This is Follow the Money, our weekly series that unpacks the earnings, business, and scaling strategies of African fintechs, financial institutions, companies, and governments. A new edition drops every Monday.

Four of Nigeria’s biggest banks held ₦89.94 trillion ($65.63 billion) in customer deposits in 2025. Much of that money came from the millions of retail customers who save, transact, and bank with them every day.

Yet nearly 90% of the loans the banks disbursed went to corporate borrowers. Oil and gas companies, manufacturers, and telecom operators accounted for most of the credit exposure. For every ₦1 these banks lent to retail customers, they lent about ₦10 to corporates.

The Credit Chasm

₦10 to Corporates, ₦1 to You.

Nigeria’s top four banks hold ₦89.9 trillion in deposits. But when it comes to lending that money back out, the gap between everyday consumers and large corporations is staggering.

The Retail to Corporate Ratio

1 : 10.3

Naira Values Percentages

Retail Loans ₦3.47 Trillion 10.5%

Corporate Loans ₦29.60 Trillion 89.5%

Source: TechCabal Analysis / 2025 Annual Reports (GTCO, Access, UBA, First Bank).

This is according to an analysis of the annual reports of Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), United Bank for Africa (UBA), and First HoldCo Plc.

The numbers reveal a banking system where millions of retail customers provide part of the deposits that fund lending, but large businesses receive most of the credit. For traditional lenders, large corporate loans are easier to monitor, cheaper to administer, and often more profitable than thousands of small consumer loans.

But this imbalance has left a large section of consumers and small businesses underserved by formal lending and created the gap that digital lenders and fintechs are increasingly trying to close.

Only around 6% of adults borrow from formal sources, even though over 64% of adults are financially included, according to Enhancing Financial Inclusion and Advancement (EFInA), a financial sector organisation that tracks financial inclusion.

“Limited access to credit can hinder economic growth and development by constraining investment in productive assets, stifling entrepreneurship, and impeding consumption,” EFInA said.

Interactive Tool

Where Does Your Deposit Go?

1. Select a Bank

2. Enter a hypothetical deposit

₦

For every ₦1 lent to ordinary people, this bank lends ₦10.3 to businesses.

8.8%

91.2%

Retail Credit ₦8,850

Corporate Credit ₦91,150

Source: 2025 Annual Reports (Access, GTCO, UBA, First Bank)

Built by TechCabal

Follow the loans

At the end of 2025, GTCO held ₦12.55 trillion ($9.16 billion) in customer deposits. including ₦5.92 trillion ($4.32 billion) from retail customers. For every ₦1 GTCO lent to retail customers, it lent about ₦5 to corporates.

GTCO Deep Dive

The Deposit-Loan Paradox

Everyday consumers supply nearly half of GTCO’s deposits. Yet, when those funds are deployed as credit, large corporations secure the vast majority of the capital.

Naira Values Percentages

Money In: 2025 Deposits

Retail Customers ₦5.92 Trillion 47.2%

Corporate Customers ₦6.63 Trillion 52.8%

Money Out: 2025 Loans

Retail Loans ₦517.1 Billion 16.5%

Corporate Loans ₦2.62 Trillion 83.5%

YoY Credit Growth (2024 – 2025)

Retail Credit +33.2% ₦388.3B → ₦517.1B

Corporate Credit +9.1% ₦2.40T → ₦2.62T

Source: TechCabal Data Analysis / GTCO 2024 & 2025 Annual Reports.

Access Holdings ended the year with ₦34.56 trillion ($25.22 billion) in customer deposits. For every ₦1 Access lent to retail borrowers, it lent more than ₦6 to businesses.

Access Bank Breakdown

More than ₦6 to Businesses for Every ₦1 to You.

In 2025, retail consumers deposited ₦9.87 trillion with Access Bank. Yet despite funding 28% of the bank’s deposit base, they received only 13.7% of the total dispersed credit.

Naira Values Percentages

Money In: 2025 Deposits

Retail Banking ₦9.87 Trillion 28.5%

Corporate & Commercial ₦24.70 Trillion 71.5%

Money Out: 2025 Loans

Retail Loans ₦1.88 Trillion 13.7%

Corporate Loans ₦11.81 Trillion 86.3%

YoY Credit Growth (2024 – 2025)

Retail Credit +32.0% ₦1.42T → ₦1.88T

Corporate Credit +14.2% ₦10.34T → ₦11.81T

Source: TechCabal Data Analysis / Access Holdings 2024 & 2025 Financial Reports.

At UBA, loans to individuals amounted to roughly ₦588.89 billion ($429.70 million). For every ₦1 UBA lent to retail customers, it lent nearly ₦11 to corporates.

UBA Breakdown

Nearly ₦11 to Businesses for Every ₦1 to You.

In 2025, everyday consumers supplied nearly 41% of UBA’s customer deposits (₦9.77 trillion). However, when those funds were disbursed, the retail sector received just 8.4% of the credit.

Naira Values Percentages

Money In: 2025 Deposits

Retail Customers ₦9.77 Trillion 40.8%

Corporate Customers ₦14.17 Trillion 59.2%

Money Out: 2025 Loans

Retail Loans ₦588.9 Billion 8.4%

Corporate Loans ₦6.43 Trillion 91.6%

YoY Credit Growth (2024 – 2025)

Retail Credit +2.8% ₦572.8B → ₦588.9B

Corporate Credit +0.8% ₦6.38T → ₦6.43T

Source: TechCabal Data Analysis / UBA 2024 & 2025 Financial Reports.

First Bank showed the widest gap. Loans to individuals stood at roughly ₦487.91 billion ($356.02 million). For every ₦1 First Bank lent to retail customers, it lent almost ₦18 to businesses.

First Bank Breakdown

Nearly ₦18 to Businesses for Every ₦1 to You.

First Bank holds a massive ₦18.88 trillion in total customer deposits. Yet out of their entire disbursed loan book, retail consumers received just 5.3% of the credit—and that fraction actually shrank over the last year.

Naira Values Percentages

Money In: 2025 Deposits

Total Customer Deposits ₦18.88 Trillion 100%

Money Out: 2025 Loans

Retail Loans ₦487.9 Billion 5.3%

Corporate Loans ₦8.74 Trillion 94.7%

A Shrinking Loan Book

Retail Credit Growth -3.0% ₦502.9B → ₦487.9B

Corporate Credit Growth -0.2% ₦8.76T → ₦8.74T

Source: TechCabal Data Analysis / First Bank Holdings 2024 & 2025 Financial Reports.

Across the four banks, they lent roughly ₦10.3 to corporates for every ₦1 extended to retail customers. The trend extends beyond the biggest lenders.

According to the Central Bank of Nigeria (CBN), consumer credit stood at ₦3.81 trillion ($2.78 billion) in January 2026. Personal loans accounted for 51.44% of the total, while retail loans stood at ₦1.85 trillion ($1.35 billion).

Despite Nigeria’s population of more than 230 million people and its position as Africa’s third-largest economy, the country’s consumer credit market remains relatively small. In Kenya, a country with about one-fourth of Nigeria’s population, consumer credit stood at 479.6 billion Kenyan shillings ($3.71 billion) as of December 2025.

Why banks prefer corporates

In a market where informal employment remains widespread, and incomes are often unpredictable, consumer lending can be expensive and difficult to manage. Banks must process thousands of small loans, monitor repayments across large customer bases, and absorb higher default risks.

Large corporate borrowers offer a different proposition.

They typically have audited financial statements, established banking relationships, predictable cash flows, and assets that banks can evaluate and use as collateral. A single multi-billion-naira facility to a major company can generate significant returns while requiring less administrative effort than thousands of consumer loans.

Yet corporate lending is not risk-free. Nigeria’s banking sector is currently dealing with a fresh rise in bad loans. In its January economic report, the CBN noted that the industry’s non-performing loan ratio rose to 8.03% in January 2026, above the prudential threshold of 5%.

Data from the International Monetary Fund shows that the ratio of non-performing loans to total gross loans increased from 4% in 2022 to 8% by the third quarter of 2025.

The rise suggests that even the corporate-heavy lending model that banks prefer is coming under pressure from inflation, high interest rates, foreign-exchange volatility, and broader economic challenges.

The gap that built fintech

Nigeria’s consumer lending market is estimated at $2.1 billion and continues to grow as rising living costs push more households and small businesses to seek short-term credit. For many of these borrowers, digital lenders have become the first point of contact for credit.

To meet that demand, the digital lending industry has expanded rapidly. The Federal Competition and Consumer Protection Commission (FCCPC) has approved 505 digital lenders since 2022, creating a crowded market of companies competing to serve consumers overlooked by traditional banks.

In 2025, Sycamore, a fintech, disbursed close to ₦20 billion ($14.59 million) in loans. FairMoney Microfinance Bank disbursed more than ₦150 billion ($109.45 million).

“Digital lending platforms are now becoming lenders of first resort by stepping in to provide credit to millions of individuals and NMSME (Nano, Micro, Small, Medium Enterprises) customers who do not have access to credit from the traditional Banks,” Gbemi Adelekan, president of the Money Lenders Association, told TechCabal.

Unlike banks, which rely heavily on formal credit histories and conventional risk assessments, many fintech lenders use alternative data to evaluate borrowers. Lending software startup Lendsqr is experimenting with artificial intelligence models that analyse borrowers’ voices and facial characteristics as part of credit assessment processes.

But technology has not eliminated the risks of lending. Digital lenders continue to grapple with defaults, and many compensate by charging higher interest rates. Others have attracted regulatory scrutiny over recovery practices and customer treatment.

The FCCPC introduced penalties in July 2025 ranging from ₦50 million ($36,484) to ₦100 million ($72,968), or up to 1% of annual turnover, for unethical conduct and violations of consumer protection rules.

What happens next?

According to S&P Global Ratings, an international credit rating agency, nominal lending growth in Nigeria will remain strong at about 25% in 2026. However, most of that expansion will be driven by sectors such as oil and gas, agriculture, and manufacturing.

“Retail lending will contribute marginally to banks’ portfolio expansion given its small size. Pressure on asset quality will persist amid the lifting of forbearance, and high inflation and interest rates,” the ratings agency said.

S&P expects the banking sector’s non-performing loan ratio to stabilise at 6%-7% in 2026, while credit losses will remain elevated at 2%-2.5%.

“However, we expect most banks to absorb the incremental provisioning requirements,” S&P said in a new report on Nigeria.

While Nigerian banks are likely to continue collecting deposits from millions of people and directing most of that money to businesses, some are beginning to make a more deliberate push into consumer lending.

GTCO now offers instant digital loans to retail customers at monthly interest rates starting from 2.95%. At the same time, Access Holdings’ Oxygen platform is designed to serve many of the same customers that have traditionally relied on digital lenders for quick access to credit.

These moves suggest banks recognise the size of the retail credit opportunity. But for now, they remain a small part of a banking system where corporate lending still dominates loan books.