Nigerian banks have recorded an impressive run in revenue earned from electronic business by generating a total of ₦265.269 billion from January 2023 to September 2023.
When compared with the total sum of ₦213.204 billion recorded in 2022, the banks’ revenue earned from e-business during the same period in 2023 increased by 24.42%.
Income from e-business is earned from electronic channels, card products, and related services which include mobile applications, USSD channels, automated teller machines (ATMs), agency banking, internet banking, and point of sales (POS) payments.
The recent figures have indicated steady growth in e-business income for Nigerian financial institutions as banks have progressed to tap the benefits that come with adapting to digital economy.
This comes amid the shift in customer interest from traditional banking methods to the increasing popularity of mobile and online banking in Nigeria. This has, in turn, led to a corresponding increase in banks’ revenue as more customers have turned to these channels to access financial services.
According to the report, Access Holdings Plc with earnings of ₦70.350 billion, and United Bank for Africa Plc (UBA) with an e-business income of ₦61.161 billion emerged the top two earners during the period in review.
Access Holdings' income grew by 42.41% from ₦49.399 billion generated in 2022 while UBA’s profit also witnessed a growth of 33.77% compared to ₦45.720 billion recorded in the previous year.
Other banks that made profits in e-business revenue include Guaranty Trust Holding Company PLC (GTCO Holdings) with an e-business income of ₦30.906 billion. This amount indicated an increase of 14.7%, compared to ₦26.945 billion generated in 2022.
First Bank of Nigeria Limited reported an e-business income of ₦48.789 billion. The bank’s e-business income grew by 18% from ₦39.977 billion recorded in 2022.
Zenith Bank Plc's income of ₦33.551 billion from e-business during the period indicated a decrease of 7.5% when compared with the sum of ₦36.069 billion recorded in the previous year.
It is interesting to note that the five banks mentioned above recorded a combined sum of ₦244.757 billion and represents 92.26% of the total sum of ₦265.269 billion generated in the first nine months of 2023.
Other banks include;
Sterling Financial Holdings - ₦6.304 billion
Wema Bank – ₦5.207 billion
Stanbic IBTC- ₦3.242 billion
Fidelity Bank- ₦2.848 billion
Unity Bank-₦2.215 billion
Jaiz Bank- ₦696 million