Nigeria’s leading tier-1 banks have collectively invested N56.86 billion in advertising and branding efforts during the first nine months of 2023, marking a significant 55% increase compared to the N36.67 billion spent in the same period of 2022.
This substantial surge in advertising expenditure reflects the banks’ strategic focus on strengthening brand visibility and customer awareness amidst intensifying competition from both traditional rivals and emerging fintech players.
At the forefront of this advertising drive is FBN Holdings, whose advertising and corporate promotions expenses soared to N20.23 billion in the first nine months of 2023, a remarkable increase from the N7.59 billion recorded in the corresponding period of 2022.
United Bank for Africa (UBA)
UBA has also ramped up its advertising and branding efforts, with its expenses in this area rising to N11.61 billion in nine months of 2023 from N10.44 billion in the same period of 2022.
Guaranty Trust Holding Company (GTCO)
GTCO has similarly witnessed an increase in its advertising, promotion, and corporate gifts expenses, reaching N5.38 billion in nine months of 2023 compared to N4.4 billion in the same period of 2022.
Access Holdings, the parent company of Access Bank, has also stepped up its advertising and marketing investments, with expenses in this domain growing to N12.06 billion in 9M’2023 from N8.08 billion in the same period of 2022.
Zenith Bank has also joined the fray, increasing its advertising expenses to N7.57 billion in 9M’2023 from N6.16 billion in the same period of 2022.