Access, UBA, Other Banks Battle for Customers As Advertising, Marketing Spend Hit N76.5bn
- Nigeria’s 11 deposit money banks spent a combined N76.54 billion on advertising, promotions and corporate gifts in Q1 2026, a 5.35% increase from N72.65 billion recorded in the same period of 2025.
- UBA recorded the largest increase in marketing expenditure, with its spending rising by 177.69% to N15.68 billion.
- Jaiz Bank recorded the fastest growth in marketing expenditure, with its budget surging 1,623.6% to N529.49 million.
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Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
11 Nigerian banks spent a combined N76.54 billion on advertising, promotions and corporate gifts in the first quarter of 2026, highlighting the continued importance of marketing and customer acquisition in the banking sector.
An analysis of the lenders’ unaudited financial statements showed that marketing expenditure rose from N72.65 billion in Q1 2025 to N76.54 billion in Q1 2026.
Source: Facebook
The increase amounted to N3.89 billion, representing a 5.35% year-on-year rise.
The spending came despite tighter regulatory scrutiny by the Central Bank of Nigeria (CBN), which introduced stricter requirements for financial institutions’ advertising and promotional activities.
Nigerian banks with the highest marketing expenditure
The figures show that UBA accounted for the largest increase in marketing expenditure in actual naira terms during the period. The bank's spending exceeded the combined reductions recorded by Access Holdings, Fidelity Bank, FCMB Group, First HoldCo and GTCO, which together cut spending by about N9.51 billion.
The figures indicate that Nigerian banks continued to invest heavily in customer acquisition, brand promotion and marketing despite increased regulatory scrutiny of financial-sector advertising.
Below are the 11 Nigerian banks ranked by their marketing expenditure in the first quarter of 2026.
1. Fidelity Bank – N26.19 billion
Fidelity Bank recorded the highest marketing expenditure among the banks reviewed, spending N26.19 billion in Q1 2026, compared with N27.24 billion in Q1 2025.
The lender’s marketing expenditure declined by N1.05 billion, representing a 3.86% year-on-year reduction.
2. United Bank for Africa (UBA) – N15.68 billion
UBA ranked second after spending N15.68 billion on advertising, promotions and corporate gifts in Q1 2026, compared with N5.65 billion in the same period of 2025.
The bank increased its marketing expenditure by N10.04 billion, representing a 177.69% year-on-year rise.
UBA recorded the largest increase in actual naira terms among the banks reviewed.
3. First HoldCo – N13.58 billion
First HoldCo spent N13.58 billion on marketing in Q1 2026, down from N19.14 billion in Q1 2025.
The group reduced its marketing expenditure by N5.56 billion, representing a 29.07% decline year-on-year.
4. Zenith Bank – N6.15 billion
Zenith Bank recorded marketing expenditure of N6.15 billion in Q1 2026, compared with N4.77 billion in the corresponding period of 2025.
Its spending increased by N1.37 billion, representing a 28.72% year-on-year rise.
5. Access Holdings – N4.14 billion
Access Holdings spent N4.14 billion on advertising, promotions and corporate gifts in Q1 2026, down from N4.42 billion in Q1 2025.
The lender’s marketing expenditure declined by N276 million, representing a 6.25% reduction.
6. FCMB Group – N2.33 billion
FCMB Group spent N2.33 billion on marketing in Q1 2026, compared with N3.80 billion in Q1 2025.
The group cut its marketing expenditure by N1.47 billion, representing a 38.55% year-on-year decline.
7. Guaranty Trust Holding Company (GTCO) – N2.84 billion
GTCO spent N2.84 billion on marketing activities in Q1 2026, down from N4 billion in the corresponding period of 2025.
The holding company reduced its expenditure by N1.16 billion, representing a 29.01% year-on-year decline.
8. Stanbic IBTC Holdings – N2.78 billion
Stanbic IBTC Holdings increased its marketing expenditure to N2.78 billion in Q1 2026 from N2.21 billion in Q1 2025.
The lender’s spending rose by N566 million, representing a 25.54% year-on-year increase.
9. Sterling Financial Holdings – N1.20 billion
Sterling Financial Holdings spent N1.20 billion on marketing in Q1 2026, up from N433 million in Q1 2025.
The group increased its expenditure by about N770 million, representing a 177.83% year-on-year rise.
10. Wema Bank – N1.13 billion
Wema Bank recorded marketing expenditure of N1.13 billion in Q1 2026, compared with N968 million in Q1 2025.
Its marketing spending increased by N162 million, representing a 16.75% year-on-year rise.
11. Jaiz Bank – N529.49 million
Jaiz Bank recorded the fastest growth in marketing expenditure among the banks reviewed.
The lender spent N529.49 million in Q1 2026, compared with N30.72 million in Q1 2025.
Its marketing expenditure increased by N498.77 million, representing a 1,623.60% year-on-year rise.
Source: Twitter
CBN tightens rules on bank advertising
The increase in marketing expenditure comes months after the CBN tightened its regulatory requirements for advertising and promotional activities by banks and other financial institutions.
In a November 2025 letter, the apex bank said its thematic review identified variations in how financial institutions interpreted and applied disclosure, transparency and fair-marketing requirements.
The CBN directed banks to ensure that advertisements were factual, balanced and transparent, while prohibiting claims that could mislead consumers, obscure risks or create unfair comparisons.
The regulator also warned financial institutions against exaggerating benefits, omitting material information or using unaudited financial statements in advertisements.
The CBN stated that comparative, superlative or de-marketing statements, whether direct or implied, were not permitted.
It also directed financial institutions to withdraw non-compliant advertisements and submit compliance attestations signed by their managing directors or chief executive officers, executive compliance officers and chief compliance officers.
The apex bank announced that it would begin follow-up assessments in January 2026 and sanction financial institutions that violate the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations.
Banks' account maintenance charges income rises 14%
Earlier, Legit.ng reported that Nigerian banks collectively earned N209.18 billion from account maintenance charges in the first quarter of 2026.
The amount represented a 14.07 per cent increase from the N183.37 billion generated from the charges during the corresponding period of 2025.
An analysis of the banks’ unaudited financial statements also showed that total fee and commission income across the sector rose to N984.47 billion in Q1 2026, from N866.30 billion a year earlier, representing a 13.64 per cent year-on-year increase.
Source: Legit.ng
