Retail deposits across Nigerian banking institutions have surged to N39.01 trillion in the fiscal year 2025, marking a significant 24.0% increase from N31.46 trillion recorded in FY 2024. This substantial growth underscores the resilience of traditional banks in retaining customer funds, even as fintech platforms intensify their competition in the digital payments, transfers, wallets, and savings sectors.
Analysis of the audited financial statements and investor presentations for Access Holdings, UBA, Guaranty Trust Holding Company (GTCO), Zenith Bank, Stanbic IBTC Holdings, and Wema Bank reveals this upward trend. While many commercial banks do not distinctly categorize retail deposits, these six institutions provide sufficient disclosures for such an analysis.
The robust growth in retail deposits suggests that despite the increasing popularity of fintech solutions for everyday transactions, conventional banks continue to maintain a strong foothold. This is attributed to factors such as salary account relationships, extensive branch networks, established regulatory trust, existing lending relationships, and the ongoing expansion of their digital banking services.
Zenith Bank reported the largest retail deposit base among the analyzed banks, with deposits climbing to N11.56 trillion in FY 2025 from N10.56 trillion in FY 2024, a 9.4% year-on-year rise. Between FY 2023 and FY 2025, its retail deposits grew from N7.04 trillion, reflecting a compound annual growth rate (CAGR) of 28.1%.
Access Holdings followed with the second-largest retail deposit base, which rose to N9.87 trillion in FY 2025 from N5.57 trillion in FY 2024, an impressive 77.13% year-on-year increase. Measuring from FY 2023 to FY 2025, Access Holdings' retail deposits grew from N4.53 trillion to N9.87 trillion, achieving the highest CAGR of 47.5% among the tracked banks.
United Bank for Africa (UBA) also saw a notable increase, with retail deposits rising to N9.77 trillion in FY 2025 from N8.49 trillion in FY 2024, a 15.09% growth. Over a five-year period from FY 2020 to FY 2025, UBA’s retail deposits expanded from N2.41 trillion to N9.77 trillion, demonstrating a 32.3% CAGR.
Guaranty Trust Holding Company (GTCO) posted retail deposits of N5.92 trillion in FY 2025, an increase from N5.23 trillion in FY 2024, representing a 13.11% year-on-year rise. Its retail deposits grew from N1.84 trillion in FY 2020, reflecting a 26.3% CAGR over the five-year timeframe.
Stanbic IBTC Holdings recorded retail deposits of N974 billion in FY 2025, up from N814 billion in FY 2024, a 19.66% year-on-year increase. Over the past five years, its deposits grew from N296.2 billion in FY 2020, achieving a 26.9% CAGR, indicating consistent growth.
Wema Bank also experienced strong performance, with retail deposits increasing to N922.40 billion in FY 2025 from N786.75 billion in FY 2024, a 17.24% rise. Its retail deposits grew from N238.67 billion in FY 2020, translating to a 31.0% CAGR over the five-year period.
