Nigeria’s banking sector continued to grow in 2024, driven by the rapid adoption of digital technologies like mobile banking, fintech innovations, and AI-driven services, which enhanced efficiency and customer experience.
According to “The State of Enterprise 2025 Report” by EnterpriseNGR, which provides an in-depth analysis of Nigeria’s Financial and Professional Services (FPS) Sector, collectively, financial institutions, including banks, accounted for 5.8% of Nigeria’s GDP, climbing 30.9% year-on-year to ?4.58 trillion.
Deposit Money Banks (DMBs) significantly scaled their asset base by 39.6% to ?170.02 trillion, equivalent to 63.1% of nominal GDP. Financial and insurance activities, which include banks and other financial institutions, were the primary contributor to corporate income tax (?570.91 billion as at Q3, projected to
Register for Tekedia Mini-MBA edition 17 (June 9 – Sept 6, 2025) today for early bird discounts. Do annual for access to Blucera.com.
Tekedia AI in Business Masterclass opens registrations.
Join Tekedia Capital Syndicate and co-invest in great global startups.
Register to become a better CEO or Director with Tekedia CEO & Director Program.
reach ?825.92 billion for full year) and the fifth largest contributor to VAT (?223.69 billion as at Q3, projected to reach N409.98 billion for full year), underscoring their fiscal relevance.
Rapid digitalisation and technology-driven service delivery models continue to redefine banking access and efficiency. This transformation has changed how banks interact with customers, accelerated innovation, and the launch of new banking products.
It has also enabled significant internal banking process automation, leveraging new technologies, facilitated data-driven sales, improved customer experience, and enhanced flexibility in the provision of
banking services. For Nigerian banks, key impacts have been the migration of customers to digital channels without extensive marketing investments and a significant upsurge in customer-initiated electronic transactions.
The inability of customers to move around and access these products and services physically due to the restriction on movement forced the drive to seek alternative ways of accessing financial products and services.
In April this year, reports revealed that 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.
Below is an overview of notable Nigerian banks and their adoption of digital technologies:
Sterling Bank
Sterling Bank has embraced fintech innovations through its digital platform, OneBank, which combines banking, payments, and lifestyle services in a single app. OneBank offers features like instant transfers, bill payments, and investment options, targeting younger, digital-native customers.
Also, Sterling Bank has been active in the fintech space, partnering with startups to provide solutions like digital lending and payment gateways, enhancing its competitiveness.
Access Bank
Access Bank has focused on digital transformation through its AccessMore app, which integrates AI-driven personalization and advanced security features like biometric authentication.
The AccessMore app allows customers to perform transactions, access loans, and manage investments, contributing to the bank’s goal of reaching underserved populations.
GTBank
GTbank has been recognized for its innovative digital platforms, including its mobile banking app, GTWorld, which offers a user-friendly interface for transactions, savings, and investments.
GTWorld supports features like cardless withdrawals, instant account opening, and digital lending, making it a popular choice among tech-savvy Nigerians.
Zenith Bank
Zenith Bank has invested heavily in digital infrastructure, including AI and machine learning for fraud detection and customer service. The bank has also adopted blockchain technology to enhance transaction security and transparency.
Zenith’s mobile app provides robust features like instant loan access, investment options, and real-time transaction monitoring, contributing to its strong digital banking presence.
Several other Nigerian banks, such as Fidelity Bank, Ecobank, and Wema Bank, have also adopted digital technologies, including mobile banking apps and fintech partnerships, to enhance service delivery. For instance, Wema Bank’s ALAT platform is one of Nigeria’s first fully digital banking platforms, offering online account opening and digital loans.
Notably, the wave of tech investment comes as traditional banks face heightened pressure from agile fintech competitors like OPay, PalmPay, and Moniepoint.
Looking Ahead
From sweeping core banking software upgrades to rolling out AI-powered platforms and improving mobile apps, the surge in adoption of technology and increased spending by traditional Nigerian banks, reflects a strategic shift.
This shows that digital banking is no longer a feature, it’s the backbone of financial services.
