A rundown of the best Nigerian banks in the UK that provides top-notch banking services in the UK.
Nigerian banks, especially those in the UK, have been making significant progress in the global banking arena.
There has never been a greater need for trustworthy and effective financial services due to the increasing number of Nigerians living in the UK and conducting international business.
These banks have distinguished themselves with their dedication to quality and capacity to adjust to a constantly shifting financial landscape, offering everything from state-of-the-art digital banking platforms to individualized client service.
The greatest Nigerian banks that have made a name for themselves in the UK market and provide a variety of cutting-edge financial options that cater to the needs of both individuals and companies will be discussed in this article.
These leading Nigerian banks in the UK offer excellent interest rates on savings accounts as well as easy international transactions, so there’s something for everyone.
Table of Contents
Advantages of Banking with Nigerian Banks in the UK
Nigerian banks are present in the UK, however, compared to well-known UK banks, there aren’t many compelling reasons for individual clients to bank with them. This is the reason why:
Limited services:
As you have already seen, the main focus of these Nigerian banks is on meeting the demands of corporate clients who conduct business internationally.
They don’t provide all the services that you may expect from a UK bank when it comes to personal banking, such as checking accounts, debit cards, and personal loans.
Pay attention to several regulations:
Although these institutions are subject to UK laws, their primary source of knowledge and experience may be the Nigerian financial sector.
This may be important if you need particular services about Nigeria, but for routine UK banking needs, reputable UK institutions would probably be more knowledgeable about the regional market and laws.
Potentially higher fees:
Compared to well-known UK banks, there’s a potential that these banks will charge more for accounts or transactions, particularly for routine banking operations. Thoroughly comparing fees is essential before deciding.
Limited reach:
If you need in-person banking services, these banks may not be as handy as well-established UK banks due to their smaller branch networks. Furthermore, compared to well-known UK banks, their online banking services might not be as well-known or widely used.
Alternatives to consider: Well-known UK banks typically provide a greater selection of personal banking services and products to residents of the country, frequently at affordable rates and costs.
They’re also better informed about the rules and financial environment in the area, which makes them a better option for the majority of personal banking needs.
Read ALSO: 12 Best Digital Banks in Nigeria Licensed by CBN
6 Top Best Nigerian Banks in the UK
While several Nigerian banks have a presence in the UK, it’s important to understand that they primarily cater to businesses and high net-worth individuals rather than offering everyday personal banking services. Here’s a detailed breakdown of each bank:
1. Zenith Bank UK
- Established: 2007
- Subsidiary of: Zenith Bank, one of Nigeria’s largest banks
- Address: 39 Cornhill, London EC3V 3ND, United Kingdom
- Phone: +44 20 7105 3950
- Website: Zenith-bank.co.uk
One of the biggest banks in Nigeria, Zenith Bank, formed Zenith Bank UK as a subsidiary in 2007. This is one of the best Nigerian Banks in the UK located in the center of London.
Zenith Bank UK provides a wide range of business and commercial banking services that are customized to satisfy the various demands of its customers.
They can help you with general funding, Re-Capitalisation, Re-Financing, debt consolidation, new project finance, or an acquisition program.
Also, each eligible depositor with Zenith Bank (UK) Ltd is covered by the Financial Services Compensation Scheme (FSCS) up to a maximum of £85,000.Â
The statutory deposit guarantee system (FSCS) of the United Kingdom is intended to safeguard your deposits if a bank goes bankrupt.
Products and Services:
- Trade Finance: Letters of credit, trade guarantees, bill discounting, documentary guarantee, receivable discounting, and import and export financing are just a few of the trade finance options that Zenith Bank UK offers to help with international trade operations.
- Wealth Management: This includes investment services and mortgages.
- Savings: You can save on 1, 2, and 3-year Fixed Term Deposit accounts.
- Cash Management: For corporate clients, the bank provides effective cash management solutions that maximize liquidity, simplify cash flows, and improve financial efficiency.
- Foreign Exchange Services: To assist businesses in managing currency risks and executing cross-border transactions with ease, Zenith Bank UK offers competitive foreign exchange services.
Read Also: 15 Top Best Banks in Nigeria | Updated
2. Access Bank UK
- Launched: 2012
- Subsidiary of: Access Bank Plc, another major Nigerian bank
- Address: 4, Royal Court, Gadbrook Rd, Gadbrook Park, Rudheath, Northwich CW9 7UT, United Kingdom
- Phone: +44 1606 813010
- Website: Theaccessbankukltd.co.uk
Next on our list of top Nigerian Banks in the UK is Access bank UK. 2012 saw the establishment of Access Bank UK as a division of Access Bank Plc, a significant bank in Nigeria. Access Bank UK is a London-based financial institution that specializes in offering corporate and investment banking services to customers in the UK and sub-Saharan Africa.
Access Bank UK Limited is committed to exceeding client expectations and meeting their needs by providing exceptional customer service.
They want to establish a close-knit, long-lasting relationship with their clients based on comprehension, expertise, accountability, and trust.
This Nigerian bank provides a wide range of cutting-edge services and products, such as asset management, commercial banking, and trade finance. Additionally, you can access your accounts whenever it’s convenient for you with their Online Banking feature.
Products and Services
- Corporate Banking: To cater to the needs of corporate clients, Access Bank UK provides a comprehensive range of corporate banking products, such as trade financing, cash management, lending, and consulting services.
- Investment Banking: To assist in the development and expansion of enterprises, the bank offers investment banking services such as capital raising, mergers and acquisitions, debt and equity financing, and financial advising.
- Financial Markets: By providing clients with access to financial markets such as foreign currency, fixed income, and derivatives, Access Bank UK helps them effectively manage their risk exposure and carry out investment strategies.
3. GTBank UK
- Opened doors: 2008
- Subsidiary of: Guaranty Trust Bank (GTBank)
- Address: 10 Great Castle St, London W1W 8LP, United Kingdom
- Website: Gtbank.com
Guaranty Trust Bank (UK) Limited is one of the best Nigerian Banks in the UK. It is a limited company incorporated in England & Wales (05969821).
2008 saw the launch of GTBank UK, a Guaranty Trust Bank (GTBank) affiliate. With its headquarters in London, GTBank UK provides specialized banking services with an emphasis on catering to institutional investors and corporate clients.
This Nigerian bank is subject to both Financial Conduct Authority and Prudential Regulation Authority regulations, and it is authorized by the former.
Private, corporate, and institutional clients can obtain banking products and services from Guaranty Trust Bank (UK) Limited in both retail and wholesale forms.
Their goods and services are made to meet the needs of company and individual clients who are situated in the UK and have personal or professional ties in Africa, as well as those who are traveling there.
Products and Services:
- Trade financing: Letters of credit, trade guarantees, and documentary collections are just a few of the trade financing options that GTBank UK offers to help import and export operations.
- Treasury Management: To assist clients in effectively managing risks and optimizing their cash situations, the bank provides treasury management services, such as foreign exchange, money market, and liquidity management.
- Correspondent Banking: They offer a wide range of correspondent banking facilities and have a sizeable number of respondent banks within the sub-Sahara region such as International Remittances, Multi-currency clearing, operating accounts, and Treasury Services.
- Capital Markets: To satisfy the financing needs of corporate clients, GTBank UK offers services such as structured finance, debt issuance, and risk management solutions.
- E-banking services: This includes Business Internet banking, GeNS Email Alerts, Corporate Debit Cards, and PSD2 Open Banking.
Read ALSO: 15 Best Investment Banks In Nigeria
4. FirstBank of Nigeria UK
- Established: 2011
- Subsidiary of: First Bank of Nigeria, the oldest Nigerian bank
- Phone: +44 (0) 20 7920 4920
- Address: 28 Finsbury Circus, London, EC2M 7DT
- Website: Fbnbank.co.uk
Next on our list of Nigerian banks in the United Kingdom is First Bank. First Bank of Nigeria Limited (FBNL), an African bank with a long history that was founded in 1894 as the country’s first financial institution, is the parent company of FirstBank UK.
FirstBank UK is governed by the Financial Conduct Authority (FCA) and authorized by the Prudential Regulation Authority (PRA) of the United Kingdom.
FirstBank UK is based in the City of London and offers a variety of local and global banking and financial services. It also has a branch office in Paris and a representative office in Lagos. This Nigerian bank is a London-based company that provides a variety of corporate banking services, mostly to corporate clients.
Products and Services:
- INSTITUTIONAL BANKING: They have specialist expertise in correspondent banking. This is a major part of our business, and you’ll find we price our services — in all major currencies — very competitively.
- Private Banking: FirstBank UK is dedicated to assisting you in achieving your goals and assisting you in being ready for both the present and the future. One of their key areas of focus is wealth management, which enables them to assist you and your family in becoming ready for an uncertain future.
- Corporate Banking: To satisfy the various financial needs of businesses, FirstBank of Nigeria UK offers a full range of corporate banking services, such as lending, treasury management, and advisory services.
5. FCMB UK Limited
- Launched: 2010
- Subsidiary of: First City Monument Bank (FCMB)
- Address: 81 Gracechurch Street, London, EC3V 0AU
- Telephone: +44(0)20 7220 1000
- Website: Fcmbuk.com
FCMB Bank (UK) Limited is an independently formed, wholly-owned subsidiary of First City Monument Bank Ltd (FCMB), a part of the FCMB Group PLC with its headquarters in Nigeria.
Founded in June 2013 as a holding company for the group’s current subsidiaries, FCMB Group Plc is listed on the Nigerian Stock Exchange (NSE). It functions as a non-operating entity.
This came about as a result of the Central Bank of Nigeria (CBN) issuing Regulation 3, which mandated that banks sell off their non-banking operations or keep them under a financial group structure that was approved by the CBN.
FCMB UK Limited is a London-based company that provides corporate banking services to meet the demands of business customers established in 2010.
Products and Services
- Trade Finance: To help with international trade transactions, FCMB UK Limited offers trade finance solutions such as supply chain financing, trade finance facilities, and letters of credit.
- Cash Management: To assist corporate clients in maximizing their cash flows and improving their financial efficiency, the bank provides cash management services, such as payment solutions, collections services, and liquidity management.
- Corporate Banking: To assist in the development and expansion of enterprises, FCMB UK Limited provides a range of corporate banking services, such as loans, treasury management, and advisory services.
- Personal and Business Banking:
- Trade Finance: Letters of Credit, Confirmations, Forfaiting (without recourse discounting), Trade Loans, Collections, and Guarantees.
- Treasury services: This includes wholesale deposit taking, fixed Fixed & Notice Deposits, exchange, and Fixed Income Sales.
6. Union Bank UK
- Launched: 2010
- Subsidiary of: Union Bank
- Address: 1 King’s Arms Yard, London EC2R 7AF, United Kingdom
- Phone: +44 20 7920 6100
A UK-incorporated bank with a focus on services for Nigeria and West Africa is Union Bank UK plc (UBUK).
It was completely separated from the Union Bank of Nigeria in 2020 after serving as a subsidiary of that organization in the past.
Since 1983, the bank has been based in the City of London. Initially, it was the parent bank’s London branch, but since October 2004, it has operated as a separately incorporated UK bank thanks to approval from the Financial Services Authority, now known as the UK Financial Conduct Authority.
For clients conducting business with Nigeria and other West African nations, UBUK offers a wide range of banking services, such as trade financing, private banking, business banking, treasury services, and commercial loans.
Read Also: 11 Best Microfinance Banks In Nigeria
7. UBA UK
- Launched: 2010
- Subsidiary of: UBA
- Address: 36 Queen St, London EC4R 1BN, United Kingdom
- Phone: +44 20 7766 4600
- Website: Ubauk.com
UBA UK is authorized by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority (Financial Services Register No 695048).
Registered in England and Wales – company registration number 03104974. The fully owned subsidiary of United Bank for Africa Plc is UBA UK.
UBA UK is well-positioned to promote financial, trade, and aid flows between the global and African markets by utilizing the UBA Group’s reach.
They are experts in helping banks, corporations, governments, and other international organizations that are searching for an international banking partner with a thorough understanding of Africa.
Products and Services
- Global Banking Network: UBA offers essential banking services that support economic growth, ease international trade, and advance financial inclusion in developing nations. They provide access to a vast and safe banking network that facilitates cash transfers both internationally and domestically in Africa.
- Trade Finance: You can maximize your working capital, assure payment security, and reduce risk with their trade financing solutions. By connecting African importers, exporters, and trading organizations worldwide through our extensive network, they provide creative trade finance solutions with an African focus.
- Treasury Services: In addition to offering a large selection of African currencies, they also offer dependable, creative, team-oriented services that support businesses with their everyday financial planning, operations, and last-mile payment requirements.
FAQs
1. Which Nigerian banks have branches in the UK?
   – Some of the top Nigerian banks with branches in the UK are Access Bank, Zenith Bank, and United Bank for Africa (UBA).
2. Can I open a bank account with a Nigerian bank in the UK?
   – Yes, you can open a bank account with a Nigerian bank in the UK if you meet their requirements.
3. Are there any advantages to banking with Nigerian banks in the UK?
   – Banking with Nigerian banks in the UK can provide convenient access to services tailored to Nigerians living abroad and competitive exchange rates for remittances.
4. What types of accounts do Nigerian banks offer in the UK?
   – Nigerian banks in the UK offer various types of accounts including savings accounts, current accounts, investment accounts, and more.
Conclusion
The best Nigerian banks in the UK provide a variety of services designed to satisfy the requirements of Nigerians residing overseas. Their entry into the UK financial market offers people seeking a dependable and easy-to-manage cross-border financial solution a simple choice.
The Nigerian diaspora community has come to rely on these banks because of their affordable rates, cutting-edge digital platforms, and first-rate customer service. These banks have shown to be trustworthy partners whether you’re searching for international money transfers, savings accounts, or investment opportunities.
References
- Wise.com- Nigerian banks UK
- En.wikipedia.org- List of banks in the United Kingdom
