The top ten banks in Nigeria have grown their savings deposits to N33.24 trillion in the first nine months of 2025, marking a 6.8 per cent increase from the N31.13 trillion recorded in the same period of 2024. The rise reflects stronger customer confidence, improved digital banking adoption and aggressive retail mobilisation across the banking sector.
An analysis of the banks’ financial statements for the nine months ending September 2025 shows that the Tier-2 banks recorded the highest growth rate in savings deposits, while two Tier-1 banks posted declines during the period.
The banks covered in the review include Access Holdings Plc, Ecobank Transnational Incorporated, First Holdings Plc, Guaranty Trust Holdings Plc, Fidelity Bank Plc, and Stanbic IBTC Holdings Plc. Others are Sterling Financial Holdings Plc, United Bank for Africa Plc, Wema Bank Plc, and Zenith Bank Plc.
According to the figures, the Tier-1 banks—Access Holdings Plc, First Holdings Plc, Guaranty Trust Holdings Plc, United Bank for Africa Plc, and Zenith Bank Plc—recorded a combined 4.3 per cent increase in savings deposits. Their deposits rose from N23.454 trillion at the end of December 2024 to N24.466 trillion at the end of September 2025.
On the other hand, Tier-2 banks—Ecobank Transnational Incorporated, Fidelity Bank Plc, Stanbic IBTC Holdings Plc, Sterling Holdco and Wema Bank Plc—reported a stronger 14.3 per cent rise. Their savings deposits grew from N7.67 trillion at the end of December 2024 to N8.77 trillion by September 2025.
Sterling Holdco Leads the Growth Chart
Sterling Financial Holdings recorded the highest growth among the ten banks. Its savings deposits jumped by 20 per cent, rising from N398 billion at the end of 2024 to N477 billion by September 2025. The bank has continued to expand its digital savings products and agency banking operations, which analysts say have played a major role in attracting retail customers.
Ecobank followed with a 15.6 per cent increase, growing from N5.350 trillion in December 2024 to N6.186 trillion in September 2025. The Pan-African lender has continued to strengthen its footprint across retail markets, especially in the northern and eastern regions.
Another strong performer in the period was United Bank for Africa Plc (UBA), which grew its savings deposits by 14.6 per cent. The bank reported N5.76 trillion in savings deposits by the end of September 2025, compared with N5.03 trillion as of December 2024. UBA’s expansion drive, improved mobile banking channels and zero-fee savings products have continued to attract customers across Nigeria and in its African subsidiaries.
Stanbic IBTC Holdings Plc recorded the fourth-highest increase, with savings deposits rising by 12 per cent from N362 billion at the end of 2024 to N406 billion by September 2025. The bank’s wealth-focused model and digital savings accounts have helped it maintain steady growth among retail customers.
Wema Bank Plc occupied the fifth position, posting an 11 per cent rise in savings deposits. Its savings portfolio increased from N426 billion in December 2024 to N473 billion in September 2025. Wema Bank continues to benefit from its ALAT digital platform, which remains popular among younger customers.
Among other Tier-2 players, Fidelity Bank Plc posted 8.3 per cent growth, expanding its savings deposits from N1.135 trillion to N1.23 trillion. The bank has consistently maintained strong retail banking presence across major commercial centres.
GTCO, Access Record Moderate Growth
Guaranty Trust Holdings Plc (GTCO) recorded 8 per cent growth, with savings deposits rising from N2.569 trillion at the end of 2024 to N2.774 trillion in September 2025. GTCO continues to strengthen its retail operations despite stiff competition from other Tier-1 lenders.
Access Holdings Plc also recorded a 7.3 per cent rise, growing its savings deposits from N4.121 trillion to N4.420 trillion within the period. Access Bank has continued to leverage its wide branch network and expanded agent banking structure.
Zenith Bank and FirstBank Post Declines
Despite the overall sector growth, Zenith Bank Plc reported a 1.3 per cent decline in savings deposits. The figure dropped from N7.585 trillion in December 2024 to N7.486 trillion by September 2025. Market analysts believe competition from digital-focused products and reduced interest incentives for savers may have influenced the decline.
Similarly, First Holdings Plc, parent company of FirstBank, recorded a 3 per cent drop. Its savings deposits fell from N4.154 trillion at the end of 2024 to N4.026 trillion in September 2025. The decline comes despite the bank’s recent retail banking campaigns aimed at attracting younger customers.
As banks continue to deepen digital offerings and push for cheaper funding sources, analysts expect competition for savings deposits to intensify in the coming quarters.
