New financial data reveals a significant surge in funds held by Nigerian banks, with customer savings deposits crossing the N33 trillion mark in the first nine months of 2025. An analysis of statements from ten major financial institutions shows a collective N33.24 trillion was held in savings accounts as of September 2025.
Tier-2 Banks Outpace Giants in Deposit Growth
This figure represents a substantial 6.8% increase from the N31.13 trillion recorded in the same period of 2024. A detailed review of the performance indicates a fascinating shift in the competitive landscape, with Tier-2 banks recording significantly higher growth rates compared to some of their larger Tier-1 counterparts.
The banks included in this analysis are Access Holdings Plc, Ecobank Transnational Plc, Fidelity Bank Plc, First Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, United Bank for Africa Plc (UBA), Wema Bank Plc, and Zenith Bank Plc.
Performance Breakdown: Gains and Declines
While the overall sector grew, the performance was mixed among the top players. The group of five Tier-1 banks—Access Holdings, First Holdings, GTCO, UBA, and Zenith Bank—saw their combined savings deposits grow by 4.3% to N24.466 trillion by September 2025, up from N23.454 trillion in December 2024.
However, within this group, two giants experienced a decline. Zenith Bank's savings deposits fell by 1.3% to N7.486 trillion, while First Holdings saw a 3.0% drop to N4.026 trillion. Despite these decreases, Zenith Bank and First Bank remained the institutions with the highest total deposit volumes.
Other Tier-1 banks posted strong growth. Access Holdings grew its deposits by 7.3% to N4.420 trillion, GTCO increased by 8.0% to N2.774 trillion, and UBA led the pack with an impressive 14.6% jump to N5.76 trillion.
Tier-2 Banks Show Remarkable Momentum
The real story of aggressive growth came from the Tier-2 sector. The combined savings deposits for Ecobank, Fidelity Bank, Stanbic IBTC, Sterling Holdings, and Wema Bank soared by 14.3% to N8.77 trillion, up from N7.67 trillion at the end of 2024.
Sterling Holdings recorded the highest growth rate at 20%, boosting its deposits to N477 billion. Ecobank followed with a 15.6% increase to N6.186 trillion. Stanbic IBTC grew by 12% to N406 billion, Wema Bank by 11% to N473 billion, and Fidelity Bank by 8.3% to N1.23 trillion.
Central Bank Adjusts Savings Deposit Rates
This growth in deposits coincides with adjustments to savings interest rates by the Central Bank of Nigeria (CBN). Following the latest Monetary Policy Committee (MPC) meeting, the CBN published updated savings deposit rates for Deposit Money Banks and Merchant Banks.
The average savings deposit rate across the banking sector now stands at 8.25%, a rise from the previous average of 7.88%. This change is part of the broader monetary policy environment influencing customer savings behavior and bank liquidity.
The data underscores a dynamic Nigerian banking sector where traditional market leaders are being challenged by aggressive growth from Tier-2 institutions. It also highlights the continued accumulation of savings within the formal banking system, reflecting customer confidence and the impact of prevailing monetary policy.
