Societe-General, Standard Chartered Bank and Ecobank have been adjudged best financial institutions in terms of supply of credit to businesses.
The Average Percentage Rate (APR) according to the Central Bank is the measure of the true rates banks charge on loans including charges and commissions levied by banks.
The report placed Societe-General as the best bank that supports export business and businesses operating in the Agricultural sector, in terms of supply of credit with an APR of almost 24 percent.
ECOBANK was also identified as the best financier of businesses operating in the quarrying and mining sector with an APR of 24.2 percent.
For firms in the manufacturing, imports and commerce sectors, Standard Chartered bank was the best financial institution for these firms to secure credit because they will end up paying an APR of between 24.5 percent to about 30 percent.
Standard Chartered is also the preferred bank for employee car loans or mortgages, given that they charge a 24.5 percent on this facility.
Barclays Bank emerged preferred bank to go for deposits because they will pay an average deposit of 16.1 percent.
Bank of Baroda came on top for individuals looking for consumer credit as they will pay an APR of 28.2 percent.