Sterling Emerges Overall Best In Nigerian Banking Survey

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Sterling Bank Plc has emerged the overall best in the 2022 Nigerian Banking Sector Survey conducted by Afrinvest (West Africa) Limited, a financial service holding company with focus on West Africa.

This recognition comes on the heels of the bank’s recent victory at the Nigerian Fintech Awards in which the bank’s Chief Executive Officer, Abubakar Suleiman, received the Special Leadership in innovation results and further highlights the results of Sterling’s recent efforts towards customer-focused innovation and excellent service delivery, chronicling the bank’s continuing rise as captured in her ranking in the top two for individual and SME banking customer experience in the 2021 KPMG banking industry report.

A statement from the lender noted that based on the responses from the survey conducted and published by Afrinvest, Sterling Bank emerged the best bank in Nigeria for 2022 with 46.0 per cent, ahead of Guaranty Trust Company (GTCO) which had been rated the best bank for five years in a row emerging second with 20.2 per cent.

Respondents to this year’s survey, the report added, rated Access 8.0 per cent, Zenith 4.2 per cent and FBN Holdings 4.1 per cent, respectively, while UBA was rated 3.7 per cent and Standard Chartered 3.3 per cent to emerge among the top seven most rated banks.

The report noted that, “The majority of respondents were millennials and generation X who have attained at least a Master’s degree, full-time employment, and currently occupy the portion of the income pyramid with earnings between N100,001 – 500,000.”

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They also observed that 60.0 per cent of millennials and 24.7 per cent of Generation X represented a larger part of the respondents while the 53.0 per cent males had a higher engagement relative to females.

It also observed that the demographics of respondents “reflects the youthful population and income disparity dynamics in the Nigerian economy,” adding that, “Overall, customers were satisfied with their banking experience highlighting service quality, convenience, and digital efficiency as key factors for maintaining a relationship with their current bank(s).”

Analysts at Afrinvest said they conducted the survey as part of the annual Banking Sector Report to evaluate the Nigerian banking experience, stating that they received a total response of 1,946 from across the country for a diverse experience.

Afrinvest (West Africa) is a financial service holding company with focus on West Africa and is active in five principal areas: investment banking, securities trading, asset management, fund trust, and investment research and consulting.

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