EconomyInternational
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Nigerian Banks Record N140.97 Trillion in Customer Deposits for 2024, Marking 51% Growth

Muhammad DanAsabe Umar
By Muhammad DanAsabe Umar

Despite a severe competition from fintech companies operating in Nigeria, and other sub-Saharan African countries, a total of 10 Deposit Money Banks (DMBs) generated N140.97 trillion as deposits from customers in 2024.

This represents a 51 per cent growth in deposits when compared to N93.5 trillion generated in 2023, according to the audited results and accounts posted on the Nigerian Exchange Limited (NGX).

The development also indicates increased public confidence in the formal banking system amid the high cost of living, orchestrated by the double-digit inflation rate and devaluation of the naira.   

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

These DMBs experienced a remarkable surge in deposits from customers in recent years.

Deposits from customers are among the most competitive assets in the banking sector, as they serve as the primary source for issuing loans and funding other investments. 

Among the 10 listed DMBs on the Nigerian Exchange Limited (NGX), THISDAY gathered that ETI, followed by Access Holdings and Zenith Bank Plc has the highest deposits from customers in 2024.

The breakdown revealed that ETI announced N31.64 trillion deposits from customers in 2024, about 66.4 per cent increase over N19.01 trillion in 2023, while Access Holdings reported N22.52 trillion deposits from customers in 2024, representing an increase of 47 per cent from the N15.3 trillion posted in 2023. 

The two Pan-African financial institutions have subsidiaries in over 30 African countries that have played a critical role in customers’ deposits.

In the year under review, Zenith Bank announced N21.96 trillion in customer deposits, up by 45 per cent from N15.17 trillion in 2023. 

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