Nigeria’s leading banks spent more than ₦119 billion on technology and digital infrastructure in the first quarter of 2026, underscoring the sector’s growing focus on digital transformation and innovation.
An analysis of the first-quarter financial statements of Guaranty Trust Holding Company (GTCO), Zenith Bank, United Bank for Africa (UBA) and Access Bank showed that the four lenders collectively invested about ₦119.03 billion in information technology, software, cybersecurity, digital banking platforms and related infrastructure between January and March 2026.
The figure represents a 43.2 per cent increase from the ₦83.15 billion recorded during the same period in 2025.
Among the banks reviewed, Zenith Bank emerged as the highest spender on technology, while UBA recorded the fastest growth in expenditure. Access Bank, however, was the only lender to report a decline in technology-related spending.
Zenith Bank spent ₦43.83 billion on technology during the period, nearly doubling its expenditure from ₦21.93 billion recorded in the first quarter of 2025. The amount accounts for almost half of the bank’s total technology spending for the entire 2025 financial year.
Access Bank followed with ₦36.73 billion in IT and e-business expenses. Despite remaining one of the biggest investors in technology, the bank recorded a 12.2 per cent decline from the ₦41.85 billion spent in the corresponding period last year.
UBA posted the strongest growth, with IT support and related expenses rising from ₦6.18 billion in the first quarter of 2025 to ₦22.07 billion in 2026. The increase represents a growth rate of about 257 per cent.
GTCO recorded technology-related spending of ₦16.4 billion during the period, comprising ₦8.5 billion in technology and service-related expenses and ₦7.89 billion invested in software acquisitions. The figure reflects a 24.3 per cent increase from the previous year.
Industry analysts say the surge in technology investments reflects changing customer behaviour and the increasing importance of digital banking channels.
Co-founder of Recital Finance, Bobola Ojo-Ami, said the banking sector is responding to a significant rise in digital transactions and growing demand for seamless electronic banking services.
According to him, the majority of retail banking transactions are now conducted through digital platforms rather than physical branches, making technology investments essential for operational efficiency and customer satisfaction.
He noted that the expansion of digital payments, cross-border transactions, payment infrastructure and capital market participation has increased the need for stronger technology systems capable of supporting a more connected financial ecosystem.
Analysts say the continued investment in digital infrastructure will help banks strengthen cybersecurity, improve service delivery, automate operations and remain competitive in an increasingly technology-driven financial landscape.
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