Seven banks ramped up spending on technology in 2024 to match rising demand for electronic payments, which crossed the N1 quadrillion mark, according to the Nigerian Interbank Settlement System (NIBSS).
These banks increased their investments by 90.88 percent to N325.23 billion in a year marked by frequent electronic banking failures that frustrated many customers.
Guaranty Trust Holding Company (GTCO) led the pack with an IT spend of N88.04 billion, followed by Zenith Bank at N67.30 billion, and United Bank for Africa Plc (UBA) at N48.04