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How Banks Can Turn ₦33trn Deposits Into Real Opportunities for Nigerians
Nigeria’s biggest banks are sitting on a gold mine of customer deposits. Recent reports show that the top 10 banks now hold about ₦33.24 trillion in savings, up from about ₦31.13 trillion the previous year.
That is an enormous amount of money parked in basic savings accounts. For banks, this is cheap and stable funding. For most Nigerians, however, this money is not working hard enough.
The real question is not how much people are saving, but what those savings are doing for the people who own them and for the wider economy. In many cases, the honest answer is that the money is doing very little.
The Problem with Idle Savings
Traditional savings accounts pay low interest. Once inflation, bank charges and the falling value of the naira are taken into account, many savers are actually losing value in real terms.
People keep money in savings mainly out of fear: fear of emergencies, school fees, hospital bills or job loss. Savings accounts feel safe, familiar and easy to access, even if there is little gain.
If banks and regulators are serious about building wealth for citizens, they must shift from seeing customers only as deposit holders to seeing them as partners in investment.
From Passive Savers to Active Investors
Banks can help Nigerians move from being passive savers to becoming active investors, without pushing them into risky or confusing products. The journey can be gradual. A customer may start with a simple salary or savings account, then build an emergency fund, and then move a portion of their money into low-risk investments. Over time, that can grow into a more balanced, diversified portfolio.
This kind of step-by-step progress is possible if banks design products and journeys with ordinary people in mind, not only big corporates and high-net-worth clients.
Mutual Funds as the First Easy Step
Mutual funds are a natural starting point. They are professionally managed, can accept small amounts and are regulated. Many banks already work with asset management firms, but most customers do not know what is available or how these funds work.
Instead of hiding mutual funds in a corner, banks should bring them to the front of their mobile apps and online banking platforms. A customer should be able to move a small amount from savings into a simple money market fund with one or two clicks.
The app should clearly explain expected returns, risks and fees in plain language. Practical examples, such as showing how much more a customer could have earned in a fund over the past year, can make the benefits real.
Unlocking Government Bonds for Ordinary People
Government bonds are another powerful tool. Federal Government of Nigeria (FGN) bonds and Treasury Bills are backed by the government and are seen as some of the safest naira assets. Yet many people think bonds are only for pension funds, big institutions or very rich investors.
Banks can change this by packaging bonds into friendly, easy-to-understand products. For example, they could offer a “Federal Savings Plan – 3 years” with a low minimum amount, so that even small savers can join.
They can allow customers to set automatic monthly purchases in the same way they set standing orders. This would help ordinary people protect and grow their money, while also giving government a more stable source of funding for roads, power, schools and hospitals.
Structured Deposits and Goal-Based Saving
For customers who still feel nervous about the word “investment”, banks can create structured deposits that look and feel like savings but give better returns.
For example, a bank could offer a deposit where interest increases if the customer does not withdraw money for six or twelve months. It could design goal-based plans for rent, school fees or a house deposit, where funds are locked for a fixed period and partly invested in low-risk instruments. This respects the emotional need for safety while quietly improving how hard the money works.
None of these ideas will work without strong financial education. Nigerians are cautious for good reason. Many have seen scams and Ponzi schemes wipe out life savings. Banks must earn back trust with clear teaching and open communication.
They can use mobile apps, USSD, emails, SMS and social media to explain how these products work in simple English and local languages. Short videos, step-by-step guides and easy calculators can show the difference between leaving ₦100,000 in a basic savings account and moving part of it into a money market fund or bond for a few years. Regular online sessions or in-branch “wealth clinics” where customers can ask questions freely would also help.
Protecting Customers from Mis-Selling
As banks move savers into investment products, they also carry a serious duty of care. The goal must not be to push people into high-risk products they do not understand.
Regulators and banks must work together to make sure products are clearly labelled according to risk, fees are visible and fair, and staff are trained not to mislead customers.
A widow with a small savings balance should not be advised to put her money into a volatile equity fund when a low-risk income or money market fund is more suitable. One or two big scandals could destroy trust and send millions of people running back to cash and basic savings.
Why This Shift Matters for the Economy
If even a small share of the ₦33trn currently in savings is moved into well-regulated investment products, the impact could be huge. Government would have more long-term funding for infrastructure through bonds.
Companies would find it easier to raise long-term capital through deeper and more liquid markets. Ordinary Nigerians would have a practical path to building real wealth over time instead of watching their money slowly lose value.
Financial inclusion would also deepen. People who see their money growing are more likely to stay within the formal financial system and use more services, from pensions to insurance.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
The Oyo State Police Command has announced an operational success recorded following an intelligence-led operation.....TAP TO CONTINUE READING
Acting on credible intelligence, operatives of the Command intercepted a truck conveying materials suspected to be explosive devices during a stop-and-search operation in Saki, Oyo State. The truck and the suspected materials were promptly secured and are currently in police custody.
Upon receiving a briefing on the development, the Commissioner of Police, Oyo State Command, CP Femi Haruna, immediately ordered a comprehensive investigation into the matter.
Consequently, specialised personnel of the Explosive Ordnance Disposal (EOD) Unit and the Chemical, Biological, Radiological and Nuclear (CBRN) Unit were deployed to safely secure the items for safekeeping and forensic examination. Detailed forensic analysis has since commenced, alongside a thorough and robust investigation to determine the exact nature of the items and their intended use.
The truck driver has been taken into custody and is cooperating fully with investigators as efforts continue to unravel all the circumstances surrounding the incident.
The Commissioner of Police commended the Inspector-General of Police, IGP Kayode Adeolu Egbetokun, for his unwavering support, strategic leadership, and continued provision of operational guidance that enhance proactive, intelligence-driven policing across the country.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
One person has died and another sustained injuries following an assault by suspected armed bandits in Apa Local Government Area of Benue State.....TAP TO CONTINUE READING
According to sources, the attack took place on January 24 around 4:00 p.m. along the Amoke–Odugbo road in Ukpogo Village, Edikwu Ward.
The victims, identified as Mr Joseph Okoh and Miss Aneh Sunday, both from Ogodumo, Adoka in Otukpo LGA, were reportedly riding a motorcycle when the assailants struck.
“They were rushed to the Comprehensive Health Centre, Ugbokpo, where Mr Okoh was confirmed dead while receiving treatment. Miss Sunday is currently admitted and responding to treatment,” the source stated.
Nigerian troops were quickly deployed to the area, and a search operation in the surrounding bushes is ongoing to apprehend the attackers.
“The Criminal Investigation Department has commenced an investigation into the incident,” the source added.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
The Joint Admissions and Matriculation Board has scrapped special concessions and registration procedures previously granted to candidates with albinism for the 2026 Unified Tertiary Matriculation Examination, citing abuse of the privilege to perpetrate examination malpractice.....TAP TO CONTINUE READING
The Board also warned faith-based tertiary institutions to clearly declare their religious status at the point of admission, saying it is deceptive to present as secular and later impose religious rules on students.
As reported by Vanguard, these decisions were taken on Saturday at a meeting between JAMB management, led by its Registrar, Prof. Isaq Oloyede, and Commissioners for Education from the 36 states of the federation and the Federal Capital Territory, held in Ikeja, Lagos.
Oloyede said the meeting was convened to review and assess previous admission exercises.
He noted that despite safeguards introduced by the Board, some individuals remained determined to circumvent the system.
“We have stopped some concessions we gave albino candidates. This is because some are using artificial intelligence to manipulate the registration process to look like they are albinos because of the consideration we gave them.
“Last year alone, over 7,000 claimed to be albinos. We have stopped special registration procedures for albinos,” he said.
Addressing complaints from candidates admitted into some private institutions over compulsory religious instruction, Oloyede urged faith-based schools to be transparent.
“Faith-based institutions should declare from the onset what they are, so that whoever applies there will know what he is going to meet there. But some don’t do that. They will pretend to be secular, but once students are admitted, trouble will begin over religious instruction and injunctions.
“If you are a faith-based institution, say so. The law allows you to set up faith-based schools,” he said.
On last year’s UTME, where the highest-scoring candidate was later found to be a 300-level university student, the JAMB registrar said investigations showed that some undergraduates sit for the examination to change courses or assist others to secure admission.
“Students who are already in school but want to change courses and are applying again must declare and disclose their status.
“We have found that some candidates already in school are writing the examination for other candidates. Last year, the candidate who scored the highest was found to be a 300-level student in the university.
“Henceforth, any candidate found engaging in such an act, and who fails to disclose that he is already in school but wants to change course, will be disqualified and will also lose his current admission,” he said.
On admission criteria, Oloyede explained that federal government-owned institutions allocate 45 per cent on merit, 20 per cent on catchment area, 20 per cent to educationally disadvantaged states, while the remaining slots are allocated to other considerations.
“Each owner or state has the right to decide what its admission criteria will be. But for states, we encourage them to allocate at least 10 per cent to merit, regardless of where the candidates come from.
“This is to diversify the student population and admit eggheads from different communities,” he said.
He criticised some states for establishing new universities despite not fully utilising their admission quotas in existing federal institutions.
On underage candidates, Oloyede said 16 years remained the minimum admission age, noting that an attestation process was in place for exceptional cases.
“Last year, about 42,000 claimed to be underage. After evaluation, only 78 met the criteria and were admitted. We are not saying there are no talented candidates, but the figure looks outlandish,” he said.
The issue of how to engage underage candidates during a gap year divided opinions at the meeting, but a majority voted for JAMB to continue its special assessment process.
The meeting also observed that parental pressure on children to complete their education too quickly was a major contributor to the problem.
On efforts to curb examination malpractice, Oloyede said JAMB had stopped the movement of computers between Computer-Based Test centres.
“A computer registered in a particular centre will remain there and is not transferable to another centre. Some people borrow computers to get accredited and later move them around,” he said.
He dismissed claims that candidates were posted to towns they did not choose, saying personal data used for registration were drawn directly from the National Identification Number submitted by candidates.
Providing an update on the 2025 UTME, Oloyede said 974,855 candidates had so far been admitted out of about 1.95 million who sat for the examination.
He added that over N2.4 billion had been disbursed to institutions that consistently complied with JAMB’s rules over the past 10 years, and that the meeting agreed that schools producing the best candidates should be compensated.
On accreditation of CBT centres, Oloyede said the process involved teams comprising university vice-chancellors, rectors and provosts in each state.
He warned state governments against agreements with private promoters who might use centres to facilitate malpractice.
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Art & Commercial students don’t fail JAMB because they’re dull. They fail because they’re taught like Science students. Science students calculate — JAMB rewards that. Art students explain — JAMB doesn’t. So you read hard, attend lessons, yet your score disappoints you. This online class fixes that. No theory overload. No confusion. Just real JAMB questions, clear breakdowns, and winning strategies. 📌 JAMB is not hard — you were just taught the wrong way.Click The Link To Reach Us Now 👉 https://wa.me/2349063958940
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