Banks Rake in N27.5tn Deposits amid Threat by Fintechs

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Obinna Chima 

Despite the surge in activities of financial technology (fintechs) companies in the country, which have started encroaching into banks’ businesses, the recently released nine months unaudited results of 13 banks listed on the Nigerian Stock Exchange (NSE) as of September 30, showed that the banks raked in a total of N27.576 trillion as customer deposits.

The amount represents an increase of 11 per cent, compared with the N24.804 trillion recorded by the banks as at December 2018.

The banks are Zenith Bank Plc, Access Bank Plc, Guaranty Trust Bank Plc (GTBank), United Bank for Africa Plc (UBA), FBN Holdings Plc, Fidelity Bank Plc, Ecobank Transnational Incorporated, Sterling Bank, Union Bank of Nigeria Plc, Wema Bank Plc, Stanbic IBTC, Jaiz Bank and Unity Bank.

The growth was attributed to banks’ aggressively marketing and deposit mobilisation strategies as well as their introduction of technology solutions.  

Fintechs…



Source: Thisday Newspaper