Advertising and Marketing is a crucial part of the banking industry. It is one of the instruments used by banks to poach each other's customers or clients and reach the unbanked population. In order to ensure they have the biggest exposure needed to switch loyalty, six banks spent billions of naira each in just three months on Advertising and Marketing - for some, the amount spent translates into higher revenue, for others, not so much.

AllNews dug through the financial statements of eleven Nigerian banks to discover which bank spent the largest budget on Advertising and Marketing and which banks spending reduced their spendings. Surprisingly, AllNews discovered an underdog in the banking industry led the highest spender, while the big names queued behind it in Q1 2020.

Top Six Banks With Highest Advertising & Marketing Budget In Q1 2020

AllNews discovered that only six banks spent over a billion naira on Advertising & Marketing in the first three months of 2020, while the remaining five banks' Advertising and Marketing budget stood at millions of naira.

Going through the financial statement of Fidelity Bank, it was revealed that the bank spent N2.6 billion on Advertising & Marketing in the first quarter of 2020. A significant rise when compared to.... https://allnews.ng/news/top-six-banks-that-spent-billions-on-advert-in-three-months