The full list of industrial banks in Nigeria are duly outlined, with the meaning of industrial bank extensively discussed hereto. Nigeria is no less than expected a country with a very long list of banks or financial institutions that are established for its national value, growth and development. Many of these kinds of banks are the industrial banks which you will getting to have full grips of as this article unfolds its aims.
An industrial bank is a financial institution deriving funds from the sale of investment certificates and from deposits made by individual savers and investing such funds in personal loans often secured by a comaker note or chattel mortgage. Although many people including you may have been confusing commercial banks with industrial banks, this is time for you to whether there’s any difference between them.
Commercial Banks provide financial facilities for commercial activities. Industrial Banks provide financial facilities for industrial or productive activities. Commercial Banks provide short-term loans to meet working capital needs. Industrial Banks provide long-term loans to meet fixed capital needs. However, these two kinds of banks are subject to the same laws and modes of operations. Thus, we have so many banks in Nigeria currently serving an interplay of roles unapologetically.
An industrial bank–also referred to as an industrial loan company (ILC)–is a state-chartered, financial institution, usually owned by a commercial firm, that is not regulated by a federal banking agency. While industrial banks have limited banking powers nationwide, they generally maintain the same powers and privileges as a traditional commercial bank.
List of Industrial Banks in Nigeria.
In case you feel the need to look into some of the list of industrial banks in Nigeria that are offering both the functions of a commercial bank and a typical industrial bank, they are the following:
- Access Bank Plc
- Fidelity Bank Plc
- First City Monument Bank Limited
- First Bank of Nigeria Limited
- Guaranty Trust Holding Company Plc
- Union Bank of Nigeria Plc
- United Bank for Africa Plc
- Zenith Bank Plc
- Citibank Nigeria Limited
- Ecobank Nigeria
- Heritage Bank Plc
- Keystone Bank Limited
- Polaris Bank Limited. The successor to Skye Bank Plc.[2]
- Stanbic IBTC Bank Plc
- Standard Chartered
- Sterling Bank Plc
- Titan Trust Bank Limited
- Unity Bank Plc
- Wema Bank Plc
- Globus Bank Limited[3]
- Parallex Bank Limited
- Providus Bank Limited
- SunTrust Bank Nigeria Limited
Benefits Provided by Industrial Banks in Nigeria
- To sell investment certificates, debentures and shares for the purpose of investment.
- To provide facilities for people to invest in debentures and shares.
- To help facilitate the the financial development of the country.
- To alleviate the rate of unemployment.
- To make capitals sufficient enough for the commercial growth of business ideas.
