Nigeria’s leading banks invested more than N118.55 billion in advertising and marketing over a 15-month period as competition in the country’s financial sector continued to intensify.
An analysis of the financial reports of United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), and Access Holdings showed that the three institutions spent a combined N95.71 billion on advertising throughout 2025. They also spent an additional N22.84 billion during the first quarter of 2026.
The total spending reflects the banks’ efforts to strengthen their brands, attract new customers, and remain competitive as digital banking and fintech companies continue to expand across Nigeria.
Although the combined marketing budget remained high, it represented a decline from the N127.75 billion spent by the three banks in 2024. The reduction was largely due to UBA, which cut its advertising and branding expenses from N89.99 billion in 2024 to N56.95 billion in 2025, representing a drop of nearly 37 percent.
GTCO moved in the opposite direction by increasing its advertising budget. The financial group spent N20.02 billion in 2025, compared to N17.42 billion the previous year, showing a rise of almost 15 percent.
Access Holdings also reduced its spending slightly. The banking group, which serves more than 60 million customers across Africa and other regions, spent N18.75 billion in 2025, down from N20.35 billion in 2024.
However, marketing activities gained momentum again at the beginning of 2026. During the first three months of the year, the three banks spent N22.84 billion, compared to N14.06 billion in the same period of 2025. This represents an increase of more than 62 percent.
UBA accounted for the largest share of the first-quarter spending with N15.86 billion, while Access Holdings spent N4.14 billion and GTCO invested N2.84 billion.
Overall, UBA remained the biggest spender during the 15-month period, accounting for N72.81 billion, or about 61 percent of the combined total. GTCO and Access Holdings each contributed around N23 billion, representing roughly 19 percent each.
Marketing experts say banks are changing how they promote their products as competition from fintech companies continues to grow.
According to industry analysts, many banks now focus more on digital advertising, sponsorships, influencer partnerships, and customer-focused campaigns rather than relying only on traditional advertising.
They noted that fintech firms such as OPay and Moniepoint have significantly increased their marketing activities, using social media influencers, online campaigns, and mass media to attract customers. This has pushed traditional banks to improve their visibility and strengthen customer engagement.
Experts also explained that banks often increase advertising during periods of fundraising, recapitalisation exercises, or public investment offers to attract investors and educate customers.
Despite the growing importance of digital platforms, traditional media still plays a major role in bank advertising. Financial institutions continue to advertise through television, newspapers, radio, billboards, and online news platforms, while also running seasonal campaigns during festive periods such as Easter, Eid, Christmas, and New Year celebrations.
A separate audit conducted by media analytics firm P+ Measurement Services showed that banks remained the largest advertisers in Nigeria’s print media during the first quarter of 2026.
The report revealed that 18 commercial banks placed a total of 1,260 newspaper advertisements, spending about N1.28 billion on print advertising.
Among all the banks, Zenith Bank recorded the highest number of newspaper advert placements, accounting for 38 percent of the total. Access Bank followed with 14 percent, while UBA accounted for 12 percent and GTBank recorded 10 percent.
Zenith Bank also emerged as the highest spender on print advertising, followed by Access Bank, GTBank, and Polaris Bank.
The latest figures highlight the growing importance of branding and customer engagement in Nigeria’s banking industry. As competition from fintech companies continues to rise, banks are expected to maintain strong investment in both digital and traditional marketing to retain customers, attract new clients, and strengthen their position in the financial market.
