Bank is a financial institution licensed to recieve deposits and make loans. It also provide financial services such as wealth management, deposit boxes, currency exchanges, lending money.
Types of banks
Exchange bank :is a community bank offering personal and business banking. Service s which include mortgages, home loans.
Commercial bank:is a financial institution which performs the functions of accepting deposits from the general public and giving loans for investment with the aim of earning profits.
Industrial bank:it is a financial institution with limited service which sell certificate called investment shares and also accept customer deposits and then invest the fund in installment loan for consumers and small enterprises.
Agricultural banking:it is a type of bank that lend money to farmer for a longer period of time and charges them less interest than other types of banks.
Savings bank:it is a bank that recieve savings account and pays interest to depositors,
Central bank,:is a bank that manages the currency, money supply and interest rates of a state or formal monetary union and over sees their commercial banking system.
Utility bank:it is an institution for the safe keeping of money. They provide a place for safe keeping money and securities.
DIFFERERENT TYPES OF BANKS IN NIGERIA
1,central bank of nigeria:it is the bank that had 12 governors since Nigeria independence and is probably the most popular government body in Nigeria. It ensure monetary and price stability. It issue legal tender currency in Nigeria. It maintain external reserves to safe guard the international value. It also act as banker and provide economic and financial advice to federal government.
2.Developmental bank :it is a specialized financial institutions. It provides medium and long term Finance to industrial and agricultural sector. They provides finances to both private and public sector. They are multipurpose financial institution.
3.savings bank:it is a bank that receives savings account and pay interests
4.merchant bank:it is a bank that conducts underwriting, loan services., financial advising and fund raising services.
5.Mortgage bank:is a bank that specialises in originating and service loan. It sells loans and lend money.
NAMES OF BANKS IN NIGERIA
1.access bank
2.first city monument bank limited
.3.first bank of Nigeria limited
4.guaranty trust bank plc
5.union bank of Nigeria
6.United bank for Africa plc
7.zenith bank plc
An informative article. It sheds light on the banking industry, especially for the layman who does not know anything about bank