Nigerian banks increased deposits by 11.5 percent in the first nine months of 2021, as the market for deposits increased.
According to Research, total customer deposits in ten of Nigeria’s largest banks exceeded N34.4 trillion in the first nine months of 2021, which is N3.55 trillion more than what was reported at the end of 2020.
In order to boost deposits, Nigerian banks have used mobile technology, agency banking, business strategies, and other traditional forms of marketing. With the advent of challenger banks offering zero or near-zero migration fees, competition has been fierce. All ten banks now have deposits worth more than N1 trillion.