two weeks before they pro­vid­ed me with that, rea­son that they were hav­ing net­work issues.

The rea­son why Zenith bank is on the top three of the best banks in Nige­ria is because a cus­tomer’s account and mon­ey is very safe, the bank have come to stay and they can’t expe­ri­ence liq­ui­da­tion espe­cial­ly with the bank total asset which is N5,898,596,000,000 accord­ing to Forbes and Wikipedia.

4. Unit­ed Bank For Africa (UBA)

Found­ed in 1949 | Aver­age cus­tomer ser­vice | Good mobile bank­ing ser­vices | Good exchange rate | inter­est on sav­ings account 

One of the old­est bank we have in Nige­ria and they are still wax­ing strong. The num­ber four on the list of best banks in Nige­ria 2020 is the unit­ed bank for Africa pop­u­lar­ly called UBA .

One of the banks that offers inter­est on sav­ings accounts, though very lit­tle inter­est rate. The high­er the amount you have with them, the high­er the inter­est rate the bank will offer to you.

The bank offers good and poor ser­vices to their cus­tomers, and both their mobile bank­ing or even inter­net bank­ing ser­vices is always avail­able to the cus­tomers.

Once had an account with them and did­n’t expe­ri­ence any hitch­es like net­work issues with the bank.

Receiv­ing mon­ey from abroad with your uba account is stress free, just a mat­ter of three work­ing days and you will receive a cred­it alert. Local mon­ey trans­fer is so easy with the bank, both on their mobile app or their ussd code, and you can make pay­ments like elec­tric­i­ty or dstv/​Gotv etc with­out hav­ing issues.

You can also send mon­ey from your local bank account to some­one abroad through mon­ey­gram on UBA with­out much stress, and their exchange rate is quite okay.

Gen­er­al­ly, UBA is quite good just that their workers(bankers) can be a lot mis­chie­vous and if you’re a novice, they can play you. Can’t for­get my expe­ri­ence with the bank in 2014, when i want­ed to close an account with up to N2.5M.

They banker on duty near­ly cunned me, request­ing for N20k charges, but for the fact that i’ve been in the game too, he did­n’t suc­ceed.

Being one of the old­est bank in Africa and Nige­ria, as it was found­ed in 1949, there’s no way the bank will crum­ble.

The bank is not just only in Nige­ria, but rather oth­er African coun­tries like Ghana, Benin Repub­lic, Côte d’Ivoire, Burk­i­na Faso, Guinea, Chad, Cameroon, Kenya, Gabon, Tan­za­nia, Zam­bia, Ugan­da, Liberia, Sier­ra-Leone, Mozam­bique, Sene­gal, Con­go DR, Con­go Braz­zav­ille and Mali.

5. Access Bank

Found­ed in 1989 | Good cus­tomer ser­vice | Good exchange rate | Good Mobile bank­ing ser­vices | No inter­est on sav­ings account

The fifth on the list of top best banks in Nige­ria 2020 is the Access bank plc . Real­ly came to a shock when i learnt that the bank is buy­ing dia­mond bank, hav­ing bought inter­con­ti­nen­tal bank in 2011.

Access Bank is present­ly one of the five largest banks in Nige­ria in terms of assets, loans, deposits and branch net­work.

The merg­er of Access Bank and Dia­mond Bank on 1 April 2019 has made Access Bank the largest bank in Africa. Many dia­mond bank cus­tomers are miss­ing the bank, but i think access bank added more val­ue to it.

Dont Miss!!!   All Gtbank Sort Code For All Branches In Nigeria

I try to under­stand peo­ple say­ing that the bank are the worst in terms of cus­tomer ser­vice, cause their branch­es that I’ve been to, treat­ed me very well. What i will say a good banker-cus­tomer rela­tion­ship.

Maybe it depends on the loca­tion and the bank branch, but gen­er­al­ly their cus­tomer ser­vice is very good, start­ing with the secu­ri­ty men on the gate to the bankers on duty.

Access bank is one of the best bank that offers a good amount in terms of exchange rate, they offer up N360 per dol­lar com­pared to gtbank or even zenith bank that offers N358.5 per dol­lar.

If you’re mak­ing online pay­ment or wants to pay for a prod­uct in dol­lar, they charges N363 per dollar(though it changes per hour).

Their mobile bank­ing ser­vices is okay, both the ussd code, mobile app or even the inter­net bank­ing ser­vice. They indeed offer 247 mobile bank­ing ser­vices to their cus­tomers and receiv­ing mon­ey from abroad to your access bank account does­n’t take time.

A long dura­tion of three to four work­ing days, else you know there’s an issue with the trans­fer.

They bank does­n’t offer any inter­est on sav­ings account, and their fixed deposit isn’t for a poor man. The min­i­mum fixed deposit is one mil­lion naira and the rates aren’t quite inter­est­ing either.

What i do hate about the bank is the hid­den charges. Once i’ve been deduct­ed for no rea­son, con­tact­ed their online ser­vice provider and there was no response, had to head straight to the bank and real­ly showed my tem­per.

Can’t imag­ine the bank tak­ing 5k from my account and call­ing it a mis­take and where­as it isn’t the first time.

The bank was fond of deduct­ing N100 or even N200 from my account, and after series of com­plaint, i closed the account. Well i’m back to access bank thanks to dia­mond bank and i’m real­ly mon­i­tor­ing my account bal­ance every day.

Found­ed in 1989, i will say that it will be hard for the bank to enter liq­ui­da­tion, hav­ing merged with inter­con­ti­nen­tal bank and dia­mond bank.

The bank has a total asset of NGN4.552 tril­lion (2018) and this will def­i­nite­ly triple in 2019.

These are the top five best banks in Nige­ria 2020 , but there are oth­er banks that are very good and you can open an account with them. They are as fol­lows;

1. The Fideli­ty bank plc 

The bank was found­ed in 1988, and the bank has indeed grown into a sta­ble and respectable bank­ing insti­tu­tion. Accord­ing to the Forbes and the Wikipedia, the bank has a total assets esti­mat­ed at over US$4.2 bil­lion (NGN:1.4 + tril­lion), and share­hold­ers’ equi­ty in excess of US$610 mil­lion (NGN:203 bil­lion) dat­ed back in 2017.

They bank has a good banker cus­tomer rela­tion­ship and their ser­vices is real­ly a good one. Open­ing an account Fideli­ty bank  should­n’t give you a sec­ond thought, you can go ahead if you want to and you would­n’t regret it.

2. First City Mon­u­ment Bank (FCMB)

FCMB  is one of the bank we have in Nige­ria that is real­ly try­ing hard to be the best, and i must say that they are indeed achiev­ing it. Right now in 2020, the bank boost of mil­lions of bank cus­tomers and their rev­enue have indeed increased over the years.

Bank­ing with FCMB isn’t a bad one, their exchange rate is the best, very fast mon­ey trans­fer both inter­na­tion­al and local, and their cus­tomer ser­vice is good.

Apart from these two, you can open an account with Polaris bank, Union bank and Eco bank as well. These three banks espe­cial­ly the Eco bank and Union bank are indeed good to have an account with.

This is where i draw the cur­tain on the best banks in Nige­ria 2020, and please if you have any sug­ges­tions or more to add to this, i will be very grate­ful thanks.

Leave a Reply

Scroll to Top
%d bloggers like this: