In spite of economic difficulties, Nigerian commercial banks' customer deposits rose to more than ₦140 trillion in 2024, a record high in the banking industry. In third-quarter reports filed with the Nigerian Exchange Group (NGX), this is a 51% rise from the ₦93.5 trillion seen in 2023.
Customer deposits remain a core asset for banks, being the primary source of funds for lending and financing investments. The 2024 figures indicate intense competition among traditional banks, even with the rise of fintech platforms like Opay, Moniepoint, and PalmPay.
Top 10 Nigerian Banks by Customer Deposits in 2024
Below is the list of commercial banks with the highest customer deposits as of December 2024:
- Ecobank Transnational Incorporated (ETI)
- ₦31.64 trillion
- 66.4% increase from ₦19.01 trillion in 2023.
- Access Holdings Plc
- ₦22.52 trillion
- From ₦15.30 trillion in 2023, increased by 47%.
- Zenith Bank Plc
- ₦21.96 trillion
- 45% increase from ₦15.17 trillion in 2023.
- United Bank for Africa Plc (UBA)
- ₦21.89 trillion
- Increased by 47% to ₦14.89 trillion in 2023.
- First Holdco Plc
- ₦17.17 trillion
- Increased 61% from ₦10.66 trillion in 2023.
- Guaranty Trust Holding Company Plc (GTCO)
- ₦10.01 trillion
- Increased 35% from ₦7.40 trillion in 2023.
- Fidelity Bank Plc
- ₦5.90 trillion
- No comparison with 2023 but shows consistent growth.
- FCMB Group Plc
- ₦4.30 trillion
- Stanbic IBTC Holdings Plc
- ₦3.01 trillion
- Wema Bank Plc
- ₦2.53 trillion
CBN Lending to Banks Rises to ₦33.97 Trillion in Early 2025
In a related development, the Central Bank of Nigeria (CBN) borrowed approximately ₦33.97 trillion from commercial banks between the months of January–February 2025. The funds are aimed at moderating liquidity in the interbank money market as well as stabilizing operations in day-to-day banking.
This higher borrowing is by financial analysts attributed to:
- The depreciation of the naira,
- Efforts by the CBN to absorb excess liquidity, and
- The persistent high rate of inflation.
Note: The information in the following summary is from recent reports provided by Nigerian banks and market analysis collated from the NGX.