9 Nigerian Banks Spend Big On Advertising to Win Customers

• With serious competition from fintech companies, Nigerian banks are spending more on advertising and promotional activities
• Effective marketing strategies are important to stay ahead in a time when there are so many options available for Nigerians
• The increased spending is led by Nigerian tier one banks, which include Access, UBA, Zenith, and First Bank

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Nine commercial banks collectively spent more than N235.36 billion on advertising in 2024 amid fierce competition among lenders to capture market share and strengthen brand visibility.

The figures are captured from the bank's financials released on the Nigerian Exchange for 2024.

The banks surveyed are First Bank, UBA, Fidelity Bank, Zenith Bank, Access Bank, Guaranty Trust Bank, Wema Bank, Stanbic IBTC Bank, and First City Monument Bank.

Also, as part of their operational expenses, the banks spent N6.92 billion on Stationery and printing.

First Bank: N75.93 billion

First Bank led the industry in advertising expenditure, spending nearly N76 billion. As one of the oldest banks in Nigeria, it aimed to appeal to a younger generation with an aggressive marketing strategy. The bank also spent N4.23 billion on stationery and printing.

UBA: N46.51 billion

United Bank for Africa spent over N46 billion on advertising in 2024. The bank’s campaigns targeted both local and international audiences. It also incurred N5.14 billion in stationery and printing expenses.

Fidelity Bank: N35.12 billion

Fidelity Bank invested more than N35 billion in advertising and other marketing campaigns, indicating a strong push to elevate its profile and compete with tier-1 banks.

The bank also spent N1.78 billion on stationery and printing.

Zenith Bank: N30.89 billion

Zenith Bank spent nearly N31 billion on advertising amid strong competition from fintech companies. It also recorded N6.42 billion in stationery and printing costs.

Access Bank: N20.35 billion

Access Bank, which completed several mergers and expansions in recent years, allocated N20.35 billion to advertising as it continued to unify its brand across new markets and digital channels.

It led the industry in stationery and printing expenses with N6.92 billion.

GTbank: N17.42 billion

GTBank, a subsidiary of Guaranty Trust Holding, spent N17.42 billion on advertising and market campaigns and digital banking services, both on electronic and print media.

The bank also incurred N3.53 billion in stationery and printing costs.

Wema Bank: N6.84 billion

Wema Bank spent N6.84 billion, leveraging tech-savvy ads to attract younger customers and expand its digital banking base. It spent N719.98 million on stationery and printing.

Stanbic IBTC — N2.30 billion

Stanbic IBTC spent the least among tier-1 banks, allocating just N2.30 billion to advertising.

The group also embarked on mass consumer marketing. Its stationery and printing expenses were N89 million

FCMB — N48.26 million

First City Monument Bank's advertising spend was the lowest in the industry at just N48.26 million.

It also recorded the lowest stationery and printing expenses at N19.75 million.

Banks with highest deposits from customers

Earlier, Legit.ng reported that as of December 2024, total customer deposits in 10 commercial banks listed on the Nigerian exchange had increased to N140.97 trillion.

The latest figure represents a 51% increase in customer deposits compared to the N93.5 trillion generated in 2023.

The banks are: Ecobank Transnational Incorporated, Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, First Holdco Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.

Source: Legit.ng