Four of the foremost technology friendly banks in Nigeria were deeply analysed in this review as regards the efficiency of the Nigerian Internet Banking Service.
Of these four were (in no particular order); First Bank Nigeria PLC, Intercontinental Bank PLC, First City Monument Bank PLC and Guaranty Trust Bank PLC.
This review was done with regards to; Uptime of the Internet Banking Platform (%), Ease of Funds Transfer within same Bank, Time Taken to credit / complete an Online Inter-Bank Transfer, Charges on Inter-Bank Transfers, Security.
FIRST BANK NIGERIA PLC
Uptime of the Internet Banking Platform (%): 95%
Ease of Funds Transfer within same Bank: Quick and Instant
Time Taken to credit / complete an Online Inter-Bank Transfer: Service not Available
Charges on Inter-Bank Transfers: Online Inter-Bank Transfers not available
Security: High (Security Token is used to authenticate all transactions)
INTERCONTINENTAL BANK PLC
Uptime of the Internet Banking Platform (%): 98%
Ease of Funds Transfer within same Bank: Quick and Instant
Time Taken to credit / complete an Online Inter-Bank Transfer: Service not available
Charges on Inter-Bank Transfers: Online Inter-Bank Transfers not available
Security: Average (Transaction Password is used to authenticate all transactions)
FIRST CITY MONUMENT BANK PLC
Uptime of the Internet Banking Platform (%): 96%
Ease of Funds Transfer within same Bank: Quick and Instant
Time Taken to credit / complete an Online Inter-Bank Transfer: 2-3hours irrespective of the time of transaction.
Charges on Inter-Bank Transfers: N200 (Two Hundred Naira) per transaction irrespective of amount.
Security: Average (Transaction Password is used to authenticate all transactions)
*FCMB Inter-Bank Transfers are only possible to 8 (Eight) other Nigerian Banks.
GUARANTY TRUST BANK PLC
Uptime of the Internet Banking Platform (%): 99%
Ease of Funds Transfer within same Bank: Quick and Instant
Time Taken to credit / complete an Online Inter-Bank Transfer: 2-3hrs if transaction is carried out between 9am to 12am on work days.
Charges on Inter-Bank Transfers: N35 (Thirty Five Naira) per transaction irrespective of amount.
Security: Very High (Security Token is used to authenticate all transactions and login format guards against key-loggers)
*Guaranty Trust Bank’s Inter-Bank Transfers work seamlessly across all the nation’s banks including transfers of foreign currencies to off-shore banks worldwide.
After all the review factors were taken into consideration and summed up, Guaranty Trust Bank PLC undoubtedly emerged as the Nigerian Bank with the most diverse, efficient and most secured Internet Banking Platform in Nigeria.
Eta's Digital WareHouse 
Nice reviews you got boss!! Check out mine on http://www.ukagwu.wordpress.com
Posted by ukagwu | May 28, 2011, 8:22 amwell,i am an intending costurmer who want to begin internet banking activities.like buying and selling on the net.I have gone to my bank first bank of Nigeria and have filled the forms and my id and password has been sent to me,but the problem is i cant log in to either activate this or see how it works.I dont know if i actually need to get a token first before i can do all that.
My other question is,is it preferable to use myfirst bank account or shift to gtb for beta efficiency.thank you,your answere would mean a lot to me.
Posted by oloche adams | October 17, 2011, 2:53 pmThanks for your comment. First Bank’s Internet banking is efficient though not as versatile and flexible as that of GTB. As regards login-in, you do not need a token to login. A token is only required for certain transactions and authorizations.
I would not say you should leave First bank for GTB but I can boldly state that GTB is in a class of its own and is a delight.
Posted by Eta Uso Jr | October 18, 2011, 4:39 amVery informative post. Check out this blog…http://9jawehailthee.wordpress.com/
Posted by eda | November 28, 2011, 2:36 amPlease i want to know banks that uses only username and password for their online banking transfers and the ones that use token in login in for transfer
Posted by David | March 27, 2012, 6:05 pmGTB uses hardware tokens aside the normal logins, same with First Bank. However, STANBIC bank uses electronic token unlike the other two.
I have not tested all other banks yet.
Posted by Eta Uso Jr | March 28, 2012, 8:28 pmBeen with GTB for about 3 years and i’m thoroughly satisfied with their e–banking services, but i just need a backup. My heart points me towards Firstbank. What say you?
Posted by Trae Zeeofor (@trae_z) | April 25, 2013, 10:57 pmGtb is no doubt my preferred choice for internet banking and general e-banking services. However, I also have e-banking services activated on all my other accounts and I can comfortably say that aside from Gtb, the rest are generally on the same level. No doubt, First Bank would make a good backup for you. I also use First Bank and their e-banking services as well and they are very efficient plus they have a very responsive customer service.
Posted by Eta Uso Jr | April 26, 2013, 12:20 ami want to know if zenith bank e-banking is efficient
Posted by oluwatobi | May 26, 2014, 1:34 amTo say that you comment is not true concerning Guaranty Trust is to say the least. It is not only true but also misleading. Guaranty Trust Bank charged as high as N110.25 per transaction of not more than N10,000.
Their transaction completion duration is also as high as 6hours.
Posted by Michael | October 30, 2014, 8:08 am