Banking in Nigeria has become a great delight due the massive overhaul in the industry in recent years. Gone are the days you put your money in the bank and go home living in constant fear, not knowing what will be the next news and, developing heart attack over your money. Those days are gone for good!
Today, you can work into any Nigerian bank and expect world class services, complete with the beaming faces of smiling and extremely courteous staffs.
There is huge competition among Nigerian banks to out perform one and other and I think this is good for the banking customers because if bank [A] isn’t doing me well, I can easily move my stuffs to bank [B] that offers better services suitable to my need.
However, in the quest to be the best among banks in Nigeria, some are winning while some are getting it all wrong due to factors such as poor customer services, poor internet banking, poor management, and poor facilities in general.
In this list, I’m going to be as objective as possible to rate the banks base on my own perception and that of the general public. Enjoy!
Central Bank of Nigeria
Below is the complete list of banks in Nigeria and how I rate them base on personal experience and service delivery over time.
22. Union Bank – One of the most reliable bank in those days in terms of keeping your money safe. Union bank is among the oldest banks in Nigeria and is still going strong. But banking has gone beyond just keeping money safe! While banks in Nigeria have made huge effort to improve in their service delivery and customer services, this bank seems to prefer the old way.
Though it may be working well for some people for some reasons, Union bank (to me) is not just getting it right these days. Twice I have had reasons to transact business with the bank, and twice I was disappointed. From old staffs looking like pensioners, to 1960 model computer systems and rusty desks – this bank is a “No” for me.
21. Mainstreet Bank – To me, this bank is just a paper bank. Nothing different from the Afribank they took over from. In fact Mainstreet is even worse. Granted, Mainstreet bank may be doing some high profile businesses that we don’t know, such as investment banking but, to average customers like me, they
are nowhere to be found as a bank. Customer cares are none existent and their facilities are extremely poor.
20. Sterling Bank – They recently acquired Equatorial Trust Bank . that’s a good deal and one would expect greater business and big improvement. The bank is doing well in the stock market, posting revenue of NGN 45.17 billion 2011 financial year. But what is the average customers business with that? Only the investors cares about the revenues!
I visited one of the popular branch to open a business account recently. The first person I asked directed me to a man who took me upstairs and asked me to wait. I waited endlessly for about 40 minutes while the man chat around with other staffs. When I got tired, I just took my leave the way I came. Another customer lost on a platter of gold due to carelessness of ill-trained staffs.
19. Savanna Bank – Nothing much can be said about this bank since they are yet to recommence full banking operation after the restoration of their operational license that was withdrawn years ago. So let’s wait until they are fully into the market. But judging from what happened last time in business, people would always be a little skeptical with Savanna bank this time, at least for now.
18. United Bank for Africa – Probably one of the biggest bank in Africa and they have been around for a very long time. Got into the new generation platform when they merged with Standard Trust Bank in 2005. In those days, Standard Trust Bank used to be the king in Nigerian banking circle. So, it’s natural that people flowed with Standard Trust Bank to UBA.
UBA is still doing their very best to remain on top of the game, like introducing new products and all that, but I think their best is not too good enough. I opened a current account with them in 2008 and my account got compromised within days due to pure carelessness and complacency from UBA. Though my money was refunded, I was never happy with that level of carelessness and inefficiency.
Again, a mischievous client could just pay money into your account, transact business with you and call UBA on phone that he has been duped and UBA will freeze your account instantly without any verification or contacting you in anyway. It happened to me and I am sure it has happened to many customers out there.