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Retail deposits in six major Nigerian banks rose by 24% to N39.01 trillion in 2025, up from N31.46 trillion in 2024Zenith Bank remained the leader in retail deposits, while Access Holdings recorded the fastest growth with a 77.1% increase to N9.87 trillionDespite the rapid expansion of fintech companies, traditional banks remain the primary custodians of customer funds
Legit.ng journalist Victor Enengedi has over a decade’s experience covering energy, MSMEs, technology, banking and the economy.
Nigeria’s banking industry continued to strengthen its hold on customer funds in 2025, recording a sharp increase in retail deposits despite growing competition from financial technology firms.
An analysis of audited financial statements and investor presentations shows that retail deposits across six major banks rose to N39.01 trillion during the 2025 financial year, representing a 24% increase from N31.46 trillion recorded in 2024.
Banks vs Fintechs: New Data shows Where Nigerians Are Really Keeping Their MoneySource: UGC
The growth highlights the
