Trade & Investment


The banking industry is regulated and supervised by the Central Bank of Nigeria (CBN) under the Banks and Other Financial Institutions Act (BOFIA), CAP.B3, LFN, 2004. The industry has developed robustly driven by technology, with service offerings across various electronic platforms.
Filings by the banks in the Nigerian Exchange Limited, NGX, indicates that the cumulative deposits comprise N12.7 trillion current account deposits which rose by 13 per cent from N11.22 trillion in corresponding period of 2020; N8.1 trillion savings account deposits, up by 37 percent from N5.9 trillion in 2020; and N6.7 trillion term deposits, rising by 20.6 per cent from N5.58 trillion in 2020.
Also included is about N1.5 trillion domiciliary account deposits which rose by 15 per cent from N1.33 trillion in 2020; and N251.47 billion other deposits, up by 82 per cent from N138.16 billion in 2020. By the end of the same period, the industry recorded over 200 million electronic transactions with a total value of over N9.5 trillion (US$31 billion) and has the potential for more, as about 40% of the population is still largely unbanked. This latent potential provides a huge opportunity for investors.

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