An Evaluation of Banks in Nigeria
To avoid surprises when checking a bank statement, one should carefully choose the bank that fits best their needs, whether it’s to get a mortgage, open a savings account, apply for a personal loan, or corporate banking services. Everything comes down to making the best decision when looking for a reliable financial institution. With so many options available, selecting an account type, let alone a bank, is not always simple. Based on results from Google Seller Ratings’ aggregated rating and review system that have been made publicly available, this StarInsights report analyses the banking industry in Nigeria.
Banking Industry Overview
According to the Nigerian Banking Sector report, around 133.5 million active bank accounts and 120 million savings accounts made up the total number of accounts in the country as of 2021. There has been an increase in the trend of offering products and service locations to make access to banking services easier. (Doris Dokua Sasu: 2022)
In Nigeria, there are a number of banks that advertise that they provide the best services possible, including low transaction fees, quick loans with low interest rates, straightforward withdrawal and deposit procedures, high-interest rates on savings, and high-interest rates on loans. As such, one might be interested in finding the best commercial banks to provide banking services to a business, as an individual, or maybe seeking a bank offering a home loan with the lowest bank charges possible.
There are some interesting tips on how to choose a bank account, as well as on how to choose a bank for whichever service. Banking has evolved over time for both individuals and businesses, with internet and mobile banking advancing creativity and convenience. As a result, it is less important to compare banks based on fees, rates, technology, and accessibility because there are new factors that are essential to take into account when choosing a bank.
Online reviews unquestionably provide a great deal of assistance to customers in selecting the best bank because they highlight the positive and negative aspects of the banking industry. Thereby making it simple to facilitate your decision-making. Reading reviews written by actual customers is the best way to discover what to stay away from, what to look out for, and what to anticipate. With the right information, you can open a bank account that perfectly suits your requirements and financial constraints.
Here is a list of Nigeria’s top-rated and reviewed financial institutions that you can trust for both your personal and business finances after conducting extensive research to assist you in selecting a respectable bank in Nigeria today.
Top-rated banks in Nigeria
| Bank | Rating | Number of Reviews |
| Access Bank (Head Office) | 4.6 | 474 |
| Zenith Bank (Head Office) | 4.6 | 28 |
| Sterling Bank (Head Office) | 4.4 | 67 |
| Central Bank of Nigeria | 4.4 | 37 |
| GT Bank | 4.4 | 20 |
| WEMA BANK | 4.4 | 9 |
| Fidelity Bank Plc | 4.3 | 310 |
| Guaranty Trust Bank | 4.3 | 51 |
| Jaiz Bank Plc | 4.3 | 15 |
| Union Bank (Head Office) | 4.2 | 115 |
Most-reviewed banks in Nigeria
| Bank | Number of Reviews | Rating |
| Access Bank (Head Office) | 474 | 4.6 |
| Fidelity Bank Plc | 310 | 4.3 |
| Union Bank (Head Office) | 115 | 4.2 |
| First Bank (Head Office) | 83 | 4.1 |
| Sterling Bank (Head Office) | 67 | 4.4 |
| Guaranty Trust Bank | 51 | 4.3 |
| Central Bank of Nigeria | 37 | 4.4 |
| UBA Bank | 36 | 4.2 |
| Zenith Bank (Head Office) | 28 | 4.6 |
| Stanbic Ibtc Bank, Nigeria | 20 | 4.2 |
From the above-tabulated findings, Access Bank Nigeria leads all banks in both categories with a 4.6-star rating from 474 reviews. Due to the fact that they have a high rating and the best reviews, this is a very desirable feature, and their results are all the more impressive.
Kudos to the CEO’s and executive teams of the above-listed Banks for taking a customer-centred approach that enables trust in their brand. In this increasingly competitive business, these banks recognized that gaining favourable evaluations and maintaining high customer satisfaction ratings is critical to success. Other listed banks do have a notable rating, it is, however, important to understand that more reviews mean more business, sales, and growth.
Recommendations and Conclusions
With such an outcome shown above, eKomi wants more businesses to be aware of the correlation between online star ratings and sales. It has been revealed that customers have access to more resources and are more likely to locate a product that meets their specific needs. Therefore, a collection of reviews remains the best vehicle to rise up to the top rank for any business.
If other Banks haven’t been collecting customer reviews, now is the time to get started. These reviews are powerful marketing tools that can greatly benefit your organization in the long run. Numerous businesses from numerous industries have benefited from eKomi’s good evaluations and high search engine rankings, which have helped the company’s bottom line. eKomi will essentially increase this sector’s exposure while reducing its risk.