We use the banking network to do transactions in very far locations. We tend to transfer money for contract agreements, for family, for our relationships, for sponsorships, and many other things, one could think of.
Unfortunately, in Nigeria 2023, banks have created lots and loads of disappointment for their customers, starting from the CBN directive that old notes would cease to be a legal tender, and that only the new notes (200N, 500N and 1000N) can only be used for transactions.
This has caused hardship for Nigerians. POS terminals could charge a customer 5000 naira just for a withdrawal of 10000 naira. This untold hardship has led many people to leave their daily jobs, only to queue in banks the whole day to collect new notes.
Thus, people are left with online transfer transactions – cashless policy. That is, people now resort to making payments through bank apps.
Sadly, some bank systems aren’t responding to the cries of many Nigerians and that’s why this article is geared towards showing you the 7 lists of banks that can still boast of fast transaction processes. Read on to know more about these financial institutions.
7. Zenith Bank
Zenith Bank is one of the fastest Nigerian banks in the transaction network. The bank lets you digitally send money from your bank account to any other bank in Nigeria, and instantly, the beneficiary/receiver gets the money.
Zenith bank has made its mark by offering excellent service, creating unforgettable customer experiences, and showing strong financial performance. The bank won the best banking brand award in Nigeria in 2020 and was also named the People’s Choice Bank of the Decade at the Thisday Awards.
6. Eco Bank
In Nigeria, Ecobank, which was founded in 1986, has close to 600 branches. Of course, this is due to its bank systems having one of the fastest transaction networks in Nigeria.
Having NGN506.17 million as of 2022, this financial company provides its customers wholesale and retail mortgages, savings, investments, payment systems, corporate finance solutions, commercial, and retail banking services.
5. Fidelity Bank
As seen by the increase in deposit accounts generated in the last three years, Fidelity Bank has evolved into one of the best banks in Nigeria, since it was founded and started operating as a merchant bank in 1998, providing good retail digital banking services. It is not surprising that most market women and traders open accounts with this bank.
With over 2.5 million customers, it is hard to overlook the fast financial transactions Fidelity Bank provides to its customers.
4. First Bank
With a yearly revenue of NGN 469.59 billion, the First Bank of Nigeria was established in 1894, thus it is one of the oldest banks in Nigeria. Due to its rapid transaction method, First Bank has 2,600 ATMs and 760 offices in Nigeria.
The Banker magazine of the Financial Times Group named First Bank as the “Best Bank Brand in Nigeria” from 2011 to 2015. First Bank of Nigeria’s gross profit is NGN40.01 billion.
3. Guaranty Trust Bank (GTB)
GTBank, which was established in 1990, boasts of having one of Nigeria’s finest and fastest online transaction systems. Not only does the bank have 8 million customers, but it is also one of Nigeria’s most successful and well-run financial institutions. This is demonstrated by the fact that it has assets worth more than 11.7 trillion Naira and is the largest bank in Nigeria based on market capitalization.
As a result, the bank enjoys a good reputation for being a customer-friendly banking institution.
2. United Bank of Africa (UBA)
UBA formerly known as the British and French Bank Limited, has 1000 branches, 13500 point-of-sale machines, and 1740 ATMs across Africa.
Presently, UBA is one of the biggest financial companies in Africa, providing quick online transaction services in the retail, business, and corporate sectors.
1. Access Bank
In 1998, the Central Bank of Nigeria (CBN) gave a commercial banking permission that established Access bank in Nigeria. Due to the bank’s fast transaction network, many Nigerians subscribe to using the bank’s ATM.
With 317 branches throughout Nigeria and present in the UK, China, the United Arab Emirates, India, and Lebanon, this bank has an NGN381.32 billion turnover as well as an NGN71.4 billion gross profit.
The cashless policy in Nigeria seems to be affecting everyone. Some Banks too, aren’t even helping matters. However, with these few lists of banks with fast network transactions, you’ll be able to make a great decision on which bank to open.