Banks spend N76.5bn on marketing in three months

In the first quarter of 2026, Nigeria's deposit money banks increased their marketing and promotional spending by 5.35 percent, reaching N76.54 billion, up from N72.65 billion in the same period last year. This rise translates to an additional N3.89 billion compared to 2025. Among the surveyed banks, United Bank for Africa led the way with the biggest surge in marketing expenditure, up by 177.69 percent to N15.68 billion.

Fidelity Bank and First HoldCo also saw significant increases in their marketing budgets, though to a lesser extent. In contrast, Access Holdings experienced a slight decrease in marketing spending, down by 6.25 percent to N4.14 billion. The average marketing expenditure for these banks rose to N6.96 billion in Q1 2026 from N6.60 billion in the previous year, marking a 5.35 percent increase.

Notably, Jaiz Bank recorded the highest percentage growth in marketing expenditure, with a staggering 1,623.60 percent increase, taking its spending from N30.72 million to N529.49 million.