11 banks spent N76.54bn on marketing in Q1 2026, UBA and Jaiz lead surge
By Aboki Forex —
Nigeria's 11 deposit money banks spent a combined N76.54 billion on advertising, promotions and corporate gifts in the first quarter of 2026. That is a 5.35% increase from N72.65 billion recorded in the same period of 2025.
The rise came despite stricter regulatory scrutiny from the Central Bank of Nigeria. An analysis of the lenders' unaudited financial statements showed marketing expenditure increased by N3.89 billion year-on-year.
Fidelity tops, UBA records biggest jump
Fidelity Bank had the highest marketing spend among the banks reviewed. It spent N26.19 billion in Q1 2026, compared with N27.24 billion in Q1 2025. That was a decline of N1.05 billion, or 3.86% year-on-year.
UBA ranked second with N15.68 billion, up from N5.65 billion in Q1 2025. The bank increased spending by N10.04 billion, representing a 177.69% rise. That was the largest increase in actual naira terms.
First HoldCo spent N13.58 billion, down from N19.14 billion. The group cut marketing expenditure by N5.56 billion, a 29.07% decline.
Zenith Bank spent N6.15 billion in Q1 2026, up from N4.77 billion. Its spending rose by N1.37 billion, or 28.72%.
Access Holdings spent N4.14 billion, down from N4.42 billion. That was a reduction of N276 million, or 6.25%.
GTCO spent N2.84 billion, down from N4 billion. The holding company reduced expenditure by N1.16 billion, a 29.01% drop.
FCMB Group spent N2.33 billion, compared with N3.80 billion in Q1 2025. That was a cut of N1.47 billion, or 38.55%.
Stanbic IBTC Holdings increased spending to N2.78 billion from N2.21 billion. That was a rise of N566 million, or 25.54%.
Sterling Financial Holdings spent N1.20 billion, up from N433 million. The increase was about N770 million, or 177.83%.
Wema Bank spent N1.13 billion, compared with N968 million. Its marketing expenditure rose by N162 million, or 16.75%.
Jaiz Bank recorded the fastest growth. The lender spent N529.49 million in Q1 2026, up from N30.72 million in Q1 2025. That was an increase of N498.77 million, or 1,623.60%.
CBN rules still in play
The spending came months after the CBN tightened advertising rules for banks and other financial institutions. In a November 2025 letter, the apex bank said its thematic review found variations in how institutions interpreted disclosure, transparency and fair-marketing requirements.
The CBN directed banks to ensure advertisements were factual, balanced and transparent. It prohibited claims that could mislead consumers, obscure risks or create unfair comparisons. The regulator also warned against exaggerating benefits, omitting material information or using unaudited financial statements in advertisements.
Comparative, superlative or de-marketing statements were not permitted, whether direct or implied. The CBN also directed financial institutions to withdraw non-compliant advertisements and submit compliance attestations signed by their managing directors or chief executive officers.
The combined reductions by Access Holdings, Fidelity Bank, FCMB Group, First HoldCo and GTCO totalled about N9.51 billion. Even so, UBA's increased spending outweighed those cuts.
For consumers and investors, this means Nigerian banks still see marketing as a key tool for customer acquisition and brand loyalty. But with the CBN watching, expect fewer exaggerated claims and more careful wording in bank advertisements.