Top Banks in Nigeria for Entrepreneurs

by Ominigbo Ovie Jeffery
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Top banks in Nigeria

A financial institution with authorization to grant loans and take deposits for checking and savings accounts is known as a bank.

Associated services offered by banks include safe deposit boxes, currency exchange, individual retirement accounts (IRAs), and certificates of deposit (CDs). 

Most banks fall into one of three categories: retail, corporate or business, or investment. Regarding the services they offer to the general public, each of these banks performs various tasks.

 If you own a small business in Nigeria, you don’t have to worry about how to secure a loan quickly because most banks in Nigeria provide a combination of these services.

The banks sought after most by entrepreneurs are corporate or industrial banks. This is because they customize their services for entrepreneurs, including small and large corporations.

These banks provide more than just everyday business banking; they also offer credit services, cash management services, employer services, commercial real estate services, trade finance, loans and advances, treasury services, equipment leasing, trade finance, and SME loans, as well as online banking, P.O.S., and other services. 

Now, let’s discuss the top banks in Nigeria that support entrepreneurs.

Top 5 Banks in Nigeria For Entrepreneurs and Why

This list shows the top banks in Nigeria that impact entrepreneurs. These banks are known to carry out commercial services that aid entrepreneurs. They are;

  1. Zenith Bank Plc

Top banks for entrepreneurs

With the help of cutting-edge technology, Zenith Bank Plc, a leading conglomerate, offers financial services to people worldwide, while other banks follow its lead.

It is one of the best and top banks in Nigeria, according to rankings. It is regarded as Nigeria’s leading bank for supporting entrepreneurship.

 Launched in May 1990, the bank received a commercial bank license in July of that year and began operations. And it became a public liability company in 2014 (P.L.C.). 

Furthermore, it has 500 branches in Nigeria and branch offices in the UK, Ghana, South Africa, and other countries to accommodate customer demand for its services. 

Numerous consumers can choose from a wide range of personalized banking services from Zenith, including S.M.E. banking, personal and corporate banking, investment and lending services, bank accounts, asset management tools, online banking, A.T.M., and P.O.S. Thus, it makes sense that it is currently one of Africa’s major banks.

Read also: Partnership in Business; What every Nigerian Entrepreneur should know. 

  1. Guaranty Trust Bank Plc

Top banks in Nigeria

Guaranty Trust Bank Plc (GTBank) is a limited liability company that was established in 1990 to conduct banking business. It started operating in February 1991.

 In September 1996, the bank floated its shares on the Nigerian stock exchange. It is one of the top banks in Nigeria for entrepreneurs. Due to solid management, its asset base has grown to more than 3 trillion naira.

The bank maintains branches in several African nations, including Ghana and Uganda, and a subsidiary office in the United Kingdom. 

GTBank uses its qualified workforce to provide customers with superior personal and business banking services.

Opening savings and current accounts, non-resident Nigerian service, private banking, internet banking, A.T.M. and P.O.S., and online banking are all part of GTBank’s banking offerings.

 You can access a GTBank business account, corporate and commercial banking, SME loans, and cash advances, among other things, through business banking.

  1. First Bank of Nigeria

Top banks in Nigeria for entrepreneurs

First Bank is one of the top and best banks in Nigeria for personal and business banking. Here is why: When it comes to personal banking services, First Bank of Nigeria truly lives up to its brand name. 

The bank, which opened its doors in 1894, currently operates close to 900 branches in Nigeria, eleven other African nations, and the United Kingdom. First Bank employs nearly ten thousand people, and its earnings are rising. 

The bank’s five-year winning streak of the “Asian Banker International Excellence” award for the finest personal banking brand demonstrates how well it has been able to serve its personal banking customers.

 Its personal banking services include loans and mortgages, bank cards, payment options, internet banking, ATM, POS, diaspora banking, money transfers, and fixed deposits.

The bank also provides good service to its corporate banking clients, and its deposit base and loan portfolio are growing steadily. You can be confident that First Bank will provide you with the best possible services.

Read also: Differences between savings and current account: which is best for your business.

  1. Stanbic I.B.T.C. Bank

Top banks in Nigeria for entrepreneurs

In 1989, I.B.T.C. Chartered Bank was founded, and in 2007, it merged with Stanbic Bank Group. It is currently a member of the Standard Bank Group, with its headquarters in Johannesburg, South Africa.

 It falls among the top banks in Nigeria known to aid entrepreneurs. The bank offers excellent banking services in more than 180 local branches and 560 physical ATMs. It provides excellent foreign remittance services.

 The bank would let you open a non-resident Nigerian bank account if you’re a Nigerian living abroad because the cost of transactions is inexpensive, and it’s simple to keep an eye on your account from wherever you dwell.

Stanbic bank’s personal and business banking services are world-class, offering an unrivaled range of services such as financial consulting services, savings, loans, pensions, mortgages, debit and credit cards, investments, and stockbroking.

  1. Standard Chartered Bank Nigeria

Top banks in Nigeria for entrepreneurs

Another one of the best and top banks in Nigeria for personal and business banking is Standard Chartered Bank, Nigeria.

It has 1,200 branches globally, with its headquarters in London. The bank boasts of having been in business for more than 150 years. 

As of 2013, Standard Chartered Bank Nigeria had 22 branches with A.T.M.s and more than 900 personnel. It began operations on September 15, 1999.

As one of Nigeria’s top banks, it offers one of the best business banking services, as well as a reliable, secure, and user-friendly free online banking platform and a fair exchange rate service. 

However, its retail banking services are just as sensitive to client needs. For its retail clients, it offers business accounts, personal banking, and priority banking.

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Roles Nigerian Banks Play in Entrepreneurship Growth

Here are some of the roles that Nigerian banks play in entrepreneurship growth; top banks in Nigeria go the extra mile while functioning in these roles.

  1. Statutory roles

The creation of a legal foundation is one of the tasks played by banks in Nigeria, of which the top banks in Nigeria are entirely represented.

These are the primary purposes for which banks were initially established. Such roles include accepting and securing deposits, transferring money, granting loans and advances, etc. 

By accepting deposits from consumers, particularly business owners, the banks will provide security for the customers’ money and give them a chance to use their deposits to borrow more money from the banks to support the operation of their businesses.

 Money is transferred between accounts and locations using fund transfers. Additionally, the pace of service delivery has increased, and business costs have significantly decreased with the growth of information technology in banks. 

Entrepreneurs can now use the services to conduct business outside of their immediate area without needing to carry cash with them.

  1. Financing roles

Deposits are important to banks because they allow them to make loans and advances that generate interest income.

The primary link that banks have to the real sector of the economy is the extension of credit to the economy for the financing of entrepreneurs, functioning as a catalyst and promoting the expansion of the nation’s economy.

Banks lubricate the process of economic growth by funding entrepreneurs’ production, consumption, and commercial operations, which has a multiplier effect on the economy as a whole. 

Overdrafts, medium and long-term loans, debt factoring, discounting of bills, asset finance, including commercial mortgages, and equity financing are just a few of the ways that banks can provide funding to entrepreneurs.

Read also: Top 10 best loan apps in Nigeria. 

  1. Consultancy roles

Top banks in Nigeria and other banks now offer entrepreneurial advisory, guarantee, and other consulting services in addition to the usual lending and other services. 

These services are beneficial in promoting and funding entrepreneurship activities in the nation. It is a well-known reality that some organizations and industries collapse for no other reason than poor management, poor investment choices, inefficient capital, poor planning, etc.

  1. Promoting investments by entrepreneurs

Top banks in Nigeria and other banks play a role in promoting investment to entrepreneurs due to their specialization and professionalism.

These positions could involve managing investments for clients or advising clients on sustainable investment strategies by weighing the advantages and disadvantages of various investment options.


The banking sector in Nigeria is doing well in helping entrepreneurs. And I believe this article has considerably shed light on that.

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About Author

Avatar of Ominigbo Ovie Jeffery
Ominigbo Ovie Jeffery
I am an enthusiastic content and creative writer. I harness opportunities to make fact-based, fictional and SEO-enhanced creative content that are captivating, interesting and worthwhile.

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