Banks Spend Billions on ICT as Customers Patronise Branches

As of 2022, ten commercial banks spent N81.92 billion on ICT. Access Bank spent N27 billion of that, Sterling Bank spent the least, N961 million. 

Others, including GTB, Zenith, First Bank, UBA, , WEMA. Fidelity, STANBIC IBTC, and Union Bank  spent N9.3 billion, N20 billion, N7 billion, N5bn, N1.2 billion, N6.8 billion, and N4 billion respectively.

If you ask them, the idea is to make banking easier and more inclusive for their customers. 

It makes sense considering internet penetration in Nigeria, and the necessity of social distancing in a world recovering from a major pandemic.

But from the data of the 33 banks and their branches—4,437—there seems to be no correlation. People still like to walk in, and do business.

It’s even more glaring in the analysis of the top five banks, their ICT budgets, and their branches.

1. Access Bank:

Access Bank with its biggest budget for ICT has kept mushrooming in terms of brick and mortar. There 583 branches operating under the name. It appears the on-the-ground presence is as important to the bank as its online or digital presence.

2 First Bank of Nigeria: 

With 591 Branches, First Bank leads the pack as branches go. Its years of operations (since 1894) and experience could readily account for that. And its ICT spendings, N7 billion, ranks among the first five. 

3. United Bank for Africa (UBA) 

The bank has 460 branches across the nation. Not bad for a bank that’s been in existence since 1961. And its 2022 spending on ICT, N4 billion, tells a lot about the need to spread more around Nigeria.

4.Zenith Bank

A big spender on ICT, Zenith is no push over in physical presence, too. Its N20 billion on ICT hasn’t diminished its desire to branch around some more. 

So far, the bank, licensed in June 1990, boasts 393 branches across the nation.

5. Guaranty Trust Bank

About 25 years old in the sector, this bank has 235 branches across the nation. It’s one of the tech-driven banks adopting cutting edge technologies now. But it’s pushing for more of the brand’s physical presence.