These top 10 banks in Nigeria are the ones with the most crowd of customers in 2023. It is very possible that even you that is reading this post have an account(s) with one or three of these top banks.
According to a survey conducted by BusinessDay on the top listed banks on the Nigerian Exchange Group (NGX), it was revealed that Access Holdings Plc, Ecobank Transnational Incorporated, Zenith Bank, United Bank for Africa, FBN Holdings, Guaranty Trust Holding Company Plc, Fidelity Bank Plc, FCMB Group Plc, Union Bank, and Sterling Bank reported the highest value of customer deposits in the nine-month period of 2022.

This indicates that these banks are probably doing well at attracting and keeping customer deposits, which is a crucial metric for assessing banks’ stability and financial health. It is important to note that the survey only looked at listed banks; consequently, it is possible that other non-listed banks are also doing well when it comes to customer deposits.
Nigerian Exchange Group (NGX) Stats
According to data sourced from the Nigerian Exchange Group (NGX), bank customer deposits for the top listed banks on the exchange grew by 32.53% from N37 trillion in the corresponding period of 2021 to N49 trillion in the nine-month period of 2022.
This significant growth in customer deposits suggests that these banks are attracting more deposits from their customers, which can be a positive indicator of their financial strength and stability.
It is worth noting that this data only pertains to the top listed banks on the NGX and may not necessarily reflect the performance of all banks in Nigeria. However, it does provide insight into the trends and performance of the largest banks in the country.
Naira Redesign Policy
Analysts believe that the Central Bank of Nigeria’s plans to produce and distribute new banknotes in denominations of N100, N200, N500, and N1,000 beginning on December 15th, 2022, will significantly boost deposits at Deposit Money Banks (DMBs). After January 31, 2023, the current notes will no longer be accepted as legal tender.
As a result, Nigerian banks are competing to acquire approximately N2.7 trillion, or $6 billion, of non-formal sector customers at the moment. They are making use of the six-week window in which citizens can exchange their previous currency for new ones.
Zenith Bank Plc, FBN Holdings Plc, and United Bank for Africa Plc are just a few of the financial institutions that have begun encouraging prospective and current customers to deposit their unbanked cash both online and offline.
Top 10 Banks In Nigeria
We will be listing these banks in descending order; from banks with the least deposits to the big players in the banking industry in Nigeria.
#10 Sterling Bank (₦1.25 Trillion)
During the first nine months of 2022, Sterling Bank had customer deposits totaling N1.25 trillion, which was an increase of 8.70 percent from N1.15 trillion in the same period of 2021.
The bank’s customer deposits were divided into four categories: N689 billion in current account deposits, N215 billion in savings account deposits, N264 billion in term deposits, and N82 billion in pledged deposits.
#9 Union Bank PLC (₦1.53 Trillion)
In the nine-month period of 2022, Union Bank experienced a 19.53% rise in customer deposits, totaling N1.53 trillion. This is up from N1.28 trillion during the same period in 2021.
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Additionally, Union Bank reported different types of deposits during the same period, including term deposits of N403 billion, structured term deposits of N212 billion, current deposits of N493 billion, and savings deposits of N419 billion.
#8 First City Monument Bank – FCMB (₦1.82 Trillion)
FCMB recorded a 29.08% increase in customer deposits during the nine-month period of 2022, reaching N1.82 trillion, compared to N1.41 trillion in the same period of 2021.
Additionally, the bank reported term deposits of N537 billion, current deposits of N833 billion, and savings deposits of N447 billion in the nine-month period of 2022.
#7 Fidelity (₦2.29 Trillion)
Following the release of their financial results for the first nine months of 2022, Fidelity Bank appeared to have experienced significant growth in customer deposits. The reported N2.29 trillion in customer deposits represents a 16.24 percent increase from the N1.97 trillion reported in 2021—the same period one year prior.
It’s interesting to note that the deposits were composed of demand deposits, savings deposits, term deposits, and domiciliary deposits. The demand deposits of N750 billion are deposits that customers can withdraw at any time, while savings deposits of N523 billion are usually intended for a longer-term saving period.
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Term deposits of N355 billion are typically time-bound deposits with a fixed interest rate, while domiciliary deposits of N601 billion are foreign currency deposits held in the bank. This information provides valuable insights into the composition of Fidelity Bank’s customer deposits, which can help investors and analysts understand the bank’s overall financial performance and growth prospects.
#6 Guarantee Trust Bank – GTB (₦4.26 Trillion)
GTB’s customer deposits increased from N3.75 trillion to N4.26 in the nine-month period of 2022, up 13.60 percent compared with the same period last year (2021).
In the nine-month period ending in September 2022, term deposits totaled N570 billion, current accounts amounted to N2.39 trillion and savings accounts held 1.3 trillion Naira ($5 billion).
#5 First Bank Of Nigeria (₦6.60 Trillion)
FBN Holdings stated that customer deposits had increased by 21.77% to N6.6 trillion during the nine-month period of 2022 compared to N5.42 trillion in the same period of 2021.
During the same nine-month period of 2022, the Group disclosed N2.31 trillion in current deposits, N1.93 trillion in savings deposits, N1.27 trillion in term deposits, N1.07 trillion in domiciliary deposits, and N18 billion in an electronic purse.
#4 United Bank For Africa – UBA (₦7.03 Trillion)
The amount of money that UBA customers have on deposit increased by 15.53 percent to N7 trillion in the first nine months of 2022 from N6 trillion during the same period last year.
UBA reported that its retail customers had deposits worth N2.66 trillion, while its corporate customers’ deposits amounted to N4.36 trillion in the nine-month period of 2022.
#3 Zenith Bank PLC (₦8.03 Trillion)
The top-rated financial institution disclosed that customer deposits increased by 33.11 percent, reaching N8.04 trillion during the nine-month period of 2022, compared to N6.04 trillion in the same period of 2021.
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The rise was mainly due to a surge in term deposits, which rose by 137 percent to N1.09 trillion, a 22 percent increase in savings deposits to N2.81 trillion, and a 26 percent increase in demand deposits to N4.13 trillion in the nine-month period of 2022.
#2 EcoBank (₦8.06 Trillion)
In the nine-month period of 2022, Ecobank recorded a significant increase in customer deposits, totaling N8.06 trillion, which represents a 118 percent rise from the N3.69 trillion reported in the same period of 2021.
During the same nine-month period in 2021, the Group’s term deposits amounted to N1.53 trillion, while its current accounts and savings deposits were N11.7 trillion and N3.23 trillion, respectively.
#1 Access Bank (₦8.19 Trillion)
Access Holdings Plc had the highest customer deposits value in the nine-month period of 2022, totaling N8.19 trillion, reflecting a 31.46 percent increase from N6.23 trillion in the same period of 2021.
In the nine-month period of 2022, the majority of the deposits came from term deposits, which accounted for N3.28 trillion, while savings and demand deposits amounted to N1.62 trillion each.
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