Given the drive to support the Central Bank of Nigeria (CBN) policy on cashless society and leverage on Information Technology, a total of eight deposit money banks have spent N34.2 billion on IT and electronic business infrastructure in nine months ended September 30, 2017.

Investigations revealed that in prior nine months, the same banks spent N25 billion on Information Technology-related infrastructure, software, computers and introduction of mobile apps.

Commercial banks operating in Nigeria have increasingly depended on the deployment 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 surveyed 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 top Tier-1 deposit money banks when it comes to IT and electronic business expenses, spending N13.3 billion in nine months ended September 30, 2017, an increase of about 50.4 per cent from N8.87 billion reported in nine months ended September 30, 2016.
Following Access Bank is Zenith Bank with N8.6 billion on IT expenses from N4.6 billion in prior nine months, while UBA’s IT support and related expenses dropped by 48 per cent to N1.06 billion as against N2.02 billion reported in nine months ended September 30, 2016.
Zenith Bank, over the years, became synonymous with the use of IT in banking and general innovation in the Nigerian banking industry.
The bank in a statement said, “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”.
In reducing its branches network, Union Bank of Nigeria’s expenses on IT related gained 33 per cent to N2.97 billion from N2.23 billion, while Stanbic IBTC expenses on IT dropped by 3.7 per cent from N3.7 billion to N3.59 billion in nine months ended September 30, 2017.
Most Tier-2 deposit money banks were spending less on IT, Electronic Business Infrastructures, attributable to smaller networks.
Specifically, Fidelity Bank’s IT expenses dropped by 12 per cent to N2.1 billion from N2.42 billion reported in nine months ended September 30, 2016.
The MD/CEO of Fidelity Bank Plc, Mr. Nnamdi Okonkwo, in a statement said, the bank is committed to driving its digital banking aspirations in line with the management medium term strategy.
“We have been able to sustain our performance trend this year through the following: disciplined balance sheet management, strategic cost reduction and driving our digital banking aspirations which are all in line with the execution of our medium term strategy”, he said.
Others are Diamond Bank and Sterling Bank that spent N1.12 billion and N1.33 billion on IT and Electronic Business Infrastructures in nine months ended September 30, 2017.

http://www.akelicious.com/2017/12/banks-spend-n342bn-on-it-e-business.html

And they get double of it back through SMS charges alone

Have i reaally box myself in FTC on dis boxing day?

Opportunities for IT experts

Wati concern me... next...?

Nice one.. Security of ITC equipment is very necessary in the world we leave in today.. Imagine no network service for 1 week.....

Register your limited Liability Company for just 85k ..check my signature for commendations from previous Nairaland clients

Nice one

... As if they haven't recovered those cost by now

The sad thing is that most of these money went offshore to countries like India. We still have a long way to go in IT skills acquisition. Many computer science and IT graduates of Nigerian universities are not properly equipped. Few good IT companies have little patience for mentoring young graduates also. They are looking for fully-formed professionals which is not too good. Info Tech is a gold mine that could lift many Nigerians from poverty but unfortunately, we are not properly tapping into it.

8 banks spent. Not bank spends

hmmm..


IT experts cashing out..

DaudaAbu:
And they get double of it back through SMS charges alone

That is a money spinner for them!

That is the backbone of banking business

I am proud, automated banking in Nigeria has really improved.

Gone are the days you must go and queue up at a branch to send money to your supplier as a business man.

[quote author=Olawalesadiq post=63612743]Wati concern me... next...?[/quot
Wati ko Water ni

I smell fraud

UBA spending on IT must have been looted

It da way forward.

Samsung j7 for sale
Quote me

DoTheNeedful:
The sad thing is that most of these money went offshore to countries like India. We still have a long way to go in IT skills acquisition. Many computer science and IT graduates of Nigerian universities are not properly equipped. Few good IT companies have little patience for mentoring young graduates also. They are looking for fully-formed professionals which is not too good. Info Tech is a gold mine that could lift many Nigerians from poverty but unfortunately, we are not properly tapping into it.

True. Most of the IT jobs and the monies go to the Indian companies. We've gat still a long way to go. We shall get there by God's grace.

DoTheNeedful:
The sad thing is that most of these money went offshore to countries like India. We still have a long way to go in IT skills acquisition. Many computer science and IT graduates of Nigerian universities are not properly equipped. Few good IT companies have little patience for mentoring young graduates also. They are looking for fully-formed professionals which is not too good. Info Tech is a gold mine that could lift many Nigerians from poverty but unfortunately, we are not properly tapping into it.

I blame our IT inclined guys.Read about the story of whatapps founder.You dont have to finish a project, just start it.leverage with people that know better than you.Our so called IT Gurus are busy design MMM and SMS platform.Instead of building Financial Platform.Largest black population for that matter.Anyway we are waiting for south africa to come and show Us how do business in this Line again like they did with Shoprite, Multichoice and the rest.May God Help our youth.Make I stop here for now.Rootworks.

DoTheNeedful:
The sad thing is that most of these money went offshore to countries like India. We still have a long way to go in IT skills acquisition. Many computer science and IT graduates of Nigerian universities are not properly equipped. Few good IT companies have little patience for mentoring young graduates also. They are looking for fully-formed professionals which is not too good. Info Tech is a gold mine that could lift many Nigerians from poverty but unfortunately, we are not properly tapping into it.

we are properly tapping into tithe prayer and hijab

all the bank IT infrastructure are from India and as expensive as it is
it is the most cheapest getting it from the US will amount to something u will not be able to imagine

imagine that money coming to Nigerian firms and used to pay Nigerian as salary ?? imagine how everyone will be smiling this Xmas
but no the other of the day and the most important thing is tithe , prayer, hijab , tribal frivolity everybody sees themselves as a native of their state first before been a citizen of Nigeria which is a wrong assumption been a citizen first gave u the opportunity to become a native of a state
that's nationalism

Goood

agwom:
Opportunities for IT experts

Over the next five years , those who get in now will be set for life