Nigeria’s largest lenders spent more than N119bn on information technology, software, and related digital infrastructure in the first three months of 2026, indicating the growing importance of technology investments as banks deepen digital transformation efforts.
An analysis of the first-quarter financial statements of four tier-one lenders—Guaranty Trust Holding Company Plc, Zenith Bank Plc, United Bank for Africa Plc and Access Bank Plc—by The PUNCH showed that their combined spending on technology rose to about N119.03bn in the period ended March 31, 2026, from N83.15bn in the corresponding period of 2025.
The increase of N35.88bn represents a 43.2 per cent year-on-year rise in technology spending, reflecting growing investments in software, digital banking platforms, cybersecurity, IT support services, and other technology infrastructure.
The spending pattern, however, varied across the lenders, with Zenith Bank emerging as the biggest spender, UBA recording the fastest growth in technology expenditure, while Access Bank was the only lender to report a decline.
GTCO, a prominent multinational financial services group headquartered in Victoria Island, Lagos, recorded total technology-related spending of approximately N16.4bn during the first quarter of 2026.
