Eleven deposit money banks in Nigeria spent a combined N76.54 billion on advertising, promotions and corporate gifts in the first quarter of 2026, a 5.35% increase from the N72.65 billion recorded in the same period of 2025, according to an analysis of their unaudited financial statements.
The N3.89 billion year-on-year rise highlights the continued importance of marketing and customer acquisition in the banking sector, even as the Central Bank of Nigeria (CBN) tightens regulatory scrutiny of financial institutions' promotional activities.
UBA and Jaiz Bank Lead Spending Surge
United Bank for Africa (UBA) recorded the largest increase in marketing expenditure in actual naira terms, with spending jumping 177.69% to N15.68 billion in Q1 2026 from N5.65 billion in Q1 2025. This N10.04 billion increase exceeded the combined reductions of Access Holdings, Fidelity Bank, FCMB Group, First HoldCo and GTCO, which together cut spending by about N9.51 billion.
Jaiz Bank recorded the fastest growth in marketing expenditure among the banks reviewed. The lender spent N529.49 million in Q1 2026, compared with N30.72 million in Q1 2025, an increase of N498.77 million, representing a 1,623.60% year-on-year rise.
Full Ranking of Banks by Marketing Spend
Fidelity Bank topped the list with N26.19 billion in Q1 2026, down from N27.24 billion in Q1 2025, a 3.86% decline. UBA followed at N15.68 billion, up from N5.65 billion. First HoldCo spent N13.58 billion, down from N19.14 billion, a 29.07% reduction. Zenith Bank increased spending to N6.15 billion from N4.77 billion, a 28.72% rise. Access Holdings spent N4.14 billion, down from N4.42 billion, a 6.25% decline.
GTCO spent N2.84 billion, down from N4 billion, a 29.01% decline. FCMB Group spent N2.33 billion, down from N3.80 billion, a 38.55% decline. Stanbic IBTC Holdings increased spending to N2.78 billion from N2.21 billion, a 25.54% rise. Sterling Financial Holdings spent N1.20 billion, up from N433 million, a 177.83% increase. Wema Bank spent N1.13 billion, up from N968 million, a 16.75% rise. Jaiz Bank rounded out the list with N529.49 million, up from N30.72 million.
CBN Tightens Advertising Rules
The increased spending comes months after the CBN tightened its regulatory requirements for advertising and promotional activities by banks and other financial institutions. In a November 2025 letter, the apex bank said its thematic review identified variations in how financial institutions interpreted and applied disclosure, transparency and fair-marketing requirements.
The CBN directed banks to ensure that advertisements were factual, balanced and transparent, while prohibiting claims that could mislead consumers, obscure risks or create unfair comparisons. It also warned against exaggerating benefits, omitting material information or using unaudited financial statements in advertisements. Comparative, superlative or de-marketing statements, whether direct or implied, were not permitted.
The regulator directed financial institutions to withdraw non-compliant advertisements and submit compliance attestations signed by their managing directors or chief executive officers, executive compliance officers and chief compliance officers. It announced that it would begin follow-up assessments in January 2026 and sanction institutions that violate the Banks and Other Financial Institutions Act 2020 and the Consumer Protection Regulations.
Earlier, Legit.ng reported that Nigerian banks collectively earned N209.18 billion from account maintenance charges in Q1 2026, a 14.07% increase from N183.37 billion in Q1 2025. Total fee and commission income rose to N984.47 billion in Q1 2026 from N866.30 billion a year earlier, a 13.64% year-on-year increase.
