Ecobank Leads List of 10 Banks in Nigeria With Highest Customer Deposits

• Customer deposits in Nigerian commercial banks continued their upward trajectory in H1 2025
• Latest data showed that the amount of funds deposited in various banks by customers has surpassed N150 trillion
• Ecobank Transnational Incorporated (ETI) led the sector with N36.6 trillion in deposits, followed by UBA

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.

Customer deposits in commercial banks in Nigeria continued to grow despite economic challenges and inflation.

According to data from bank filings on the Nigerian Exchange Group (NGX), customers' deposits in commercial banks rose to N150.3 trillion in the first half of 2025.

This represents a N12.8 trillion increase from N137.5 trillion recorded in the full year 2024,

Analysis shows that Ecobank Transnational Incorporated (ETI) maintained its lead in customer deposits, followed closely by UBA and Zenith Bank.

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Customer deposits remain a key asset for banks, providing the primary source for lending and funding other investments in the financial sector.

Top ten listed banks with highest customers deposit

Here is a breakdown of 10 banks' deposits as they demonstrate resilience and growth despite competition from fintech companies:

Ecobank- N36.6 trillion

Ecobank Transnational Incorporated (ETI) recorded the highest deposits among listed banks in H1 2025, totalling N36.6 trillion, up 15.56% from ₦31.6 trillion in FY 2024.

Ecobank is a pan-African bank headquartered in Togo, operating across 33 countries.

UBA - N24.2 trillion

United Bank for Africa Plc (UBA) reported customer deposits of N24.2 trillion, a 10.47% increase from N21.9 trillion in FY 2024.

UBA has a strong presence in Africa and beyond

Zenith Bank - N23.5 trillion

Zenith Bank recorded deposits of N23.5 trillion, a 6.94% rise from N22.0 trillion in FY 2024.

Zenith Bank is one of Nigeria’s leading financial institutions.

Access Bank - N22.9 trillion

Access Holdings Plc, Access Bank’s parent company, reported deposits of N22.9 trillion, up 1.69% from N22.5 trillion in FY 2024.

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Access Bank is aggressively expanding its African presence and recently confirmed the acquisition of National Bank of Kenya in a,

First Bank - N17.9 trillion

First Bank recorded deposits of N17.9 trillion, a 4.25% increase from ₦17.2 trillion in FY 2024.

First Bank is currently under the chairmanship of Femi Otedola and has, over the years, maintained its reputation as a reliable, longstanding institution.

GTBank - N11.9 trillion

Guaranty Trust Holding Company Plc (GTCO) the parent company of GTbank posted deposits of N11.9 trillion, reflecting an 18.62% growth from N10.0 trillion in FY 2024.

GTBank over the years, has become one of Nigeria’s most innovative banks.

FCMB - N4.5 trillion

FCMB Group Plc declared deposits of N4.5 trillion, up 5.59% from N4.3 trillion in FY 2024.

Stanbic IBTC - N3.4 trillion

Stanbic IBTC Holdings Plc: Stanbic IBTC recorded deposits of N3.4 trillion, a 13.89% increase from N3.0 trillion in FY 2024.

Sterling Bank - N2.8 trillion

Sterling Bank Plc reported deposits of N2.8 trillion, up 10.23% from N2.5 trillion in FY 2024.

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Sterling Bank offers retail, commercial, and investment banking services.

Wema Bank - N2.6 trillion

Wema Bank recorded deposits of N2.6 trillion, a 3.02% increase from N2.5 trillion in FY 2024. Wema Bank is one of Nigeria’s oldest indigenous banks.

The rise in banking deposits indicates sustained confidence in Nigeria’s banking sector.

Zenith Bank to acquire Kenyan Bank

In a related development, Legit.ng reported that Nigeria’s Zenith Bank is preparing to enter the Kenyan market.

Discussions are already underway for a partnership with a tier-2 bank in Kenya, marking Zenith Bank’s first expansion into East Africa and beyond West Africa.

If successful, Zenith Bank will join Access Bank, Guaranty Trust Bank (GTBank), and United Bank for Africa (UBA) as Nigerian banks operating in Kenya.

Source: Legit.ng