Nigeria’s banks increased their spending on information and technology (IT) by 30.8 percent in the first quarter of 2026, driven by the growing adoption of artificial intelligence and digital channels. A BusinessDay analysis of the first-quarter (Q1) 2026 financial statements of 10 lenders shows that combined information technology (IT) spending rose by 30.8 percent to N177.91 billion from N136.04 billion in the corresponding period of 2025. They include Zenith Bank, United Bank for Africa, Access Holding, First HoldCo, GTCO, Stanbic IBTC
Nigeria’s banks increased their spending on information and technology (IT) by 30.8 percent in the first quarter of 2026, driven by the growing adoption of artificial intelligence and digital channels. A BusinessDay analysis of the first-quarter (Q1) 2026 financial statements of 10 lenders shows that combined information technology (IT) spending rose by 30.8 percent to N177.91 billion from N136.04 billion in the corresponding period of 2025. They include Zenith Bank, United Bank for Africa, Access Holding, First HoldCo, GTCO, Stanbic IBTC