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Zenith Bank overtakes Access Bank as second-largest bank in Nigeria as customer deposits cross N4 trillion

Ola Olaoluwa
Ola Olaoluwa

Zenith Bank Nigeria Plc is now the second-largest bank in Nigeria by customer deposits crossing N4 trillion for the first time.

The bank is next only to First Bank Ltd which remains the largest by customer deposits.

This new development sees Zenith Bank blow past Access Bank Plc which was in second place following the 2018 merger with Diamond Bank Plc.

Zenith Bank AGM

In light of this, the ranking of Nigeria's five largest banks, as per customer deposits is given below:

  • First Bank remains the largest Nigerian bank by deposits with N4.2 trillion customer deposits an 8.2% rise from N3.9 trillion reported in December 2019.
  • Zenith Bank came second and for the first time crossing the N4 trillion mark to close the quarter at N4 trillion. This compares to N3.4 trillion as of December 2019 representing a 17.2% rise in deposits.
  • Access Bank which was second at the end of 2019 with N3.4 trillion moved to third place after it gained just 8.9% in new deposits to close at N3.99 trillion.
  • UBA, currently in 4th place, performed the best in terms of growth rising 25.3% from N2.7 trillion to N3.4 trillion only.
  • GT Bank remained 5th with a deposit of N2.4 trillion representing a 19.5% growth from the N2 trillion deposits reported at the end of 2019.

Nigeria In Focus:

Population - 206.6 million (Compared to South Africa's 59.6 million)

GDP: $504.57 billion (Compared to South Africa's $369.85 billion)

GDP Per Capita: $2,465 (Compared to South Africa's $6,193)

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Ola Olaoluwa

Writer | Economist | Actor | Fashion Entrepreneur