Nigerian banks have increased their spending on software solutions in 2022, investing in areas such as core banking systems, customer relationship management (CRM) software, mobile banking and payment apps, anti-fraud and security software, risk management systems, business intelligence and analytics tools, electronic document management systems (EDMS), and treasury and capital market software. This is due to the need to optimize operations, enhance customer experience, and bolster security measures, as well as the influence of new innovations such as artificial intelligence, Web 3, IoT, Blockchain, digital identity and Cloud Computing. The outbreak of the Covid-19 pandemic has also significantly influenced the spending patterns of banks when it comes to software acquisitions.
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