Nigeria Banks - how do you rate them?
Today, most Nigeria banks offer financial services up to an international standard. Nigeria is still largely a cash economy, thus use of credit or debit cards is limited but growing. Cheques take about 3-7 days to clear.
Most banks have a country wide network of branches and also offer Internet Banking. Below is a list of some products or services offered by Nigeria banks that I have found useful.
Domiciliary Accounts – Many banks provide accounts that hold balances in foreign currencies like Dollars, Pounds or Euros. These types of accounts are called domiciliary accounts because they are held by banks in Nigeria but maintained in foreign currencies. Which means that you can deposit, withdraw or transfer funds in foreign currency.
Initial deposits to open dorm-accounts vary between the banks. For example at the time of writing, UBA was $160 while Zenith required $1000. Amounts may also differ between different branches of the same bank. Check with a sales rep for more details.
Card Services – You can get the globally recognized Master card from banks in Nigeria. Minimum balance required to open a Mastercard account with the Intercontinental bank for example, is $150. Beware charges can be high such as $5 per ATM cash withdrawals.
Loans – Banks in Nigeria are willing to lend money provided you have a Nigerian current account which has been active for at least six months and collateral such as property or share certificates.
Find out about
home mortgages in Nigeria.
Stock Brokerage Account – Investors in the Nigerian Stock Exchange have enjoyed spectacular returns of recent. The Banking sector has been the most active. Some banks like Zenith operate stock brokerage subsidiaries, where you can open an account. But they can be very expensive.
Which Bank is the best in Nigeria?
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