- Nigeria’s 10 listed banks combined spent N177.91 billion on technology in Q1 2026, a 30.8% jump from the same period in 2025
- Zenith Bank topped the list after nearly doubling its IT budget to N43.83 billion, even as it faced allegations of a customer data breach
- UBA recorded the fastest growth in tech spending among all banks, with its budget surging 258.2% to N22.10 billion
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Ten Nigerian banks spent a combined N177.91 billion on information technology (IT), software and digital infrastructure in the first quarter of 2026, underscoring the banking industry’s growing investment in digital banking, cybersecurity and technology-driven services.
Data compiled by Legit.ng from the lenders’ first-quarter financial statements showed that technology spending rose to N177.91 billion from N136.04 billion in the corresponding period of 2025, representing an increase of N41.87 billion or 30.8% year-on-year.
Photo: Bloomberg
Source: Getty Images
The surge in spending comes as banks continue to upgrade their digital platforms, strengthen cybersecurity systems, and improve customer experience amid rising electronic transactions.
The increased investment also follows growing concerns over cyber threats. Recently, reports alleged that hackers breached Zenith Bank’s database and compromised customer information.
The bank denied the claims, maintaining that its systems remain secure and that customers’ funds and data were not compromised. Industry observers say such reports reinforce the need for continuous investment in cybersecurity and digital resilience.
Nigerian banks with the highest IT spending
Below are the 10 Nigerian banks ranked by their technology spending in the first quarter of 2026.
1. Zenith Bank – N43.83 billion
Zenith Bank topped the list after spending N43.83 billion on technology in Q1 2026, compared with N21.92 billion in Q1 2025.
The lender increased its technology investment by N21.91 billion year-on-year, the second-largest increase in naira terms among the banks reviewed.
2. Access Holdings – N36.70 billion
Access Holdings ranked second with N36.70 billion in technology spending in Q1 2026, up from an estimated N28.44 billion in Q1 2025.
Its IT expenditure increased by N8.26 billion year-on-year.
3. First HoldCo – N29.00 billion
First HoldCo occupied third position after spending N29.00 billion on technology in Q1 2026, compared with N10.53 billion in Q1 2025.
The group’s IT spending rose by N18.47 billion year-on-year, one of the largest increases recorded.
4. United Bank for Africa (UBA) – N22.10 billion
UBA invested N22.10 billion in technology during Q1 2026, up from N6.17 billion in Q1 2025.
The lender increased spending by N15.93 billion year-on-year, representing the fastest growth rate among the banks.
5. FCMB Group – N9.66 billion
FCMB Group spent N9.66 billion on technology in Q1 2026, compared with N8.36 billion in Q1 2025.
The group’s IT budget increased by N1.30 billion year-on-year.
6. GTCO – N16.40 billion
Guaranty Trust Holding Company Plc (GTCO) spent N16.40 billion on information technology in the first quarter of 2026, up from N13.19 billion in the corresponding period of 2025.
The lender’s technology spending increased by N3.21 billion, representing a 24.3% year-on-year rise, underscoring its continued investment in digital banking infrastructure, technology platforms, cybersecurity and the expansion of its digital financial services.
7. Fidelity Bank – N7.36 billion
Fidelity Bank spent N7.36 billion on technology during Q1 2026, compared with an estimated N5.13 billion in Q1 2025.
The bank increased its IT investment by an estimated N2.23 billion year-on-year.
8. Stanbic IBTC Holdings – N6.54 billion
Stanbic IBTC Holdings recorded N6.54 billion in technology spending in Q1 2026, up from an estimated N4.58 billion in Q1 2025.
The lender raised its technology investment by an estimated N1.96 billion year-on-year.
9. Wema Bank – N2.21 billion
Wema Bank invested N2.21 billion in technology in Q1 2026, compared with N5.09 billion in Q1 2025.
Its IT spending declined by N2.88 billion year-on-year.
Photo: Bloomberg
Source: Getty Images
10. Sterling Financial Holdings – N1.01 billion
Sterling Financial Holdings rounded out the list after spending N1.01 billion on technology in Q1 2026, up from an estimated N850 million in Q1 2025.
The lender increased its IT spending by an estimated N160 million year-on-year.
The figures show that Nigerian banks added N41.87 billion to their technology budgets within a year, highlighting the increasing importance of digital infrastructure, cybersecurity and innovation as competition in the financial services sector intensifies.
2 Nigerian banks become 1
Earlier, Legit.ng reported that Providus Bank and Unity Bank Plc have commenced the migration of their respective social media platforms to a unified digital identity, ProvidusUnity Bank.
The rebranding followed the successful completion of the merger of the two Nigerian financial institutions towards establishing a robust financial institution.
The banks said the combination of the two lenders presents an opportunity to combine complementary strengths and enhance the institution’s ability to provide even better services to the diverse individual, business and community stakeholders in Nigeria.
Source: Legit.ng