Full list as 9 banks spend over N200bn on advertising, marketing campaigns

• With superior contention from fintech companies, Nigerian banks are spending much connected advertizing and promotional activities
• Effective selling strategies are important to enactment up successful a clip erstwhile determination are truthful galore options disposable for Nigerians
• The accrued spending is led by Nigerian tier 1 banks, which see Access, UBA, Zenith, and First Bank

Legit.ng writer Dave Ibemere has implicit a decennary of business journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Nine commercialized banks collectively spent much than N235.36 cardinal connected advertizing successful 2024 amid fierce contention among lenders to seizure marketplace stock and fortify marque visibility.

The figures are captured from the bank's financials released connected the Nigerian Exchange for 2024.

Nigerian banks vie to pull customers done advertising. Photo credit: Bloomberg/contributor
Source: Getty Images

The banks surveyed are First Bank, UBA, Fidelity Bank, Zenith Bank, Access Bank, Guaranty Trust Bank, Wema Bank, Stanbic IBTC Bank, and First City Monument Bank.

Also, arsenic portion of their operational expenses, the banks spent N6.92 cardinal connected Stationery and printing.

First Bank: N75.93 billion

First Bank led the manufacture successful advertising expenditure, spending astir N76 billion. As 1 of the oldest banks successful Nigeria, it aimed to entreaty to a younger procreation with an assertive selling strategy. The slope besides spent N4.23 cardinal connected stationery and printing.

UBA: N46.51 billion

United Bank for Africa spent implicit N46 cardinal connected advertizing successful 2024. The bank’s campaigns targeted some section and planetary audiences. It besides incurred N5.14 cardinal successful stationery and printing expenses.

Fidelity Bank: N35.12 billion

Fidelity Bank invested much than N35 cardinal successful advertizing and different selling campaigns, indicating a beardown propulsion to elevate its illustration and vie with tier-1 banks.

The slope besides spent N1.78 cardinal connected stationery and printing.

Zenith Bank: N30.89 billion

Zenith Bank spent astir N31 cardinal connected advertizing amid beardown contention from fintech companies. It besides recorded N6.42 cardinal successful stationery and printing costs.

Nigerian banks look beardown contention from fintech companies Photo credit: Nurphoto
Source: Facebook

Access Bank: N20.35 billion

Access Bank, which completed respective mergers and expansions successful caller years, allocated N20.35 cardinal to advertizing arsenic it continued to unify its marque crossed caller markets and integer channels.

It led the industry successful stationery and printing expenses with N6.92 billion.

GTbank: N17.42 billion

GTBank, a subsidiary of Guaranty Trust Holding, spent N17.42 cardinal connected advertizing and marketplace campaigns and integer banking services, some connected physics and people media.

The slope besides incurred N3.53 cardinal successful stationery and printing costs.

Wema Bank: N6.84 billion

Wema Bank spent N6.84 billion, leveraging tech-savvy ads to pull younger customers and grow its integer banking base. It spent N719.98 cardinal connected stationery and printing.

Stanbic IBTC — N2.30 billion

Stanbic IBTC spent the slightest among tier-1 banks, allocating conscionable N2.30 cardinal to advertising.

The radical besides embarked connected wide user marketing. Its stationery and printing expenses were N89 million

FCMB — N48.26 million

First City Monument Bank's advertizing walk was the lowest successful the manufacture astatine conscionable N48.26 million.

It besides recorded the lowest stationery and printing expenses astatine N19.75 million.

Banks with highest deposits from customers

Earlier, Legit.ng reported that arsenic of December 2024, full lawsuit deposits successful 10 commercialized banks listed connected the Nigerian speech had accrued to N140.97 trillion.

The latest fig represents a 51% summation successful lawsuit deposits compared to the N93.5 trillion generated successful 2023.

The banks are: Ecobank Transnational Incorporated, Access Holdings Plc, Zenith Bank Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, First Holdco Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, and Wema Bank Plc.

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Source: Legit.ng