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By Chinwendu Obienyi
Nigeria’s banking sector opened 2026 with a robust liquidity position, as the country’s top 10 banks collectively mobilised N137 trillion in customer deposits in the first quarter of the year.
The figures, drawn from industry disclosures, reinforce the continued dominance of Tier-One lenders in deposit mobilisation, even as competition from fintechs and alternative savings platforms intensifies.
Access Holdings maintained its lead as the largest deposit custodian, closely followed by Zenith Bank and United Bank for Africa (UBA), underscoring the entrenched strength of the country’s biggest financial institutions.
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Across the sector, deposit growth remained moderate, reflecting tighter liquidity conditions and shifting savings behaviour among households and corporates. The top banks recorded only marginal quarter-on-quarter gains, suggesting a more cautious funding environment. Despite the subdued growth pace, the N137 trillion deposit pool highlights the resilience of Nigeria’s banking system and its ability to consistently attract and retain large volumes of customer funds.
Analysts say the strong deposit base remains a critical pillar for credit creation, infrastructure financing, and public sector funding support, even as banks navigate rising competition for low-cost funds. However, the gradual slowdown in deposit expansion also signals emerging pressure points, with digital financial services increasingly reshaping how customers save, transact, and move money.
Still, the dominance of the top lenders points to a system that remains highly concentrated but structurally stable, with liquidity anchored firmly within a handful of large banks.
