Nigerian banks deepened their push into digital infrastructure in the first half of 2025, with five top-tier lenders collectively spending N126.8 billion on information technology. The surge highlights growing competition with fintechs and the sector’s focus on cybersecurity and improved customer experience.
Zenith Bank emerged the biggest spender, committing N49.88 billion in H1 2025 more than double the N23.09 billion it invested during the same period last year. Guaranty Trust Holding Company (GTCO) followed with N37.76 billion, slightly higher than the N36.60 billion it spent in H1 2024.
Other major spenders include:
Stanbic IBTC – N23.74 billion, up from N15.86 billion.
UBA – N6.72 billion, almost flat from N6.70 billion last year.
Wema Bank – N8.65 billion, a significant leap from N1.13 billion in H1 2024.
Industry analysts say the heightened IT spend underscores banks’ efforts to modernize systems, expand digital offerings, and defend market share as fintechs deepen their dominance in payments and lending.
Despite the heavy investments, banks’ digital income growth slowed in the same period, hindered by service downtimes and system disruptions linked to infrastructure upgrades. Meanwhile, regulators imposed N1.86 billion in fines on Zenith and GTCO for compliance infractions, underlining persistent operational challenges.
The rising IT outlay signals that Nigeria’s leading banks are betting on digital transformation as a long-term competitive edge, even as they navigate short-term profitability pressures and regulatory scrutiny.
