New data reveals that Nigerian banks continue to dominate the financial landscape, with retail deposits in six major lenders surging to N39.01 trillion in 2025, a 24% increase from N31.46 trillion in the previous year. This growth underscores the enduring trust in traditional banking institutions despite the rapid expansion of fintech companies.
Major Banks Report Strong Deposit Growth
An analysis of audited financial statements shows that all six banks reviewed—Access Holdings, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Zenith Bank, Stanbic IBTC Holdings, and Wema Bank—recorded increases in retail deposits during the 2025 financial year.
Zenith Bank maintained its leadership position, growing retail deposits to N11.56 trillion from N10.56 trillion. Access Holdings posted the strongest growth, with deposits soaring by 77.1% to N9.87 trillion, driven by aggressive retail banking expansion and digital customer acquisition.
UBA followed with N9.77 trillion, up 15.1% year-on-year, while GTCO recorded N5.92 trillion, a 13.1% increase. Stanbic IBTC and Wema Bank also saw solid performances, with deposits reaching N974 billion and N922.4 billion respectively.
Why Banks Still Hold the Edge
Despite the rise of fintech platforms like OPay, PalmPay, Moniepoint, Kuda, Paga, and FairMoney, traditional banks benefit from salary accounts, extensive branch networks, regulatory oversight, and broader credit access. These factors keep banks as the preferred destination for storing funds, even as consumers use digital platforms for transactions.
Fintech companies have transformed payment processing and transaction volumes, processing billions of transactions and serving millions of users. However, they currently play a different role from banks, focusing on convenience and speed rather than deposit mobilization.
Future Competition Looms
Industry experts note that the competitive landscape could shift as fintechs deepen their offerings in savings, investments, and fully digital banking services. As these platforms build stronger customer relationships and trust, they may begin to compete more directly for deposits.
For now, the latest figures confirm that Nigeria's banks remain firmly in control of deposit mobilization. While fintechs redefine convenience, traditional lenders continue to expand their deposit base and reinforce their central role in the financial system.
