Nigerian Banks Double Down on Digital Transformation in First Half of 2025

Five leading Nigerian banks—Zenith Bank, GTCO, Stanbic IBTC, UBA, and Wema Bank—collectively spent N126.8 billion on information technology in H1 2025, aiming to modernize operations and enhance cybersecurity.

Zenith Bank led the pack with N49.88 billion, more than doubling its previous year’s spend. GTCO followed with N37.76 billion, while Stanbic IBTC invested N23.74 billion. UBA maintained steady spending at N6.72 billion, and Wema Bank made a bold leap from N1.13 billion to N8.65 billion, driven by its ALAT digital platform.

The surge in IT investment is attributed to the rise in cashless transactions and regulatory reforms by the Central Bank of Nigeria. However, experts warn that more spending is needed, especially in cybersecurity, as fraud losses in the sector reached N52.26 billion in 2024—a 195% increase from the previous year.