UBA Leads As Customers Keep Over N72tn in 6 Nigerian Banks

UBA Leads As Customers Keep Over N72tn in 6 Nigerian Banks

  • UBA leads the list of six major Nigerian banks in attracting over N72 trillion of customer deposits so far in 2024
  • Zenith Bank and Guaranty Trust Bank also hold significant deposits, reflecting strong trust from customers
  • Nigerian banks are one of the best in Africa, with branches all over the continent and also in Europe and Asia

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

According to data available to Legit.ng, six Nigerian banks boast a substantial customer deposit in excess of N72.3 trillion after the first quarter of 2024.

The figure is significantly higher when all 44 deposit money banks licensed by the Central Bank of Nigeria customers deposits are considered.

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Nigerian banks customers deposit
Nigerians keep more money in bank account Credit: Bloomberg/contributor
Source: Getty Images

The banks analysed include Access Bank, Fidelity Bank, Guaranty Trust Holding Company Plc (GTCO Plc), Wema Bank, Zenith Bank, United Bank for Africa (UBA), and First City Monument Bank (FCMB).

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Breakdown of banks customers deposit in 2024

According to figures compiled from the bank's unaudited financial records submitted to the Nigerian exchange, UBA leads the list with the highest customer deposits as of the end of March 2024.

This is followed by Access Bank, Zenith and Guaranty Trust Bank.

As of the time of this reporting, First Bank and others listed on the Nigerian exchange have yet to release their financials for the first quarter of 2023.

Here is a breakdown of the bank's customers' deposits.

UBA – N18.3 trillion

United Bank for Africa is one of the largest banks in Nigeria, with a customer deposit of N18.3 trillion as of the end of March 2024.

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This is a significant increase compared to N14.89 trillion customer deposits recorded in the same period in 2023.

UBA has shown strong resilience over the years and currently operates in 20 African countries, the UK, France, the UAE, and the US.

Access Holdings- N18.08 trillion

Access Holdings, the parent company of Access Bank, has proven to be one of the best financial institutions in Nigeria, thanks to the vision of its late former CEO, Herbert Wigwe, and now Bolaji Agbede, the current acting CEO.

Access's assured services have encouraged its customers to keep over N18 trillion in their bank accounts as of March 2024.

This is an improvement from N15.322 trillion in March 2023.

Access is also one of Nigeria's banks with an international license and has been making strong strides in this regard, with branches all over Africa and Europe.

Zenith Bank - N16.78 trillion

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Zenith Bank is a leading multinational financial service provider with several local and international awards.

Thanks to its quality service and innovative products, Zenith Bank attracted N16.78 trillion in customer deposits as of the end of March 2024.

This is a massive increase from N9.13 trillion in customer deposits as of March 2023.

Other bank's customer's deposits as of the end of March 2024 include

  • GTCO: N9.20 trillion
  • Fidelity Bank: N4.71 trillion
  • FCMB: N3.27 trillion
  • Wema: N1.88 trillion

First Bank changes name of subsidiary

In a related development, Legit.ng earlier reported that the federal government instructed all Nigerian banks to debit customers with domiciliary accounts.

The debit is for old foreign currency transactions carried out by customers between 2021 and 2023 and will be remitted to the government.

Access Bank, GTB, UBA, Zenith, and other commercial banks have sent messages to customers to expect the debits.

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Proofreading by James Ojo Adakole, journalist and copy editor at Legit.ng.

Source: Legit.ng

Authors:
Dave Ibemere avatar

Dave Ibemere (Senior Business Editor) Dave Ibemere is a senior business editor at Legit.ng. He is a financial journalist with over a decade of experience in print and online media. He also holds a Master's degree from the University of Lagos. He is a member of the African Academy for Open-Source Investigation (AAOSI), the Nigerian Institute of Public Relations and other media think tank groups. He previously worked with The Guardian, BusinessDay, and headed the business desk at Ripples Nigeria. Email: dave.ibemere@corp.legit.ng.

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