It is said that competition is always a good thing because it makes us do our best while monopoly renders people complacent and satisfied with mediocrity.
The above statement can be applicable to the growth of any business or individual all over the world, if it is properly adhered to.
Happy reading as we unveil the top five banks in Nigeria by customer deposits.
Techeconomy.ng gathered for the past few years, commercial banks in Nigeria have scrambled for customer deposits.
They regard the customer deposits as a sign of strength and domination of Nigeria’s burgeoning banking sector.
Below are the top 5 Customers deposits Banks in Nigeria:
1. First Bank
Based on our research on bank deposits in Nigeria, First Bank has topped the chat.
The bank has become the largest bank in the county by deposits with N4.2 trillion customer deposits an 8.2% rise from N3.9 trillion reported in December 2019.
2. Zenith Bank
Also on the chart, Zenith Bank has become the second financial institution with high rated customer deposits.
Zenith Bank, for the first time, has crossed the N4 trillion the mark to close the quarter at N4 trillion.
The bank customer deposits’ rate for this year is higher than the earlier value of N3.4 trillion as of December 2019 representing a 17.2% rise in deposits.
3. Access Bank
Recall that Access bank was the second at the end of 2019 with N3.4 trillion but lagged behind in this year 202 for taking the third place after it gained just 8.9% in new deposits to close at N3.99 trillion.
4. United African Bank (UBA)
Suffice to as well mention the UBA as it performed very well in terms of growth rising 25.3% from N2.7 trillion to N3.4 trillion only.
5. Guaranty Trust Bank (GTB)
On the list of the top five commercial banks in Nigeria with customer deposits in 2020, GTbank comes at the end with a deposit of N2.4 trillion representing a 19.5% growth from the N2 trillion deposits announced in the year 2019.