In the banking sector, it is common for Lagos banks to provide steady financial services to existing customers, and think up new methods to attract new clients. Every bank in Lagos, has a role to play in keeping the city’s residents well-funded, but are they all worth opening an account with? Our post on the 7 Best Banks in Lagos answers this question.
The Nigerian banking system is maintained and regulated by the Central Bank of Nigeria. It is made up of 21 commercial banks, 860 microfinance banks, 5 discount houses, 64 finance companies, and 5 development finance banks. All the operations of these financial institutions are controlled by the Central Bank of Nigeria.
CBN develops policies and monitors the general banking system, ensuring that banks follow the monetary, FOREX, and credit guidelines. Commercial banks in Nigeria perform three major duties – receiving deposits, disbursing loans, and guaranteeing seamless payment and settlement mechanisms.
While the Central Bank granted operating authorisation to the commercial banks in Lagos we sample in this article, they have gone on to build solid reputations for themselves locally and internationally.
These 7 best banks in Lagos we speak of, are rated based on market value, brand recognition, total assets, number of branches and ATMs, customer satisfaction, and unique things they do for the residents of this city.
How To Choose The Best Banks In Lagos
The Lagos banking industry is dynamic and cutthroat, and there is a bank for every resident. While none of these banks will outrightly scam you of your money, it is still vital that you consider certain factors before choosing a bank. These factors help you make insightful decisions and select a bank that matches your needs and preferences.
When choosing the best banks in Lagos, these are the things you should note:
1. Reputation And Stability
Choose a Lagos bank that is reputable and financially stable. This will guarantee that your funds are safe and that they can fulfill their obligations to you.
2. Products And Services Available
Different banks provide different products and services to clients. Whichever bank you choose, should offer products that suit your financial needs.
3. Customer Support Quality
Banks are meant to be readily available to customers, given that users regularly face banking issues in this country. A good bank has customer support that responds to and resolves issues promptly.
4. Accessible And Easy Banking Channels
Lagos banks provide numerous banking channels like online banking, mobile banking, and ATM services you can use for transactions. These channels shouldn’t just exist but be accessible and easy for clients.
5. Bank Charges
Pick a bank that offers reasonable bank charges that do not dig into your savings or reduce the value of the amount in your account. Ensure that there are no hidden charges as well.
6. Savings Accounts And Loans Interest Rates
Various banks offer varying interest rates on savings accounts and loans. Register with a bank that provides competitive interest rates that increases your returns.
7. Digital Innovation And Security
Banks that commit to digital innovation and security across their platforms are the best at safeguarding transactions and clients’ monies.
8. Support For Entrepreneurs
Small and large business owners will get adequate support from the best banks in Lagos. On this note, keep an eye out for banks with a proven record of supporting entrepreneurs. These banks avail products and services geared towards this cause.
7 Best Banks In Lagos
Banks play an essential role in propelling economic growth and financial stability in Lagos. They offer a variety of financial services that range from fund disbursements, deposit-receipt, lending, payments, and investment services. These operations enable your business to grow, your family to be well-cared for, and the government to finance public projects.
Lagos Banks also oversee international trade and foreign exchange transactions, which are necessary for the city’s spot as Nigeria’s hub for regional and global commerce.
When you’re looking for where to open a savings or current account, consider any of these 7 best banks in Lagos we listed:
1. Stanbic Bank
Stanbic Bank affords customers a vast range of personal, business, and commercial banking products through its numerous branches spread across Lagos and its online banking platforms.
They provide current, savings, domiciliary accounts, personal loans, vehicle and asset finance, small and medium scale enterprise (SME) loans, etc. All to enhance the banking experience of clients.
Stanbic is easily one of the best banks in Lagos, caring for individuals and businesses alike with its retail and business banking products. They also provide self-service channels for convenient banking.
Lagos Branches: Over 180.
2. Guaranty Trust Bank (GTBank)
Guaranty Trust Bank (GTBank) is a multinational financial organization that offers a vast range of market-leading financial products and services to individuals, businesses, and private and public institutions across Africa and the United Kingdom.
Headquartered here, GTBank is unarguably among the best banks in Lagos, with its subsidiaries in Cote D’Ivoire, Gambia, Ghana, Liberia, Kenya, Rwanda, Tanzania, Uganda, Sierra Leone, and the United Kingdom.
Projects in Lagos: GTCO Food And Drink Festival.
Lagos Branches: Over 110.
3. United Bank For Africa (UBA)
The United Bank For Africa has a history that spans 72 years, it ranks among the banks in Lagos and is one of the leading and most popular banks to come from sub-Saharan Africa. This uba bank Lagos has thriving operations in 20 African countries, the UK, USA, UAE, and a representative office in France.
The uba Lagos offers commercial, SME, consumer, and personal banking services to over 27 million customers, delivered through over 1,000 business offices and customer touch points and ample online banking services. Furthermore, the united bank for Africa Lagos avails pension custody and related services.
Lagos Branches: 69.
The Ecobank Group is a full-service banking group with its attention on Middle Africa. It offers wholesale, retail, investment, and transactional banking services to individuals, small and medium-sized enterprises (SMEs), local corporates, multinationals, governments, and financial institutions.
Ecobank is one of the best banks in Lagos, delivering its services through customer-focused Consumer Banking, Commercial Banking, and Corporate and Investment Banking.
Lagos Branches: 63.
5. First Bank Of Nigeria
First Bank of Nigeria Limited, established in 1894, is West Africa’s premier Bank, Nigeria’s number one bank brand, the leading financial services solutions provider in Nigeria, and one of the best banks in Lagos.
With more than 800 business locations in Nigeria, all online and in real-time, first bank Lagos boasts one of the largest domestic sales networks in the country. As a market leader in the financial services sector, this bank, led initiatives in international money transfer and electronic banking in the country, serving 36 million customer accounts.
Projects in Lagos: Donation of LAWMA uniforms.
Lagos Branches: 141.
6. Access Bank
Access Bank is a commercial bank that facilitates and offers profitable, environmentally responsible, and socially relevant sustainable economic growth.
You can access all your access bank Lagos services through easy channels, which gives you a sense of ownership in every area of the bank’s business. Access seeks to build requisite professional and ethical behavioural standards.
Projects in Lagos: Lagos City Marathon.
Lagos Branches: 100.
7. Union Bank
Established in 1917, Union Bank of Nigeria is one of the long-standing and most respected financial institutions in Nigeria, providing a portfolio of banking services to individuals, SMEs, and commercial and corporate clients.
The union bank Lagos has a large geographical network consisting of over 293 service centres and more than 937+ ATMs spread across the Nation, through these, they have remained steadfast in helping individuals, families, and businesses grow for close to a century.
Projects in Lagos: IFC Partnership for small business funding | Union Homes.
Lagos Branches: 72.
Why You Need A Savings Account With The Best Banks In Lagos
There are a lot of reasons why you should open a savings account with the best banks in Lagos. We shared some of them below:
1. Quick Fund
A savings account can give you emergency funds for medical bills, car or home repairs, helping you avoid debt and borrowing.
2. Savings Goals
A savings account helps you track and meet your savings target, this could be to make a down payment on a house, car, vacation, or even retirement fund.
3. Easy Access To Funds
With a savings account in the best banks in Nigeria, you’ll get easy access to your money, unlike with other microfinance banks in Lagos where you wait for a period to gain access to it.
Saving accounts pays interest on the money you deposit. Although the interest rates are low, it is better than saving your money under a mattress or in a current account where it will not yield anything.