Top 10 Nigerian Banks With Highest Customer Deposits

Over the years, banks have become a safer option for Nigerians to safeguard their funds from robbery or natural disasters like flood that could displace a whole community or fire that could engulf a whole building unannounced.

The Nigerian banking system operates on the back of about 13 commercial banks that jostle for the cash of individuals and corporate organisations. 

Prime Business Africa surveyed bank vaults with the highest customers’ deposits in 2022. Findings showed that the top 10 hold over N1 trillion each, while the top five houses over N5 trillion each. 

Tier-1 creditors; Access Holdings (Access Bank), Ecobank, Zenith Bank, United Bank for Africa (UBA), and First Bank of Nigeria (FBN) Holdings are the most trusted among depositors based on the volume of deposits.

Top 10 Nigerian Banks With Highest Customers’ Deposits

Access Holdings 

• Access Holdings is the parent company of Access Bank, where bank customers have deposited N8.18 trillion as of the end of September 2022, making the firm the largest depositors’ vault. 
• Last year, the figure increased by 17.75 per cent or N1.23 trillion when compared to the N6.95 trillion Access Bank reported as customer deposit on December 31, 2021.

Ecobank 

• The pan-African bank took the 2nd spot with N8.06 trillion customers’ deposits according to its financials filed for the first nine months of 2022. 
• Although Ecobank couldn’t grow its customers’ deposits last year considering it ended December 2021 with N8.36 trillion. This is a -3.56 per cent decline within the period in review. 

Zenith Bank 

• Zenith Bank saw its customers’ deposits increase by 24.26 per cent between January to September last year, from the N6.47 trillion reported as at the end of December 2021. 
• The growth means customers deposited N1.57 trillion between the first quarter and third quarter of 2022, to lift Zenith Bank’s customers’ deposits to N8.04 trillion. The rise was enough for Zenith Bank to clinch the 3rd spot on the list. 

UBA 

• Individuals and corporate organisations with UBA accounts deposited N659.55 billion in the first nine months of 2022 to put the lender in the 4th spot. 
• The amount deposited by UBA customers during the period in review last year represents a 10.36 per cent growth in customers’ deposits, which rose from N6.36 trillion reported in December 2021 to N7.02 trillion. 

FBN Holdings 

• Prime Business Africa gathered that customers’ deposits appreciated by 12.84 per cent to N6.60 trillion at the end of September last year. 
• This placed First Bank in the 5th spot, after recording N751.10 billion deposits from its account holders between the first quarter and third quarter of 2022. FBN customers’ deposits were N5.84 trillion at the end of December 2021.

 GTCO 

• Guaranty Trust Holding Company (GTCO), the parent company of GTBank, reported that its banking service recorded N245.13 billion in deposits between January to September 2022. 
• This increased GTCO’s customers’ deposits by 6.11 per cent, as it rose from the total N4.01 trillion reported as of December 31, 2021, to N4.25 trillion by end of the third quarter last year. This places GTCO in the 6th position on the list. 

Fidelity Bank 

• Fidelity Bank led the entrance of tier-2 banks into the list, taking the 7th spot, as the lender recorded 13.33 per cent growth in customers’ deposits during the period in review last year. 
• At the end of September 2022, Fidelity Bank’s customers’ deposits grew to N2.29 trillion, rising by N269.86 billion from the N2.02 trillion reported as customers’ total deposits in the firm’s vault. 

FCMB 

• FCMB has the 8th highest customers’ deposits as of the end of September 2022, after N262.42 billion was deposited in the firm’s vault within the first nine months of last year. 
• The amount represents a 16.88 per cent growth in funds held by individuals and corporate bodies within FCMB, considering the total customers’ deposits increased from N1.55 trillion on December 31, 2021, to N1.81 trillion.  

Union Bank 

• Customers of Union Bank increased their deposits in the financial institution by 12.65 per cent or N171.53 billion at the end of the third quarter of last year. 
• It was gathered that Union Bank had closed 2021 with a total customers’ deposits of N1.35 trillion, but this figure increased to N1.52 trillion at the end of September 2022, cementing the firm as the 9th largest depositors’ funds holder. 

READ ALSO: Top 10 African Banks – Why Nigerian Banks Are Missing

Sterling Bank 

• Sterling Bank completed the top 10 list of banks with the highest customers’ deposits, occupying the bottom after closing September 2022 with N1.24 trillion. 
• It recorded a growth of 3.38 per cent between January to the end of the third quarter last year, as depositors added N40.90 billion to the N1.20 trillion total depositors’ funds it recorded as of December 31, 2021.

Fakoyejo Olalekan

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