Nigeria's biggest lenders are committing billions of naira to advertising and brand promotion as competition in the financial services industry grows stronger, with traditional banks battling not only one another but also fast-rising fintech companies for customer attention and market share.
An analysis of financial statements and company disclosures shows that three tier-one banking groups—United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), and Access Holdings—spent a combined N118.55bn on advertising and marketing between January 2025 and March 2026.
The total comprises N95.71bn spent during the 2025 financial year and an additional N22.84bn in the first quarter of 2026, underscoring the importance lenders now place on visibility, customer engagement, and strategic brand positioning.
Although the combined expenditure declined in 2025 compared to the previous year, marketing spending rebounded sharply at the start of 2026, suggesting that banks are once again increasing promotional activities amid evolving market dynamics.
Advertising spend drops in 2025
The three lenders collectively spent N95.71bn on advertising and marketing in 2025, representing a 25.1 per cent decline from the N127.75bn recorded in 2024.
The reduction was largely influenced by UBA, which cut its advertising, promotion and branding expenses from N89.99bn in 2024 to N56.95bn in 2025, representing a 36.7 per cent decline.
Despite the reduction, UBA remained the biggest spender among the three institutions.
GTCO moved in the opposite direction, increasing its marketing expenditure by 14.9 per cent to N20.02bn from N17.42bn recorded a year earlier.
Access Holdings, Nigeria's largest banking group by customer base with over 60 million customers spread across three continents, also reduced its advertising budget, spending N18.75bn in 2025 compared to N20.35bn in 2024, a decline of 7.9 per cent.
Marketing budgets rebound in early 2026
The trend shifted significantly in the opening quarter of 2026 as the combined advertising spend of the three banks climbed to N22.84bn, up from N14.06bn recorded during the corresponding period of 2025. The increase represents a 62.4 per cent year-on-year rise.
UBA again led the pack, accounting for N15.86bn of the first-quarter expenditure.
GTCO spent N2.84bn, while Access Holdings committed N4.14bn to advertising and marketing activities during the period.
The surge points to an aggressive push for stronger brand visibility and customer acquisition as banks compete for new deposits, digital users, and investment opportunities.
Over the entire 15-month period, UBA accounted for N72.81bn, representing approximately 61.4 per cent of the combined N118.55bn spent by the three institutions.
GTCO and Access Holdings recorded similar expenditure levels of N22.86bn and N22.89bn respectively, with each contributing roughly 19 per cent of the total.
Fintech rivalry reshaping marketing strategies
Industry analysts say the varying spending patterns reflect a broader recalibration of marketing budgets as banks respond to changing economic realities and increasing competition from fintech firms.
The Divisional Director, Marketing, Marketing Edge Publications, Anietie Udoh, said financial institutions are increasingly deploying marketing resources across digital platforms, sponsorships and lifestyle-focused campaigns rather than relying solely on conventional advertising.
According to him, today's banking communication strategy is becoming more targeted, with campaigns designed for specific audience segments instead of broad consumer messaging.
He noted that several tier-one banks now invest heavily in brand partnerships, flagship events and thematic campaigns that may not always be obvious to retail banking customers.
Udoh also highlighted the growing influence of fintech companies, whose aggressive digital marketing campaigns are reshaping competition within Nigeria's financial services industry.
“Look at what OPay is doing now. OPay is spending heavily on communication, trying to understand what the consumer wants to hear. They are pushing that communication using influencers,” he said.
He added that fintech operators such as OPay and Moniepoint are forcing conventional banks to strengthen their market presence through increased advertising, customer-focused messaging and sustained brand visibility.
According to Udoh, marketing campaigns among banks also tend to intensify during recapitalisation exercises, public offers and other capital market activities, when financial institutions seek to educate prospective investors and attract fresh capital.
He explained that banks now combine traditional advertising platforms—including television, newspapers and billboards—with digital channels such as programmatic advertising, influencer campaigns and native content distributed through platforms like YouTube.
The industry also sustains year-round visibility through seasonal campaigns tied to festive periods such as New Year celebrations, Easter, Eid and end-of-year holidays.
Udoh further observed that advertising budgets generally increase during periods of heightened political or economic activity, when transaction volumes and customer engagement typically rise.
Banks dominate Nigeria's print advertising market
Separate findings by media intelligence and analytics firm P+ Measurement Services also underline the banking industry's dominance in Nigeria's advertising landscape.
Its Q1 2026 Print Media Advertising and Placement Audit revealed that banks remained the country's biggest users of print media advertising during the first quarter of 2026.
The report examined advertising activities across nearly 1,800 editions of daily, weekly and monthly newspapers and magazines, covering 29 commercial banks, four telecommunications companies and 14 insurance firms.
Of the 29 banks analysed, 18 placed print advertisements, generating 1,260 advert placements with a combined advertising expenditure of N1.28bn.
Zenith Bank emerged as the most active advertiser, accounting for 38 per cent of all print advert placements during the quarter.
Access Bank followed with 14 per cent, while UBA and GTBank accounted for 12 per cent and 10 per cent respectively, making the four institutions the most visible print advertisers in the banking industry.
Among mid-sized lenders, Polaris Bank contributed nine per cent of advert placements, while FirstBank accounted for five per cent.
Stanbic IBTC Bank and Fidelity Bank each recorded four per cent, while First City Monument Bank and Wema Bank each posted two per cent.
Competition for premium newspaper visibility was equally intense.
Access Bank secured the largest share of front-page advertisements at 42 per cent, ahead of Zenith Bank with 37 per cent and Stanbic IBTC Bank with 21 per cent.
By advertising expenditure, Zenith Bank ranked first with 39 per cent of total sector spending during the quarter, followed by Access Bank with 20 per cent. Guaranty Trust Bank accounted for 11 per cent, while Polaris Bank contributed 10 per cent.
The figures highlight the banking sector's continued reliance on both traditional and digital advertising as institutions seek to strengthen customer loyalty, protect market share and compete effectively in an increasingly crowded financial ecosystem.