UBA, GTCO, Access splash N118bn on aggressive advertising campaigns

Three top banks in Nigeria spent N118.55bn on advertising and marketing over a 15-month period covering the full year 2025 and the first quarter of 2026, as lenders intensified brand promotion amid rising competition in the country’s financial services sector.

The figure, derived from company disclosures and financial statements, comprises N95.71bn spent in 2025 and a further N22.84bn in Q1 2026, according to The PUNCH analysis of filings from United Bank for Africa Group, Guaranty Trust Holding Company, and Access Holdings.

In 2025, the combined advertising and marketing expenditure of the three lenders stood at N95.71bn, representing a 25.1 per cent decline from N127.75bn in 2024. The reduction was driven largely by UBA, which cut its advertising, promotion, and branding expenses to N56.95bn from N89.99bn in 2024, a 36.7 per cent decline.

GTCO, by contrast, increased its marketing spend to N20.02bn from N17.42bn, a 14.9 per cent rise, while Access Holdings, Nigeria’s largest banking group by customer base, with more than 60 million customers across three continents, reduced its expenditure to N18.75bn from N20.35bn, a 7.9 per cent decline.

Spending rose in the first quarter of 2026 to N22.84bn from N14.06bn in the corresponding period of 2025, representing a 62.4 per cent increase.

UBA accounted for the bulk of the quarterly spending at N15.86bn, while GTCO and Access Holdings spent N2.84bn and N4.14bn, respectively, signalling a renewed push for brand visibility and customer acquisition at the start of the year.

Across the 15-month period, UBA spent N72.81bn, representing about 61.4 per cent of the combined N118.55bn. GTCO and Access Holdings spent N22.86bn and N22.89bn, respectively, with each accounting for roughly 19 per cent.

Analysts said the mixed spending pattern suggests a recalibration of marketing budgets across tier-one lenders amid evolving macroeconomic conditions and increasing digital competition from fintech operators.

The Divisional Director, Marketing, Marketing Edge Publications, Anietie Udoh, told The PUNCH that financial institutions are increasingly deploying marketing budgets across digital platforms, sponsorships, and lifestyle-driven campaigns.

He said much of the sector’s communication strategy is now built around audience segmentation rather than broad consumer messaging. According to him, banks such as GTCO and other tier-one lenders are channeling significant resources into events, brand partnerships, and thematic campaigns, even when these are not always visible to retail customers.

He also pointed to intensifying competition from fintech firms, which have expanded their advertising presence through digital channels, influencer marketing, and mass media campaigns.

“Look at what OPay is doing now. OPay is spending heavily on communication, trying to understand what the consumer wants to hear. They are pushing that communication using influencers,” he said.

The marketing executive added that fintech operators such as OPay and Moniepoint are reshaping market dynamics, forcing traditional banks to defend market share through increased visibility and targeted campaigns.

Udoh noted that banking advertising cycles often intensify around recapitalisation programmes, public offers, and capital market activities, when institutions seek to educate and attract investors.

Across channels, banks continue to deploy a mix of traditional media, including television, newspapers, and billboards, alongside programmatic digital advertising, influencer-led campaigns, and native content distributed on platforms such as YouTube.

The sector also maintains cyclical thematic campaigns tied to seasonal and cultural occasions, including New Year, Easter, Eid, and end-of-year festivities, reinforcing year-round brand presence in a highly competitive financial ecosystem.

He said marketing spending tends to rise during periods of heightened economic or political activity, when transaction volumes and consumer engagement typically increase.

An audit by P+ Measurement Services, an independent Nigerian media intelligence and analytics firm, examined print advertising by 29 commercial banks, four telecommunications companies, and 14 insurance firms, tracking advert placements, advertising expenditure, publication choices, and the use of front-page placements.

According to the firm’s Q1 2026 Print Media Advertising and Placement Audit, banks remained the largest users of Nigeria’s print media for advertising in the first quarter of 2026. The report analysed advertising activity using data compiled from nearly 1,800 editions of daily, weekly, and monthly newspapers and magazines.

Of the 29 commercial banks covered in the study, 18 placed print advertisements, generating 1,260 advert placements with combined spending of N1.28bn.

Advertising activity was dominated by a handful of lenders. Zenith Bank accounted for 38 per cent of all advert placements, ahead of Access Bank with 14 per cent, UBA with 12 per cent, and GTBank with 10 per cent, making the four institutions the most visible print advertisers in the sector.

Among the mid-sized lenders, Polaris Bank accounted for nine per cent of advert placements, while FirstBank recorded five per cent. Stanbic IBTC Bank and Fidelity Bank each contributed four per cent, while First City Monument Bank and Wema Bank each posted a two per cent share.

Competition for premium newspaper positions was also intense. Access Bank secured the largest share of front-page advertisements at 42 per cent, followed by Zenith Bank with 37 per cent and Stanbic IBTC Bank with 21 per cent, reflecting a strong preference among leading lenders for high-impact placements.

By advertising expenditure, Zenith Bank ranked first, accounting for 39 per cent of total sector spending during the quarter. Access Bank followed with 20 per cent, while Guaranty Trust Bank accounted for 11 per cent and Polaris Bank contributed 10 per cent.(Punch)