Zenith, Access, UBA lead as 10 banks spend N177.91bn on IT in Q1 2026

Ten Nigerian banks spent a combined N177.91 billion on information technology, software and digital infrastructure in the first quarter of 2026, a 30.8% jump from N136.04 billion in the same period of 2025. The increase of N41.87 billion underscores the industry's growing investment in digital banking, cybersecurity and technology-driven services.

Data from the lenders' first-quarter financial statements show that tech budgets are expanding as banks upgrade digital platforms, strengthen security systems and improve customer experience amid rising electronic transactions.

Cyber threat concerns drive spending

The higher investment comes amid 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.

How the banks rank

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.

Access Holdings ranked second with N36.70 billion in technology spending, up from an estimated N28.44 billion in Q1 2025, an increase of N8.26 billion.

First HoldCo occupied third position after spending N29.00 billion, compared with N10.53 billion in Q1 2025. Its IT spending rose by N18.47 billion, one of the largest increases recorded.

UBA invested N22.10 billion, up from N6.17 billion in Q1 2025. The lender increased spending by N15.93 billion, representing the fastest growth rate among all banks at 258.2%.

GTCO spent N16.40 billion, up from N13.19 billion, a N3.21 billion increase or 24.3% year-on-year, underscoring continued investment in digital banking infrastructure and financial services.

FCMB Group spent N9.66 billion, compared with N8.36 billion, an increase of N1.30 billion.

Fidelity Bank spent N7.36 billion, compared with an estimated N5.13 billion, an increase of an estimated N2.23 billion.

Stanbic IBTC Holdings recorded N6.54 billion, up from an estimated N4.58 billion, raising its tech investment by an estimated N1.96 billion.

Wema Bank invested N2.21 billion, compared with N5.09 billion in Q1 2025, a decline of N2.88 billion year-on-year.

Sterling Financial Holdings rounded out the list after spending N1.01 billion, up from an estimated N850 million, an increase of an estimated N160 million.

What this means

The figures show Nigerian banks added N41.87 billion to their technology budgets within a year. For consumers, that means more robust digital banking platforms and better security infrastructure, even as competition in the financial services sector intensifies.