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MoneyCentral has compiled the list of Top 10 Nigerian banks by customer deposits based on the third quarter, 2022 results as glimpsed from the stock exchange and our findings are interesting.
The biggest banks in Nigeria by total deposits are:
- Access Bank Plc with N10.25 trillion.
The next biggest are:
- Zenith Bank, N8.04 trillion
- United Bank for Africa (UBA), N7.81 trillion
- First Bank Holdings, N7.61 trillion
- Guaranty Trust Holding Company (GTCO), N4.39 trillion.
Leading the next tier are:
- Fidelity Bank, N2.29 trillion,
- Stanbic IBTC, N1.65 trillion,
- Union Bank N1.53 trillion,
- Sterling Bank N1.30 trillion,
- Wema Bank N1.07 trillion.
The biggest lenders in Africa’s most populous nation collectively grew total deposits by 15.08 percent to N44.86 trillion in September 2022 from N38.98 trillion the previous year.
Top 10 Nigerian Banks attribute the growth in deposit to an excellent execution of retail strategy in the face of challenging operating environment, but they face stiff competition from Fintechs who are gradually cannibalizing on sales.
Revenues from Nigeria’s financial technology (fintech) sector are expected to grow by 12 per cent per year until 2025 backed by an influx of funding and increasingly supportive regulatory frameworks, according to a report published by McKinsey & Company.
The notable increase in deposits is amid a reduction in industry non-performing-loans (NPLs) as the results of stress test by the central banks shows resilience of lenders’ solvency and liquidity ratios in response to severe macroeconomic shocks.
“Banks must remain vigilant to proactively manage probable macro risks to the financial systems,’’ said Aishah Ahmad, deputy governor, financial systems stability directorate.