Retail deposits held by Nigerian commercial banks rose to ₦39.01 trillion in 2025, up from ₦31.46 trillion the previous year, representing a year-on-year increase of approximately 24 percent or roughly ₦7.55 trillion as more Nigerians and businesses channelled their savings into the formal banking system.

The figures, drawn from an analysis of audited financial statements of six major lenders, point to a sustained confidence in commercial banks despite mounting competition from fintech companies operating across payments, digital wallets, agency banking and consumer lending. The growth reflects the sector’s continued ability to attract deposits even in a challenging macroeconomic environment marked by elevated inflation and high interest rates.

Zenith Bank led the pack among institutions reviewed, recording ₦11.56 trillion in retail deposits in 2025, up from ₦10.56 trillion in 2024. Access Holdings followed with ₦9.87 trillion, while United Bank for Africa reported ₦9.77 trillion. Guaranty Trust Holding Company posted ₦5.92 trillion, while Stanbic IBTC Holdings and Wema Bank contributed ₦974 billion and ₦922.4 billion respectively. Access Holdings was identified as the fastest-growing institution in the review period, recording a substantial jump in retail deposits over the year.

The expansion in retail savings carries broader implications for the Nigerian economy. Customer deposits remain the primary source of liquidity for commercial banks, underpinning their capacity to extend credit to households, businesses and government.

A robust deposit base strengthens banks’ ability to fund long-term lending, particularly as the Central Bank of Nigeria’s ongoing recapitalisation programme pushes lenders to shore up capital and expand their balance sheets.

The growth also comes at a time when Nigeria’s financial services sector is being reshaped by regulatory reform. The CBN’s recapitalisation directive, which gathered momentum in 2025, attracted fresh foreign investment into the banking industry and bolstered institutional confidence.

Meanwhile, rising deposit rates which averaged 8.25 percent across the sector as of late 2025 have made savings accounts more attractive, offering Nigerians a meaningful return on funds held with commercial banks.

The trend suggests that far from being undermined by the fintech wave, traditional banks are adapting, retaining their role as the cornerstone of Nigeria’s financial architecture while deepening their reach among retail customers across the country.