Nigeria’s top banks ramped up their investments in technology infrastructure in 2024, collectively spending N518.5 billion to modernize their operations.
This marks a 109% increase compared to the N248 billion they spent in 2023, according to the audited financial statements of eight banks.
From sweeping core banking software upgrades to rolling out AI-powered platforms and improving mobile apps, the surge in spending reflects a strategic shift: digital banking is no longer a feature; it’s the backbone of financial services.