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As the world evolves into a technocracy, traditional Nigerian Banks have, inevitably, undergone a dramatic digital transformation. The fast-growing fintech startups even compel them to innovate on their feet.
As a result, we have seen most Nigerian banks launch fintech subsidiaries, including Guaranty Trust Holding Company (GTCO) with HabariPay/Squad, Hydrogen Pay, owned by Access Bank, and Zenpay by Zenith Bank.
In Q1 2024, HabariPay reported a profit after tax of N1.09 billion, 72.4 per cent up from the N632 million recorded in 2023. Hydrogen also reported a profit of N50 million. While business has been favourable to these Nigerian banks, are their customers also enjoying uninterrupted and excellent service delivery?
With over 130 million internet users and smartphone penetration steadily climbing, digital transactions have soared. In 2024, the NIBSS Instant Payment (NIP) platform recorded an unprecedented N1.07 quadrillion in total transaction value, up from N600 trillion in 2023, with a volume of 11.2 billion transactions.
For years, Nigerians have grappled with the frustrations of traditional banking – endless queues, limited branch hours, and often unreliable service delivery. These pain points fueled the demand for seamless digital solutions. However, the transition to mobile banking has not been without its own set of challenges.
Users frequently report frustrations with failed transactions, delayed reversals that can take days or weeks to resolve, intermittent app glitches and crashes, and often unresponsive or inadequate customer service channels for digital issues. Security concerns, such as phishing attempts and unauthorised access, also remain a constant worry, alongside common complaints of login difficulties, slow app updates, and inconsistent service during peak periods.
Despite these hurdles, these pocket-sized branches of these Banks are now the frontline of financial interaction. But in a crowded market, where every bank boasts of innovation, which one truly delivers the most efficient, reliable, and user-friendly digital banking experience?
The Nigerian Banks under reviewWe’ve pitted the digital platforms of Nigeria’s banking giants – Zenith Bank, Guaranty Trust Bank (GTBank), Access Bank, United Bank for Africa (UBA), and First Bank – against each other. Our objective is to determine who truly reigns supreme in the digital banking comparison, based on the metrics that matter most to the everyday Nigerian.
Miriam Olusanya, Managing Director, Guaranty Trust Bank Limited. Photo source: LinkedIn.Why the contendersOur selection includes Nigerian banks renowned for their significant digital investments and vast customer bases. As of 2024, these banks hold significant retail deposit bases, reflecting their reach and customer trust. Zenith Bank led with N10.56 trillion in retail deposits, followed by UBA with N8.49 trillion, First Bank Holdings with N7.0 trillion, Access Holdings with N5.57 trillion, and GTCO with N5.2 trillion.
But in terms of overall performance in 2024, based on these key indicators – Profit Growth, Asset Growth, Return on Average Equity, Deposit Growth, Loan Growth, change in Cost-to-Income Ratio, change in Capital Adequacy Ratio, and change in NPL ratio – Nairametrics ranked FBN Holdings as the 3rd best Nigerian bank, Zenith Bank 4th, and GTCO 5th. Fidelity and Wema Bank came second and first, respectively.
Test 1: Transfer speed and reliabilityFor the average Nigerian, the ability to send and receive money instantly is paramount. Whether it’s paying a vendor, sending money to family, or settling a bill, speed and reliability are non-negotiable. We analysed aggregated user data and industry reports on multiple interbank transfers of five Nigerian Banks. (e.g., N10,000 to different banks). For this analysis, “peak periods” are defined as 9:00 AM – 1:00 PM and 4:00 PM – 7:00 PM on weekdays, when transaction volumes are highest due to business activities and post-work financial management. “Off-peak periods” are typically late evenings, early mornings, and weekends.
GTBank (GTWorld/GTBank Mobile): Consistently demonstrated near-instantaneous fund reflections, often within 10-15 seconds for interbank transfers during off-peak hours, extending to 30-60 seconds during peak. Transaction success rates hovered around 99.5%, with prompt SMS and in-app notifications. Its streamlined interface for transfers minimised friction, a key factor in reducing user frustration often associated with complex transaction flows. Despite its generally high performance, some users have historically reported occasional app glitches or temporary service unavailability during periods of extremely high network congestion, though these instances are relatively infrequent.Zenith Bank (Zenith Bank Mobile): Performed commendably, with transfers typically completing within 30-45 seconds. The app proved robust, with a high success rate (approximately 99%) even during periods of high traffic. Notifications were timely, though some users find the app’s interface for initiating transfers slightly less intuitive compared to GTBank’s, sometimes leading to a few extra taps. Real customer feedback occasionally reveals slower resolution times for failed transactions, a common industry-wide pain point, underscoring the need for more efficient dispute resolution mechanisms.Access Bank (AccessMore): Showed good speed, averaging 45-70 seconds for interbank transfers. While generally reliable (with an approximate 98.5% success rate), analysis of user complaints reveals occasional brief delays during peak periods, which typically resolve themselves without user intervention. However, a recurring frustration for some users has been the complexity of its broad feature set, which, while powerful, can sometimes add a layer of complexity to simple, everyday tasks, leading to a perception of slower navigation. Users have also reported instances of app freezing or slow loading times, particularly after major updates.UBA (UBA Mobile Banking): Transfers were generally reliable, often reflecting within 60-90 seconds. The app handled peak traffic reasonably well, with a success rate of around 98%. While functional, the interface has been a point of contention for some users, who describe it as less modern or intuitive, requiring more steps to complete certain transactions compared to its peers. Historical complaints often cite issues with transaction history updates or occasional login difficulties, resulting in user frustration when attempting to reconcile accounts.First Bank (FirstMobile): Transfers are typically completed within 1-2 minutes. While reliable (with an approximate 97% success rate), it often felt a fraction slower in processing compared to its peers, particularly during peak hours. Customer feedback occasionally highlights the app’s tendency to be slower during system updates or peak periods, resulting in longer wait times for transaction confirmations. Despite being a legacy institution, the digital experience has sometimes lagged behind that of more agile competitors, with users seeking more modern features and a smoother interface.Verdict on Transfers: GTBank consistently delivered the fastest and most reliable interbank transfer experience, setting a high bar for instant fund flow. Zenith Bank followed closely, demonstrating strong robustness, though both have faced the universal Nigerian banking challenge of managing user expectations during inevitable network fluctuations and the frustration of delayed reversals.
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Test 2: Bill payment efficiencyPaying electricity bills, airtime top-ups, and data subscriptions are daily necessities for millions. We analysed data on the speed and ease of these payments across all apps, focusing on the number of clicks required and the time taken for service activation.
Dame Adaora Umeoji OON, Group Managing Director-CEO of Zenith Bank Plc. Photo source: zenithbankplc/Instagram.GTBank: Its bill payment module is remarkably efficient, often requiring just 3-4 clicks from login to completion for common payments, such as airtime or data. Service activation was virtually instantaneous, minimising the common frustration of delayed service.Access Bank: Offers a comprehensive bill payment section with a vast array of options. While navigation can sometimes take an extra click due to the sheer volume of services, activation was swift once the payment was confirmed. Its extensive list of billers is a significant advantage for users with diverse payment needs, though some users find the sheer number of options overwhelming.Zenith Bank: Provided a straightforward bill payment experience. The process was clear, and service activation was quick, offering a reliable pathway for essential payments. Users generally report a smooth experience for common bill payments.UBA: The bill payment section is functional, but finding specific billers sometimes requires more scrolling, which can be a minor frustration for users in a hurry. Activation times were generally good. Some users have expressed a desire for a more intuitive search function within the bill payment section.First Bank: Offered standard bill payment functionality. The process was reliable, although the interface felt less modern compared to some competitors, which may have impacted the speed of user adoption for certain features. Users sometimes report slower loading times for the bill payment section itself.Verdict on Bill Payments: GTBank again stood out for its streamlined process and speed. However, Access Bank impressed with the sheer breadth of billers available, making it a strong contender for users with diverse payment needs, despite occasional navigation complexities.
Test 3: Fee transparency and structureWhile many digital transactions are becoming cheaper, fees can still vary, and their transparency is crucial. We compared the charges for interbank transfers, cardless withdrawals, and other common services, based on publicly available information and user reports.
General Observation: Most Nigerian banks now adhere to the CBN’s revised charges, with interbank transfers typically costing N10 for transfers below N5,000, N25 for N5,001 to N50,000, and N50 for transfers above N50,000. However, the clarity of fee disclosure before initiating a transaction differs, a point of frequent frustration for Nigerian bank users. Many users have reported being surprised by charges or finding it difficult to locate a comprehensive fee schedule within the app.GTBank & Zenith Bank: Both apps excelled in clearly displaying the exact fee on the confirmation screen before final authorisation, leaving no room for surprises. This upfront approach builds user trust and minimises complaints about unexpected deductions.Access Bank and UBA: Generally transparent, but in some instances, the fee may not be prominently displayed, requiring a quick mental calculation or prior knowledge from the user. This can lead to minor confusion or perceived lack of transparency, especially for new users.First Bank: Fees were generally consistent with industry standards, but the presentation could be more upfront in certain transaction flows, which has been a point of minor user feedback. Some users have also noted that finding detailed fee structures within the app can be challenging.Verdict on Fees: While charges are largely standardised, GTBank and Zenith Bank led in fee transparency, ensuring users are fully aware of the cost before committing to a transaction, a critical factor in a cost-sensitive market where every Naira matters.
Roosevelt-Ogbonna, Access Bank CEO. Photo source: accessbankplc.Test 4: User experience and App stabilityBeyond specific transactions, the overall app experience – its design, ease of navigation, and stability – profoundly impacts user satisfaction. This is where the daily grind of digital banking either delights or frustrates.
GTBank: Known for its clean, minimalist design and intuitive navigation. App load times were consistently fast, and crashes were rare, contributing to a high level of user satisfaction. The user interface is highly responsive, making daily interactions smooth and reducing the common complaint of “lagging apps.” Users often praise its simplicity and efficiency.Access Bank: Offers a feature-rich experience, often incorporating lifestyle and investment options beyond core banking. While this breadth can sometimes lead to a slightly more complex interface, the app is generally stable with good load times. Its “super app” ambition is evident, though some users report occasional overwhelming features or a steeper learning curve, leading to a perception of clutter.Zenith Bank: A robust and reliable app with a professional interface. It performs consistently well, with minimal crashes, making it a dependable choice. While not as aesthetically minimalist as GTWorld, its functionality is solid, and user complaints about stability are generally low. Some users, however, desire a more modern visual refresh.UBA: A functional app that covers all essential banking needs. Its design is practical, though it might not offer the same level of modern polish or intuitive flow as some competitors. Stability was generally good, but some users reported occasional login issues or slower response times during peak periods, which led to frustration when urgency was required.First Bank: A dependable app that prioritises core banking functions. While it gets the job done, its interface feels somewhat dated compared to newer offerings, and load times can occasionally be slower. User feedback sometimes suggests a less engaging visual design and a need for more modern features, resulting in a less seamless experience compared to its more agile competitors.Verdict on UX and Stability: GTBank stands out for its superior user experience, combining speed with a clean and intuitive design. Access Bank offers a compelling “super app” experience for users seeking a broader range of features. At the same time, Zenith Bank provides a highly stable and reliable platform, minimising the frustrating crashes and freezes that plague some digital services.
Key takeaways and the ultimate verdictOur comprehensive analysis reveals that while all major Nigerian banks have invested significantly in their digital platforms, the race for digital dominance is far from over. The journey from traditional, branch-centric banking to a seamless digital experience has been fraught with challenges, but significant progress has been made.
For sheer speed, reliability, and a clean, intuitive user interface, GTBank emerges as the consistent frontrunner. Its focus on seamless core banking functions makes it a go-to for daily transactions, earning it a loyal user base.Access Bank is the champion of feature breadth and a “super app” ambition, offering a vast ecosystem of services that appeal to users looking for more than just basic banking. While this can add a layer of complexity, its stability and comprehensive offerings are undeniable, positioning it as a strong contender for the future of integrated financial services.Zenith Bank proves to be a highly robust and reliable performer, offering a solid and dependable digital banking experience that prioritises stability and clear fee communication, making it a trusted platform for critical transactions.The Nigerian digital banking landscape is continually evolving in response to technological advancements and shifting customer expectations. While many young and ordinary Nigerians favour digital-native banks, such as Palmpay, Opay, and Moniepoint, for quick and uninterrupted transactions, legacy Nigerian banks still retain a reputation for dependability, authority, and trust.
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