- Eight Nigerian banks experienced an increase in customer deposits, which rose to N85.58 trillion in the third quarter of 2024.

- The increase represents a 12.2% increase, which shows customers confidence in the banking sector

- Zenith Bank led the pack with the highest customer deposits in the review period, with N21.57 trillion.

Customer deposits in eight commercial banks hit N85.58 trillion in the third quarter of 2024, representing a 12.2% increase from the N76.26 trillion recorded in the corresponding period in 2023.

The information is contained in the banks’ unaudited interim financials for the period ended September 30, which they filed with the Nigerian Exchange Limited (NGX).

Breakdown of the banks’ customer deposits

Customer deposit is the money a customer pays into a bank to secure goods or services or to make an advance payment on an order or project.

Zenith Bank recorded the highest customer de-posits at N21.57 trillion in the review period, from the N13.38 trillion recorded in Q3 2023.

The figure is a 61% increase driven by demand deposits, which rose from N7 trillion to N8 trillion.

Access Holdings followed next with N22.28 trillion in customer deposits compared to N15.32 trillion in Q3 2023, representing a 46% yearly increase.

The bank’s demand deposits stood at N9.36 trillion from N6,83 trillion in 2023.

First Bank increased to N16.72 trillion in the review period from N10.66 trillion in the same period in 2023, showing a 57% increase.

The bank’s demand deposits rose to N3.87 trillion, savings deposits reached N4.12 trillion, and term deposits spiked to N8.72 trillion.

Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.

Term deposits of the bank rose from N846.09 billion to N1.46 trillion, while savings deposits rose from N3.29 trillion to N4.21 trillion.

Fidelity Bank recorded N6.08 trillion in customer deposits in the review period, relative to N4.01 trillion recorded in Q3 2023, representing a 52% increase, while term deposits rose from N75.99 billion to N309.80 billion.

Sterling Bank recorded customer deposits of N2.46 trillion in the period under review, up from the N1.84 trillion it recorded in the corresponding period in 2023.

The bank’s savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits stood at N1.23 trillion from N742.12 billion.

Its savings deposits rose from N1.10 trillion to N1.50 trillion, and term deposits increased from N742.12 to N1.23 trillion.

Stanbic IBTC's deposits swelled to N2.46 trillion from N1.84 trillion in 2023, representing a 34% increase.

The growth was driven by current accounts, which spiked from N1.04 trillion to N1.33 trillion, and savings accounts rose from N337.25 billion to N478.22 billion.

Wema Bank experienced a 23% yearly increase in customer deposits, from N1.86 trillion in 2023 to N2.29 trillion in 2023.

Nigerian banks’ customer deposits explode in 2024

Punch reports that the value of customers’ bank deposits rose to N136 trillion as of March 2024.

Total bank deposits rose by 63%, from N70.5 trillion in 2022 to N115 trillion in 2023, hitting N136 trillion in March 2024, an 18.26% increase in three months.

CBN clarifies position on converting foreign currency

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.

The bank disclosed that all conversions must be fully disclosed and reported as part of the bank’s exchange rate requirements.

Legit.ng reported that in February 2024, the apex bank reaffirmed that it would not coerce domiciliary account holders to convert their holdings into naira.

Source: https://www.legit.ng/business-economy/industry/1626116-list-top-8-nigerian-banks-highest-customer-deposits-2024/

Guaranty Trust Bank reported an N10.68 trillion increase in customer deposits under review from N7.41 trillion in the same period in 2023.

Zenith and GTB always leading

Legit.ng earlier reported that the Central Bank of Nigeria (CBN) had issued new rules clarifying that commercial, merchant, and non-interest banks (CMNIBs) should let holders convert their internationally tradable foreign currency (ITTC) balances in designated domiciliary accounts into the local currency, the naira, at any time, using the prevailing exchange rate.

Zenith Bank has no option of converting dollar to naira online. What an Agbaya bank.

Not correct, let me list dem for u



1. Moniepoint MFB
2. OPAY
3. FIRST BANK OR FIRSTMONEY WALLET
4. ACCESS BANK
5 ECOBANK
6. FIDELITY
7. the rest BANK can drag from 7 onwards

This is based on street statistics. You should transact more with people to know their preference.

Zenith 21. Trillion while ACCESS 22. trillion how come Zenith is on top.

Where is my ALMIGHTY UBA.

OPAY remains number one all the way.

Zenith Bank
Access Bank

I just can't help myself....

IGBO Amaka...

Ok

Where is Opay?

Ringstonermasks:
Not correct, let me list dem for u



1. Moniepoint MFB
2. OPAY
3. FIRST BANK OR FIRSTMONEY WALLET
4. ACCESS BANK
5 ECOBANK
6. FIDELITY
7. the rest BANK can drag from 7 onwards

This is based on street statistics. You should transact more with people to know their preference.

How you go place Moniepoint ahead of opay na

Lamasta:


How you go place Moniepoint ahead of opay na

as in ehh. OPay is paying 247.

Ringstonermasks:
Not correct, let me list dem for u



1. Moniepoint MFB
2. OPAY
3. FIRST BANK OR FIRSTMONEY WALLET
4. ACCESS BANK
5 ECOBANK
6. FIDELITY
7. the rest BANK can drag from 7 onwards

This is based on street statistics. You should transact more with people to know their preference.

lol! Moniepoint and Opay! Your riri no know how the finance and banking industry works. Those two alone have their monies deposited with the big banks

Nothing like increase in anything

76 Trillion in 2023 is Equal to 86 trillion in 2024 una no dey check Naira Value? next year when one dollar will be $1=2500 and total bank deposit will be 150 trillion una go say na Increase 🙄 dey play

iluvdonjazzy:
Zenith 21. Trillion while ACCESS 22. trillion how come Zenith is on top.

Percentage increase not the final value.
Zenith Bank had 61% increase from 2023
Access had 41% increase from 2023

Ringstonermasks:
Not correct, let me list dem for u



1. Moniepoint MFB
2. OPAY
3. FIRST BANK OR FIRSTMONEY WALLET
4. ACCESS BANK
5 ECOBANK
6. FIDELITY
7. the rest BANK can drag from 7 onwards


This is based on street statistics. You should transact more with people to know their preference.

You know very little and assume so much. Yes street statistics. 40% of the fraudulence transfers in the Nigerian financial system pass through Opay.

I laugh people saying opay and moniepoint one single Zenith bank transaction of 2billion naira is enough to cover for 2000 transactions on opay😂😂😂😂

No be by crowd

Noted.

Zenith Bank is truly at the zenith of the deposit money bank.

This who understand finance should know that deposit doesn’t guarantee success…
It’s just one of the many indices they can count and measure against others as well

Kaa4:
You know very little and assume so much. Yes street statistics. 40% of the fraudulence transfers in the Nigerian financial system pass through Opay.

Exactly. Mostly used for fraud and money laundering.

Ok, noted.

lifezone247:
as in ehh. OPay is paying 247.

Opay na sure plug when it comes to transactions

Ringstonermasks:
Not correct, let me list dem for u



1. Moniepoint MFB
2. OPAY
3. FIRST BANK OR FIRSTMONEY WALLET
4. ACCESS BANK
5 ECOBANK
6. FIDELITY
7. the rest BANK can drag from 7 onwards

This is based on street statistics. You should transact more with people to know their preference.

1 and 2 are Agency Banking Platforms. They still rely on the customer deposit banks.

Gtb gbogbo ero bank

Customer service lines always overwhelmed,

Yet zenith get sure customers pass them

this list is not complete. I alone have deposited morethan 1billion on opay.

Technicolor:
Zenith is making it big but finding it difficult to pay their staff

The post is about customer deposits, not profit gained,

Customer deposit doesn't belong to the bank as personal profits

So proud of myself. My 500 in zenith, 650 in first bank and 8k in gtb is included