Nigerian Banks Boost Customer Deposits to N35 Trillion

Six Nigerian banks have reported a significant increase in customer deposits, reaching N35 trillion, which represents a 15-year growth from N30 trillion recorded in 2024. The banks involved are First Holdco, Sterling Financial Holdings, FCMB, Stanbic IBTC, Wema Bank, and Jaiz Bank.

The data indicates a strong inflow of deposits, with total deposits across these banks increasing by N4.6 trillion in 2025 compared to the previous year. Customer deposits account for 91% of the total, with the highest contributions from First Holdco at N18.8 trillion, followed by Sterling Financial Holdings at N1.72 trillion and FCMB at N1.71 trillion.

The report also highlights a decline in interbank deposits to N3.4 trillion. Notably, loan advances from these banks totaled N16.90 trillion, with Wema Bank converting N1.7 trillion of its deposits into loans.

Muktar Moham, CEO of Asher Invest Ltd, noted that the Central Bank of Nigeria's measures have strengthened investor sentiment, encouraging customer deposits.