NIGERIAN BANKS SPEND ₦76.5BN ON MARKETING IN THREE MONTHS

Nigerian banks spent a combined ₦76.5 billion on marketing and advertising activities in three months, reflecting the intensifying competition for customers across the financial services sector.

The spending covered various promotional and marketing activities as banks sought to strengthen their brands, attract new customers, promote financial products, and increase the use of digital banking services.

The figure highlights the growing importance of marketing as financial institutions compete in an increasingly digital and customer-focused market.

Banks have continued to invest heavily in digital platforms, payment services, mobile applications, and other financial technology solutions, making customer acquisition and retention a major priority.

Industry analysts said the high marketing expenditure reflects the changing nature of competition in Nigeria’s banking sector, where banks are increasingly competing not only on traditional banking services but also on technology, convenience, and customer experience.

The spending also comes as banks expand their digital offerings and seek to reach younger customers who rely heavily on mobile and online financial services.

Experts, however, stressed that high marketing expenditure should translate into stronger customer engagement, improved service delivery, and sustainable revenue growth.

They noted that banks would need to balance promotional spending with investments in technology, cybersecurity, infrastructure, and employee development.

The development underscores the scale of competition within Nigeria’s banking industry as institutions seek to deepen market share and strengthen their relationships with existing and prospective customers.