Nigerian banks spend US$94.5mn on IT and e-business infrastructure

lagos city centre communications africaCommercial banks in Nigeria are becoming more reliant on the roll out of IT infrastructure to drive their processes. (Photo: el9th/adobestock)A total of eight deposit money banks have spent US$95mn on IT and electronic business infrastructure in nine months, according to Nigerian newspaper Leadership.

The same banks nine months ago spent US$69.5mn on Information Technology-related infrastructure, software, computers and introduction of mobile apps.

More and more commercial banks operating in Nigeria are dependent on the roll out of IT infrastructure to drive their processes, grow their business operations in order to deliver superior financial performance to meet and surpass customer expectations.

The banks which have been assessed are Zenith Bank Plc, Access Bank Plc, United Bank for Africa Plc (UBA), Stanbic IBTC, Fidelity Bank Plc, Union Bank of Nigeria Plc and Sterling bank Plc.

Access Bank has spent US$13.3bn between January to September 2017, a spending increase of around 50.4 per cent from spending reported in nine months ending on 30 September 2016.

Overtime Zenith Bank became synonymous with the use of IT in banking and general innovation in the Nigerian banking industry.

In a statement, Ohe bank recently stated, "We have renewed our commitment in ensuring that all our activities are anchored on the e-platform and providing service delivery through the electronic media to all customers irrespective of place, time and distance."

"Zenith group only recently scored another first, becoming the first Nigerian institution to be awarded a triple ISO certification by the British Standards International (BSI): the ISO22301, 27001 and 20000 standards".

 

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