Banks are substantial to the growth of the economy of every country. They are not just institutions that give out loans, receive deposits, et cetera. They also regulate monetary policies, and provide wealth management services, investment management, and foreign currency exchange, amongst others. Although this is specific to certain banks. There are several kinds of banks namely retail, commercial, central, and cooperative banks. These banks in their ways promote the development of the country by expanding the economy. Aside from the financial services they offer, they also reduce unemployment by hiring a lot of staff in various branches across the country.
The banking sector may just be one of the most profitable businesses worldwide. If you are looking for a list of the best banks here, then this article is for you as it provides useful information on the banks.
Six Top Banks in Benin
Banks can be owned by locals or foreigners residing within or outside the country. They can also be subsidiaries of already existing banks in any part of the world. The following are six of the top banks here, locally or foreign-owned.
Livex International Bank Bénin
Established in 1944, this is one of the largest financial services providers in Africa. With numerous branches across Africa and the world, it has more than 40, 000 employees across the African continent. This bank provides innovative products such as internet and mobile app banking. As an icon in the banking sector, and with its impressive international presence, it tops other banks in the country’s banking industry.
Bank of Africa Bénin
Set up in 1983, this bank is the largest central bank within the territory. It provides financial services to individuals and corporate bodies. With several branches across the country, it is responsible for the regulations of monetary policies and foreign currency exchange. The corporate finance division provides corporate and investment banking solutions to customers.
United Bank for Africa
A bank established in Nigeria in 1949, it has since grown in years and has over a thousand branches across the country, and an international presence on 4 continents, with operations in 12 countries. The UBA Group has more than 50 million customers worldwide. Operating as a commercial, it has become one of the top banks in the continent. The bank renders numerous products and services such as lending, investment banking, wealth management, SMEs, et cetera.
Founded in 1985, this bank is one of the best and oldest banks in the country. It provides commercial banking services through its many banking branches and POS outlets within the continent. Its customers are mostly corporate bodies, pension boards, individuals, governmental agencies, etc. They receive services such as deposits, savings, investment solutions, loans, SME banking, and foreign exchange services.
Diamond Bank Bénin
Founded in 1990, the bank provides its financial services through its banking divisions available in all its branches. Although it began operations in 1991, it is becoming one of the best banks here in Africa. It employs at least 600 staff and has branches across the country, several ATMs, and POS outlets.
Societe Generale de Banques au Bénin
This bank was founded in 1864, making it one of the oldest banks in Africa. It provides all types of financial services to its customers, including banking services such as wealth management, SME banking, and lending. Serving many customers through a network of branches scattered across the territory, it aims to build a sustainable business in Africa. Although based in the capital city, Cotonou, it has an impeccable international presence with its name in the global banking market.