FBN, GTB, Zenith, UBA are safest Nigerian banks — Survey

…respondents say Nigerian banks not safe for deposits yet

By Joseph Bamidele

LAGOS-First Bank Nigeria Plc, Guaranty Trust Bank Plc, GTB, Zenith Bank Plc and United Bank for Africa, UBA, Plc have been rated the safest banks inNigeria, according to a survey conducted by ValueFronteira Limited.

According to the report of the survey made available to our correspondent, titled, ‘The Next Bank to Fail: A Nigerian Bank Safety Perception Survey, Quarter 1, 2012 Report, First Bank was rated the safest Nigerian bank; GT Bank came second while Zenith Bank and UBA jointly took the third position.

Lamido Sanusi CBN Gov

The survey, according to the company, was conducted between February 1 and February 15, 2012, with 602 respondents, selected randomly, participating in the survey.

ValueFronteira said about 84 per cent of responses were by email and social network sites while only 16 per cent of responses completed physically administered and retrieved questionnaire.

The report said 51 per cent of the respondents believed that Nigerian banks are still not safe for deposits, while only 34 per cent believed the banks are safe, with 15 per cent undecided.

From  the 602 respondents, 54 per cent rated First Bank as the safest bank in Nigeria; 29 per cent rated GT Bank as the safest while four per cent chose Zenith Bank and UBA, each, as the safest banks.

Stanbic IBTC Bank Plc, Access Bank Plc and Standard Chartered Bank emerged the fourth, fifth and sixth safest Nigerian banks with three per cent, two per cent and one per cent of the respondents, respectively, in the survey,

Also, in the Most Trusted Banks category, First Bank came tops with 42 per cent, GT Bank followed with 40 per cent, Zenith Bank came a distant third with six per cent, while UBA and Stanbic IBTC were joint fourth with three per cent each.

Diamond Bank Plc, Standard Chartered, Citibank and Access Bank all emerged the fifth safest bank with one per cent each.

The report said respondents who believe that a bank is safe also believe that such bank is compliant, liquid and trustworthy, while respondents who believe that a bank is very trustworthy also believe that such bank has good cost management practices as well as being very safe to bank with.



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