what banks spend N34.2 billion naira on

Prior to the recent technology development by Nigeria banks, Central bank has given the drive to support the 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 which ended September 30, 2017, and all this is to enhance the banking sectors for easy banking and information in order to satisfy customers needs.

Prior nine months, the same banks spent N25 billion on Information Technology-related infrastructure, software, computers, and the 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.