Nigerian Banks' Loans Rise 9.2% Amid Fintech Competition

As of December 31, 2025, six deposit money banks (DMBs) in Nigeria, including Ecobank Transnational Incorporated, Stanbic IBTC Holdings PLC, FCMB Group PLC, Wema Bank PLC, First Holdings PLC, and Sterling Financial Holdings Company PLC, reported a total of N33.99 trillion in loan advances to customers. This figure represents a 9.2% increase from N31.12 trillion reported in the same period in 2024.

The banks are facing significant competition from fintech companies such as Moniepoint, Microfin Bank, and others, which have been offering attractive interest rates and financial services. Ecobank led with N17.09 trillion in loans, marking an 11% increase, while First Holdings reported N9.06 trillion, a 3% increase.

The total deposits in the banking sector rose to N70.79 trillion, reflecting a 15.3% growth from N61.42 trillion in 2024. The competitive landscape is evolving as fintech companies continue to attract customers with innovative services.