One thing you certainly can’t overlook is the need to save your money. Some people have a natural ability to save, while others need more encouragement to set aside even a small portion of their income.
Nearly 83 million people, or 40 percent of the entire population, live in poverty in Nigeria, where the annual poverty line is N137,430 ($335.48), according to data from the National Bureau of Statistics (NBS).
Many people find saving impossible since there isn’t enough money to cover their immediate requirements.
The most recent data on money market indicators obtained from the CBN, the maximum loan rate in March was 26.61 percent, while the savings deposit rate was 1.28 percent.
According to the data, the loan rate was 26.61 percent and the savings rate was 1.28 percent in February.
The numbers show that in January, the savings rate was 1.25 percent and the lending rate was 30.73 percent.
Despite the difficulties in saving, doing so over time improves your financial status and makes it simpler for you to amass riches.
Some Nigerian banks reward you with high-interest rates when you save your money, thus helping to increase the habit of saving.
Here 5 Nigerian banks you should save your money.
1. Zenith Bank
Zenith Bank Plc is a sizable provider of financial services in Nigeria and English-speaking West Africa.
Both the Nigeria Stock Exchange and the London Stock Exchange list the company.
Based on the statistics of Nigeria’s top-performing banks in Q1 2022, Zenith Bank came out on top using important indicators such as total asset growth, loan book growth, profit growth, cost-to-income ratio, and return on average equity. The bank’s total assets in Q1 2022 increased by +18.9%.
2. Wema Bank
One of Nigeria’s most dependable banks, Wema Bank, is the founder of ALAT, Africa’s first totally digital bank. Despite having decades of banking industry experience, the Bank has continued to be creative in providing value to its stakeholders.
The bank came second in the Q1 2022 review. Wema Bank saw a 15.96% growth in shareholder wealth.
3. Stanbic Bank
Nigerian financial services holding company Stanbic IBTC Holdings, is most times referred to as Stanbic IBTC.
The bank has various companies that operate in the banking, stock brokerage, investment advisory, asset management, investor services, pension management, trustees, and life insurance industries. The bank’s overall growth assets increased by 13% in Q1 2022.
4. First Bank
Nigerian international bank and financial services provider First Bank of Nigeria Limited is one of the top banks in West Africa.
First Bank of Nigeria Limited conducts business in Nigeria as a parent corporation. Its subsidiaries, known as “FBN Bank,” are located in the Republic of Congo, Ghana, The Gambia, Guinea, Sierra Leone, and Senegal.
Using the metrics used to measure the best performing bank, it had an increase of+33.9 percent in profit after taxes.
5. Fidelity Bank
A commercial bank in Nigeria is called Fidelity Bank, sometimes known as Fidelity Bank Plc.
The bank has a commercial license from the Central Bank of Africa (CBN) and also an international authorisation. The growth in total assets for Fidelity Bank was +22.9 percent.