Nigerian banks saw a significant increase in total deposits, reaching N115 trillion in the 2023 financial year, a 63% growth from N70.5 trillion in 2022. T
Ehis rise occurred despite intense competition from fintech companies offering attractive interest rates and improved services.
The growth in deposits was notable across all tiers of banks, with pan-African institutions like Ecobank and Access Holdings leading the way. Ecobank’s deposits surged by 91% to N20.52 trillion, while Access Holdings saw a 76% increase to N19.76 trillion.
Other banks, including UBA and Zenith Bank, also reported substantial growth.
In addition to deposit growth, Nigerian banks significantly increased their lending to the private sector, with credit rising by 65.9% to N74.31 trillion in May 2024. This growth highlights banks’ resilience and their response to the Central Bank of Nigeria’s push for increased lending to support economic activities.
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