(3 minutes read)
· Nigeria’s big banks received a combined deposit of N16.22
trillion from customers through various account types in the first
quarter of 2020, although business activities almost came to a halt
due to the coronavirus pandemic
· The total deposit collected by the tier-one lenders in the
quarter was 12.72 percent above the N14.39 trillion recorded in the
comparable quarter a year ago.
Nigeria’s big banks received a combined deposit of N16.22 trillion
from customers through various account types in the first quarter of
2020, although business activities almost came to a halt due to the
coronavirus pandemic. The total deposit collected by the tier-one
lenders in the quarter was 12.72 percent above the N14.39 trillion
recorded in the comparable quarter a year ago.
The slowdown in business transactions has led to more deposits since
the customers preferred to park the money in banks and earn interest
rather than holding in hand. Cities like Lagos, Ogun and FCT, which
are the known business hubs,were on lockdown. Nigeria’s first virus
case was reported on February 27.
GTB and Access Bank had recorded a combined increase in the deposit
collected from their customers at N440 billion in the quarter in the
quarter under review . GTB alone collected N2.77 trillion, N240
billion higher than the N2.53 billion reported the previous year.
Access Bank, on the other hand, reported a deposit increase of N200
billion from N4.26 trillion in Q1 2019 to N4.46 trillion in the first
three months of 2020.
