List of the Private and Public Banks in Nigeria

A bank is a financial institution where people or businessmen and women keep their money and other valuable things such as jewelry, certificate, will, agreement, deeds, and so on. There are types of banks namely commercial banks, non-interest banks, microfinance banks, merchant banks, and online microfinance banks.

E-banking or Online banking is an electronic bank that makes use of computers in buying and selling goods and services through the use of the Internet. Customers will just get registered with the bank of their choice with the help of the use of a password. Then they will be able to buy and sell, check the balance in their account, download bank statements, and transfer money to settle whosoever they might have owed.

Functions of banks

• Acceptance of deposit: Banks accepts cash deposit from customers who wish to save part of their excesses with them. This will help businessmen and women provide for the day of scarcity.
• Provision of credit facilities such as overdrafts and loans: The bank gives loans and overdrafts to its customers to meet up with the challenge of the hour business, wise.
• Assistance in the foreign exchange transaction: It helps in buying and selling goods and services that take place outside the country, i.e. foreign exchange.
• Foreign transfer: It helps in the transfer of money from one country to another and so on.
• Advising customers: Technical advice is always given to customers on business investment when necessary.
• Agent of payment: Bank helps to keep the valuables of customers to collect and pay cheques and drafts.
• Keeping of valuables: It also helps to keep the valuables of customers such as jewelry, wills, certificates, etc.
• Issuance of traveler’s cheques: It helps to issue this type of cheque to those who are traveling out of the country.

Advantages of the e-banking system

• E-banking reduces time wasted in queues to collect money.
• It removes the risk of carrying raw cash here and there. One can decide to withdraw the only amount needed just to avoid failing victims of arm robbers.
• Payment of subscriptions such as recharge cards, NEPA bills, and TV cable is very easy now.
• It gives opportunity to customers to check their balances at will and with ease – no more stress.
• A readymade bank statement is always available to customers.
• It reduces wastage financially – customers are withdrawing for their present needs and give no room for unnecessary withdrawal.

Disadvantages of the e-banking system

• The type of this bank is the list of online microfinance banks and all e-banks at our commercial banks. Let us consider the list of banks in sections.

Commercial Banks authorized internationally

Access Bank Plc: Access Bank both has physical and Internet International authorization in Nigeria, You can read them more through their site.

Fidelity Bank Plc: Fidelity Bank both have physical and Internet International authorization in Nigeria, You can read them more through their site.

First City Monument Bank Limited: FCMB is a bank that has international authorization in Nigeria. You can search for it more online.

First Bank of Nigeria Limited: First Bank is the first bank in Nigeria and it is proud of its transparency and good work. The bank also has international authorization.  You can still search for it to learn more.

Guaranty Trust Bank Plc: Guaranty Trust Bank is a good bank that has helped Nigerians. Their services are good. The bank has International authorization in Nigeria. You can search for them online.

Union Bank of Nigeria Plc: Union Bank is a bank with International authorization. It is one of the oddest banks in Nigeria. You can search for more information about it.

United Bank for Africa Plc: United Bank for African Plc is an African Bank with international authorization. It is one of the oldest banks in Nigeria.

Zenith Bank Plc: Zenith Bank is another bank authorized internationally. The bank has served many people in Nigeria and abroad.

Commercial Banks are authorized nationally.

The following banks are banks that are nationally authorized. If not all, most of them are international banks that came to establish in Nigeria. Nigeria accommodated them and their services for Nigerians. Many Nigerians do not know that these banks are international banks. But we patronize them.

• Citibank Nigeria Limited
• Ecobank Nigeria
• Heritage Bank Plc
• Keystone Bank Limited
• Optimus Bank Limited
• Polaris Bank Limited (Formally Skye Bank)
• Stanbic IBTC Bank Plc
• Standard Chartered
• Sterling Bank Plc
• Titan Trust bank
• Unity Bank Plc
• Wema Bank Plc

Commercial Banks authorized regionally in Nigeria

The banks below are new but they are authorized by their regions. Some of these banks are private while some are public. They provide reliable services for their customers.

• Globus Bank Limited
• Parallex Bank Limited
• PremiumTrust Bank Limited
• Providus Bank Limited
• SunTrust Bank Nigeria Limited

Microfinance Banks in Nigeria

Microfinance banks are banks established by individuals or private organizations purposely for the finances of traders and business people. Those who want to trade or do business are entailed to borrow money or do business with them. Most of them are reliable banks. The following are some of them in Nigeria.

• Mutual Trust Microfinance Bank
• Rephidim Microfinance Bank
• Non-interest banks, micro Shepherd Trust Microfinance Bank
• Empire Trust Microfinance Bank
• Finca Microfinance Bank Limited
• Fina Trust Microfinance Bank
• Accion Microfinance Bank
• Peace Microfinance Bank
• Infinity Microfinance Bank
• Pearl Microfinance Bank Limited
• Covenant Microfinance Bank Lt
• Advans La Fayette Microfinance Bank
• Lapo Microfinance Bank

Online/Internet Microfinance Banks in Nigeria

The services of Online microfinance banks have been widely feasible to the public, especially during recessions and COVID-19. Not only that, these banks solve the problem of hunger and petty trading issues. If you need a small cash within minutes, these banks will respond immediately. The list of some of them is collated below.

• FairMoney Microfinance Bank
• Sparkle Bank
• Kuda Bank
• Moniepoint Microfinance Bank
• Opay
• Dot Microfinance Bank
• Palmpay
• Rubies Bank
• VFD Microfinance Bank
• Mint Finex MFB
• Mkobo MFB
• Raven bank
• Rex Microfinance Bank

These are special bank people can get loans or borrow money when they are broke. The only difference between online banks and merchant banks is that online banks are online while merchant banks are physically established. The list of some of them is given below.

Merchant Banks in Nigeria

• Coronation Merchant Bank
• FBNQuest Merchant Bank
• FSDH Merchant Bank
• Rand Merchant Bank
• Nova Merchant Bank.

Conclusion

In any bank, there are savings accounts, current accounts, and fixed accounts. A savings account is majorly used by low-income earners who pay in their token at will as they have the opportunity. The current account uses a cheque is possible here during the transaction. To open this account, the customer will just fill in all the necessary documents and he or she will be given a teller and a checkbook to operate at will. A fixed account is an account in which holders keep their money for a specific period like six months, a year, or more without withdrawal to be able to get higher interest in the end.