Retail deposits in six major Nigerian banks hit N39 trillion in 2025
By Aboki Forex —
Retail deposits in six major Nigerian banks rose by 24 percent to N39.01 trillion in the 2025 financial year, up from N31.46 trillion in 2024. The data comes from audited financial statements and investor presentations of the lenders.
Zenith Bank retained its position as the leader in retail deposits, growing to N11.56 trillion from N10.56 trillion. Access Holdings recorded the fastest growth, with a 77.1 percent jump to N9.87 trillion. This reflects the group's aggressive retail banking expansion and digital customer acquisition.
United Bank for Africa followed closely with N9.77 trillion, a 15.1 percent year-on-year increase. GTCO posted N5.92 trillion, up 13.1 percent. Stanbic IBTC Holdings and Wema Bank also recorded growth, with deposits rising to N974 billion and N922.4 billion respectively.
Traditional banks remain the primary custodians of customer funds despite the rapid expansion of fintech companies. Fintechs like OPay, PalmPay, Moniepoint, Kuda, Paga, and FairMoney have changed how Nigerians move money. They process billions of transactions and serve millions of users.
However, banks still benefit from salary accounts, extensive branch networks, regulatory oversight, and broader access to credit. Experts say fintechs dominate payment processing and transaction volumes, while banks hold the bulk of deposits.
Analysts warn the landscape could shift as fintechs deepen their offerings in savings, investments, and digital banking. For now, the figures show that Nigerian banks remain firmly in control of deposit mobilisation.