United Bank for Africa, Access Holdings, First Bank, and others top the list of Nigerian banks with the highest electronic-business transactions in 2022 which amounts to N307.472 billion.
This was according to the Nigerian Exchange report obtained from the audited full-year 2022 financial report.
The figure signifies a 7% growth in e-business income compared to the previous year’s figure of N287.429 billion.
According to a report, this has given rise to new business opportunities that were previously unfeasible. The surge in fintech adoption has resulted in substantial growth in transaction volumes within the financial services sector and subsequent economic benefits.
UBA, a Pan African bank recorded N78.946 billion as e-business income during the full year of 2022 which is an increase of 22.21% compared to the N64.595 billion recorded in 2021.
The bank accounted for 25.68 % of the total e-business income realized by the eleven banks.
Access Holdings Plc, which is the largest commercial bank in the country, generated N59.653 billion from its electronic business, accounting for 19.40% of the total amount generated by the eleven banks under consideration.
Its e-business income dropped by 9.99% year-on-year compared to N66.280 billion recorded in the previous year.
First Bank’s e-business revenue declined by 2.26% in the full year of 2022 to stand at N55.099 billion from N56.375 billion recorded in 2021. However, the bank’s e-business income accounted for 17.92% of the e-business revenue captured.
Zenith Bank Plc posted an e-business income of N45.739 billion during the full year of 2022, an increase of 30.07% compared to N37.470 billion recorded in the corresponding period of 2021.
The most capitalized bank on the NGX accounted for 14.88% of the total e-business income of the eleven banks.
GTCO Holdings reported an e-business income of N23.201 billion, representing an increase of 10.04%, compared to N21.083 billion generated in the equivalent period the previous year.
The holding company accounted for 7.55% of the total income generated by the twelve banks from electronic banking.
Others banks include FCMB with N13.997 billion, Union Bank records N7.971 billion, Sterling Bank records N7.157 billion, Wema Bank has N6.135 billion, Unity Bank has N3.963 while Stanbic IBTC – N2.513 billion