Access Leads, Zenith Drops: Here Are the Top 10 Largest Banks in Nigeria by Customer Deposit in 2022

• The list of Nigeria's major commercial banks with the largest customer deposits so far in 2022 has been revealed
• Access Bank leads the list and accounts for at least 26% of total client deposits in banks
• Zenith, which used to be at the top, now stands behind Access Bank after completing multiple acquisitions in recent years

Total customer deposits in 10 Nigerian banks listed on the Nigerian exchange hit N38.08 trillion as at the end of September 2022.

This is higher than the N37 trillion Nigerians deposited in the bank as at December 2021.

The latest figures are contained in the banks' unaudited financial records for the third quarter of 2022, submitted to the Nigerian exchange and obtained by Legit.ng.

The banks captured are Access Bank, Fidelity Bank, FBN Holdings, GTCO, Union Bank, United Bank for Africa (UBA), Zenith Bank, Stanbic IBTC, Sterling Bank, Fidelity, and First City Monument Bank and Wema Bank.

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Breakdown of customer deposits

For the top 10 largest banks ranking based on customers' deposits, it is led by Access bank. This is the position once held by Zenith bank in previous years.

Here is how the banks rank according to their customer deposits

1. Access Bank –N10.25 trillion.
2. Zenith Bank, N8.04 trillion
3. United Bank for Africa (UBA), N7.81 trillion
4. First Bank Holdings, N7.61 trillion
5. Guaranty Trust Holding Company (GTCO), N4.39 trillion
6. Fidelity Bank, N2.29 trillion,
7. Stanbic IBTC, N1.65 trillion,
8. Union Bank N1.53 trillion,
9. Sterling Bank N1.30 trillion,
10. Wema Bank N1.07 trillion.

Why is bank deposit important

Customer deposits remain one of the most competitive items in the banking sector since it is from this medium that loans are issued and other investments are made.

Also, the deposits have a very important meaning to the Bank because it is the basis for assessing whether the Bank is strong or weak.

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CBN removes bank charges, sets new rules for cash withdrawals

In another report, the Central Bank of Nigeria adjusted bank charges to accommodate deposits made by Nigerians

Legit.ng reports that the action is intended to persuade Nigerians to return their old naira notes to banks within the next 60 days

The CBN has also announced the documents that will be required for Nigerians to withdraw large sums of money from the bank

Source: Legit.ng