Nigeria has the largest banking customer base in Africa, with Access Bank serving over 60 million users.However, Nigerian banks lag behind South African, Egyptian, and Moroccan counterparts in asset size.

While customer acquisition is strong, financial depth remains shallow due to low per-customer deposits, limited long-term savings, and exchange rate volatility.The World Bank highlights that domestic credit to the private sector stands at 12.9% of GDP, below regional averages.Fintech growth shows rapid user expansion but doesn't translate to stable capital for infrastructure financing.

Experts note Nigeria’s challenge lies in converting massive customer reach into deep financial assets, contrasting with South Africa’s institutional savings pools and Morocco’s diversified markets.