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Nigerian Bank Deposits Surge to N21 Trillion in Q1 2024

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By Chukwudi Iwuchukwu

According to data from the Central Bank of Nigeria (CBN), Nigerian bank customers, including individuals and businesses of all sizes, deposited a staggering N21 trillion into their accounts in the first quarter (Q1) of 2024, spanning January to March.

In 2023, the total deposits for the entire year reached N115 trillion, indicating significant public confidence, trust, and participation in the banking sector, as well as a strong relationship between Nigerians and their banks.

Zenith Bank led the pack in customer deposits, with deposits rising from N8.98 trillion in 2022 to an impressive N16.78 trillion by March 2024. FCMB Group also showed substantial growth, increasing its deposits from N2.07 trillion in 2022 to N3.7 trillion in Q1 2024.

Newer banks like Premium Trust Bank exhibited remarkable growth, with deposits surging by 382 percent from N55 billion in December 2022 to N309 billion in March 2024. Fidelity Bank’s deposits increased steadily from N2.58 trillion in 2022 to N4.02 trillion in 2023, reaching N4.71 trillion by the end of Q1 2024.

United Bank for Africa (UBA) saw its deposits grow from N10.86 trillion in 2022 to N14.9 trillion in 2023, hitting N18.4 trillion in March 2024. Access Holdings experienced a significant rise, with deposits jumping from N11.3 trillion in 2022 to N19.8 trillion in 2023 and N24.7 trillion by March 2024.

Sterling Holding Financial Company crossed the N2 trillion mark, reaching N2.15 trillion in Q1 2024, up from N1.4 trillion in 2022 and N1.8 trillion in 2023. Guaranty Trust Holding Company (GTCO) doubled its deposits from N4.6 trillion in 2022 to N9.2 trillion in the first quarter of 2024.

These figures underscore the substantial financial capacity of Nigerians and the robust growth of the banking sector.

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