Four Banks invest over ₦119bn into technlogical infrastructure in Q1 2026

Four leading Nigerian banks have invested over ₦119 billion in technology and digital infrastructure during the first quarter of 2026, marking a 43.2 percent year-on-year increase.

The investment was highlighted by United Bank for Africa (UBA) Group Managing Director and Chairman of the Body of Bank CEOs in Nigeria, Oliver Alawuba, while delivering a goodwill speech at the 19th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja.

Alawuba noted that these heavy investments in cybersecurity, digital infrastructure, and operational architecture are reinforcing the financial sector’s ability to act as the nation’s primary financial shock absorber.

Speaking on the conference theme, “Building a Resilient Economy in an Era of Disruptions: Imperatives for the Banking and Financial Services Industry,” Alawuba emphasized that financial institutions are actively modernizing their systems to withstand global structural disruptions, ranging from geopolitical conflicts to inflationary pressures.

He pointed out that this technological push complements the broader ₦4.65 trillion mobilized by 33 banks during the recent recapitalization exercise, which significantly enhanced capital adequacy, balance-sheet transparency, and investor confidence.

The event also drew remarks from President Bola Ahmed Tinubu represented by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele who challenged the banking sector to leverage its strengthened capital base to finance productive businesses that drive job creation and long-term economic growth.

Similarly, Central Bank of Nigeria Governor Olayemi Cardoso, represented by Deputy Governor Philip Ikeazor, reaffirmed the financial regulator’s support for a robust banking industry, while World Bank Country Director Mathew Verghis urged lenders to direct more capital toward employment-generating enterprises.

CIBN President Dr. Dele Alabi concluded that the ultimate benchmark for these financial sector advancements will be their ability to lower living costs and deliver tangible economic prosperity to everyday citizens.