As the commercial hub and economic powerhouse of Nigeria, Lagos is home to a thriving banking industry. With over 20 banks operating in the city, choosing the right bank can be a daunting task, especially for new residents or visitors. In this article, we’ll explore the key factors to consider when selecting a bank in Lagos and highlight some of the best banks in Lagos, based on factors such as customer service, digital banking services, interest rates, and tailored support for small businesses.
Best Banks in Lagos
One of the most important factors to consider when selecting a bank is the quality of customer service that the bank provides. Good customer service helps to ensure that you can easily access your funds, resolve any issues that may arise, and receive timely and helpful support when you need it. Here are some of the best banks in Lagos based on their customer service:
1. First Bank of Nigeria
First Bank of Nigeria is one of the oldest and most trusted banks in the country. With over 120 years of banking experience, the bank has built a strong reputation for excellent customer service and support. First Bank has a large network of branches and ATMs in Lagos, making it easy and convenient for customers to access their funds and engage with the bank.
In addition to its excellent customer service, First Bank is also committed to giving back to the community. The bank has several corporate social responsibility initiatives aimed at supporting education, healthcare, and the environment. For example, the bank’s FutureFirst program provides financial literacy and entrepreneurship training to young people, helping to equip them with the skills they need to succeed in life.
2. Guaranty Trust Bank (GTB)
Guaranty Trust Bank, commonly known as GTBank, is another leading bank in Lagos, known for its innovative digital banking solutions and exceptional customer service. The bank has won several awards for its customer service and is renowned for its responsiveness and efficiency in resolving customer complaints or issues.
GTBank is also committed to promoting sustainability and social responsibility. The bank has implemented many initiatives aimed at reducing its environmental footprint, such as using renewable energy sources and promoting paperless transactions. GTBank also supports multiple community development projects, such as building schools and providing access to clean water.
3. Zenith Bank
Zenith Bank is a customer-focused bank that prioritizes customer satisfaction and experience. The bank has invested in advanced technology and digital banking channels to enhance convenience and accessibility for its customers, while also providing personalized support and assistance through its customer service channels.
Zenith Bank is also committed to promoting financial inclusion and empowering small businesses. The bank’s SME lending program provides financing and business support services to small and medium-sized enterprises, helping to drive economic growth and job creation in Lagos and beyond.
4. Access Bank
Access Bank is a customer-centric bank that caters to the diverse financial needs of individuals and businesses in Lagos. The bank has a large network of branches and ATMs in the city, as well as a robust digital banking platform that enables customers to access their funds and carry out transactions from anywhere, at any time.
Access Bank is also committed to promoting sustainability and social responsibility. The bank has implemented some initiatives aimed at reducing its environmental impact, such as promoting renewable energy and reducing waste. Access Bank also supports many community development projects, such as building schools and providing access to healthcare.
5. United Bank for Africa
United Bank for Africa (UBA) is another leading bank in Lagos that prides itself on providing excellent customer service and support. The bank has a strong track record in supporting small businesses and entrepreneurs, offering tailored financial solutions and guidance to help them grow and thrive.
UBA is also committed to promoting financial inclusion and empowering women. The bank’s Women’s Banking program provides access to finance and business support services to women entrepreneurs, helping to close the gender gap in entrepreneurship and drive economic growth and development.
6. Ecobank Nigeria
Nigerian commercial bank Ecobank Nigeria Limited, also known as Ecobank Nigeria, was founded In 1989. It functions as a universal bank, offering its clients in the Nigerian market wholesale, retail, corporate, investment, and transaction banking services.
Retail banking, wholesale banking, and Treasury & Financial Institutions make up the bank’s three main operational segments. This 1986-founded bank has an NGN506.17 billion in revenue. This bank was a division of the Ecobank Transnational Inc., an all-African financial conglomerate. It offers services in corporate banking, capital markets, retail and wholesale banking, and investment banking. This bank has close to 600 locations.
7. Fidelity Bank
This 1987-founded bank specializes in SMEs, specialist corporate banking, retail, and electronic banking. This bank, which has 240 offices, 774 ATMs, and 4046 point-of-sale machines, received its universal banking license in 2001. As part of the 2005 banking consolidation in Nigeria, Fidelity Bank of Nigeria purchased FSB International Bank Plc (“FSB”) and Manny Bank Plc, growing to become one of the country’s most financially secure banks. With tier-one capital of around $1 billion (One Billion US Dollars), Fidelity remains one of Nigeria’s best-capitalized banks.
Fidelity Bank Plc. had estimated total assets of about US$4.2 billion (NGN:1.4 + trillion) as of December 2017 and shareholders’ equity of over US$610 million (NGN:203 billion).
8. Union Bank of Nigeria
Nigerian commercial bank Union Bank of Nigeria Plc. Since 1917, it has operated in Nigeria. Early in 2022, Titan Trust Bank purchased Union Bank in a highly contentious $200 million deal that was partially financed by Afriexim Bank.
This organization, formerly known as Colonial Bank, conducts business with large enterprises, SMEs, and retail and commercial banks. It has 4.3 million customers and more than 2,700 staff. This bank has 7000 POS terminals, 950 ATMs, and 300 sales and service locations. This bank reported revenue of NGN157.57 billion and net income of NGN13.18 billion for the year 2017.
Closing Thoughts on the Best Banks in Lagos
Choosing the right bank in Lagos can be a vital decision with significant implications for your financial well-being and success. By considering factors such as customer service, digital banking services, interest rates, and tailored support for small businesses, you can make an informed decision and select a bank that meets your specific needs and preferences.
Frequently Asked Questions on the Best Banks in Lagos
What to look for when choosing a Bank in Lagos?
In addition to customer service, you should also consider other factors such as interest rates, loan facilities, digital banking services, and branch and ATM networks when selecting a bank in Lagos. Let’s explore some of these factors in more detail:
Interest Rates on Savings and Fixed Deposit Accounts
Interest rates on savings and fixed deposit accounts can vary significantly among banks in Lagos. Some banks offer higher interest rates than others, depending on factors such as the size of the deposit, the term of the deposit, and the type of account. It’s important to compare interest rates and choose a bank that offers competitive rates and favorable terms.
Loan and Credit Facilities
Whether you are a salary earner, a self-employed individual, or a business owner, you may need loans or credit facilities from time to time. Banks in Lagos offer a range of loan products, including personal loans, home loans, auto loans, and business loans. It is essential to compare the interest rates, fees, and repayment terms of different loan products and select a bank that offers the most favorable terms.
Digital Banking Services
With the rise of digital technology and the increasing need for convenience and accessibility, many banks in Lagos have invested in advanced digital banking channels such as mobile banking, internet banking, and USSD banking. These channels enable customers to access their funds, make payments and transfers, and carry out other transactions from anywhere, at any time. It is important to choose a bank that offers a robust digital banking platform with adequate security measures to protect your funds and personal information.
Branch and ATM Network
The accessibility and convenience of banking channels such as branches and ATMs also play a critical role in choosing a bank in Lagos. The location and density of branches and ATMs can make a significant difference in terms of ease of access and cost of transactions. Make sure to choose a bank with a wide and well-distributed branch network and a sufficient number of ATMs in your area.
How many banks are in Lagos?
The banking industry in Nigeria is one of the largest in Africa, with over 20 commercial banks operating in Lagos. These banks range from local banks to international banks with a presence in Lagos. The industry is highly competitive, with banks constantly innovating to provide better services and products to their customers.
With a population of over 20 million people and an estimated GDP of $136 billion, Lagos is a major economic powerhouse not only in Nigeria but in the entire West African region. Its vibrant business environment attracts investors, entrepreneurs, and multinationals seeking to tap into the vast opportunities within and beyond Nigeria. It is no surprise, therefore, that Lagos is home to a robust banking industry that caters to the diverse financial needs of individuals and businesses alike.
The Role of Banks in Lagos’ Economy
Banks play a critical role in driving economic growth and financial stability in Lagos. They provide a range of financial services, including deposit-taking, lending, payments, and investment services, that enable businesses to grow, households to save and invest, and the government to finance public infrastructure projects. Banks also facilitate international trade and foreign exchange transactions, which are essential for Lagos’ position as a hub for regional and global commerce.
Moreover, banks in Lagos are actively involved in corporate social responsibility initiatives that benefit communities and promote sustainable development. For instance, some banks have established foundations that support education, healthcare, and environmental conservation programs in Lagos and other parts of Nigeria.
How to choose the best bank in Lagos?
When selecting a bank in Lagos, it is important to consider several factors, such as:
- The bank’s reputation and stability: It is crucial to choose a bank that is reputable and financially stable. This ensures that your money is safe and that the bank can meet its obligations to you.
- The range of products and services offered: Different banks offer different products and services. You should choose a bank that offers the products and services that meet your financial needs.
- The quality of customer service and support: Good customer service is essential when dealing with a bank. You should choose a bank that provides excellent customer service and support.
- The accessibility and convenience of banking channels: Banks offer various banking channels, such as online banking, mobile banking, and ATM services. You should choose a bank that provides convenient and accessible banking channels that suit your lifestyle.
- The fees and charges associated with various transactions: Banks charge fees for various transactions. You should choose a bank that offers reasonable charges that do not erode your savings.
- The interest rates on savings accounts and loans: Interest rates on savings accounts and loans vary across banks. You should choose a bank that offers competitive interest rates that maximize your returns.
- The bank’s commitment to digital innovation and security: In today’s digital age, it is important to choose a bank that is committed to digital innovation and security. This ensures that your transactions are safe and secure.
- The bank’s track record in supporting small businesses and entrepreneurs: If you are a small business owner or an entrepreneur, you should choose a bank that has a track record of supporting small businesses and entrepreneurs. Such banks offer tailored products and services that meet the unique needs of small businesses.
By considering these factors, you can make an informed decision and choose a bank that meets your specific needs and preferences. Lagos’ banking industry is dynamic and competitive, and there is a bank for everyone.
