10 Banks With Highest Customer Deposits in Nigeria

• Customer deposits in Nigerian commercial banks rose to over N140 trillion in 2024 despite the state of the economy
• Analysis showed that Access Holding leads with the highest amount of customer deposits, followed by First Bank
• Customer deposits are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments

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.

As of December 2024, total customer deposits in 10 commercial banks listed on the Nigerian exchange had increased to N140.97 trillion.

The latest figure represents a 51% increase in customer deposits compared to the N93.5 trillion generated in 2023.

The figures are captured in the third quarter report of the financial institutions submitted to the Nigerian Exchange (NGX).

The banks are: Ecobank Transnational Incorporated, Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, First Holdco Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.

Ten banks with the highest customers' deposit

Here is the breakdown of customer deposits in the top ten banks in 2024, despite competition from fintech companies like Opay, Moniepoint, Palmpay, among others.

Ecobank Transnational Incorporated (ETI)

ETI recorded the highest customer deposits among listed banks in 2024, totalling N31.64 trillion.

This represents a 66.4% increase compared to N19.01 trillion in 2023.

Access Holdings Plc

Access Holdings the parent company of Access Bank, followed closely, reporting customer deposits of N22.52 trillion in 2024.

This represents a 47% increase from N15.30 trillion in 2023.

Zenith Bank Plc

Zenith Bank reported customer deposits of N21.96 trillion in 2024 an increase of 45% from N15.17 trillion in the previous year.

United Bank for Africa Plc (UBA)

UBA reported customer deposits of N21.89 trillion in 2024, representing a 47% rise from N14.89 trillion in 2023.

First Holdco Plc

First Holdco declared customer deposits totalling N17.17 trillion in 2024, a 61% growth from N10.66 trillion recorded in 2023.

Guaranty Trust Holding Company Plc (GTCO)

GTCO, the parent company of GTbank posted customer deposits of N10.01 trillion in 2024. This indicates a 35% increase from N7.40 trillion in 2023.

Fidelity Bank Plc

Fidelity Bank reported customer deposits of N5.90 trillion as of December 2024.

FCMB Group Plc

FCMB Group declared customer deposits of N4.30 trillion in 2024.

Stanbic IBTC Holdings Plc

Stanbic IBTC Holdings recorded customer deposits of N3.01 trillion in 2024.

Wema Bank Plc

Wema Bank announced customer deposits of N2.53 trillion in 2024.

Banks borrowed an estimated N33.97 trillion

Earlier, Legit.ng reported that the Central Bank of Nigeria (CBN) borrowed an estimated N33.97 trillion between January and February 2025.

The loans are intended to manage their daily business operations and address liquidity concerns in the interbank money market.

Experts attribute the increasing borrowing by banks from the CBN to the declining value of the naira on the foreign exchange market, the apex bank absorbing surplus liquidity in the financial sector, and the rising rate of inflation.

Source: Legit.ng