Find out who business executives are banking with

yinka ogunlami

June 22, 2017 4:26 PM

Nigerians have an entrepreneurial spirit, ambition and a work ethic that doesn't tire.

Banking Survey

When it comes to business and hustling Nigerians are world class.

So, it’s no surprise that more Nigerians are starting to see the value in opening up separate corporate banking accounts.

Different banks offer different perks but a recent survey on the banking industry revealed that many people simply open business accounts with the same bank as their personal everyday account.

Although there is nothing wrong with banking with the same institution, it never hurts to shop around and play the banks off each other to get the best deal for you.

When asked in the Nigeria Annual Banking Survey which bank respondents opened an account with for business, Guaranty Trust Bank was by far the most popular, followed by the likes of First Bank, Zenith Bank and Diamond Bank.

From the data provided from the NAB Survey we have compiled a list of the most popular banks Nigerians use for business or corporate accounts.

1. Guaranty Trust Bank

2. First Bank

3. Zenith Bank

4. Diamond Bank

5. Access Bank

6. EcoBank Nigeria

7. Stanbic IBTC

8. United Bank for Africa

9. Fidelity Banks; First City Monument Bank; and, Union Bank of Nigeria

10. Skye Bank; and, Standard Charter Bank Nigieria

11. Wema Bank

12. Heritage Bank; and, Sterling Bank

13. Unity Bank

Although you might think corporate accounts are unnecessary, opening one can get you access to better rates for loans as well as the ability to overdraw and borrow more credit. Banks also include timesaving measures like enabling business owners to automatically pay salaries, suppliers and contractors.

*Banks that scored zero were not included

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yinka ogunlami