June 3 (THEWILL) — Nigerian banks continued to strengthen their grip on retail deposits in 2025 despite growing competition from fintech firms, with deposits across six major lenders rising 24 percent year-on-year to ₦39.01 trillion from ₦31.46 trillion in 2024.
An analysis of audited financial statements and investor presentations by the Nairametrics Research Team shows that traditional banks are still attracting significant customer savings even as fintech platforms aggressively compete in payments, transfers, digital wallets and savings products.
The review covered Access Holdings, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Zenith Bank, Stanbic IBTC Holdings and Wema Bank. All six institutions recorded growth in retail deposits during the period.
Zenith Bank maintained the largest retail deposit base at ₦11.56 trillion, followed closely by Access Holdings at ₦9.87 trillion and UBA at ₦9.77 trillion. Access Holdings posted the strongest annual growth rate, with retail deposits surging 77.1 percent from ₦5.57 trillion in 2024.
GTCO’s retail deposits rose to N5.92 trillion, while Stanbic IBTC and Wema Bank recorded N974 billion and N922.4 billion respectively. Over the past five years, the banks have consistently expanded their retail deposit bases, highlighting the resilience of traditional banking institutions.
The performance comes amid the rapid rise of fintech giants such as OPay, PalmPay, Moniepoint, Kuda, Paga and FairMoney, which collectively serve tens of millions of customers and process trillions of naira in transactions annually. These platforms have transformed Nigeria’s digital payments landscape through mobile wallets, agency banking, digital lending and low-cost transfers.
Despite this momentum, experts say banks retain key advantages. According to Festa Chiwendu Ndubuogaranya, Head of Quant Finance at Rhodium Capital Limited, customer trust, regulatory confidence and broader product offerings continue to drive deposit growth.
She noted that services such as domiciliary accounts, international transactions and corporate banking remain largely dominated by traditional lenders, helping them preserve their position as the primary custodians of long-term savings.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
