Banks Rake In N280bn From E-banking


Eleven top financial institutions in Nigeria have raked in N280bn in the first nine months of 2023. This was revealed from an analysis of their financial reports.

In comparison to the corresponding period of 2022, there has been a 29.89% increase from the recorded value of N215.44bn, which indicates a significant rise in electronic banking activities.
The Central Bank of Nigeria’s naira redesign policy has led to an increase in cashless transactions this year.

The policy forced many Nigerians to embrace electronic forms of payment, leading to a spike in the volume of cashless transactions.

According to reports, total cashless transactions grew by 44.84 per cent to N126.73tn in the first quarter of 2023 from N87.49tn in the corresponding period of 2022.

While the policy has been put on hold, banks are still benefitting from the rise in fees from e-banking channels as Nigerians retain their adoption of electronic payment channels.

United Bank for Africa earned the highest from electronic fees, raking in Plc N75.75bn during this period, while Jaiz Bank made N696.03m, emerging as the lowest earner, though it was a 78.55 per cent rise from N389.82m in the prior year.

In the period under review, Wema Bank Plc grew its e-banking earnings by 104.17 per cent to N5.21bn from N2.55bn.

Unity Bank Plc’s earnings declined by 18.44 per cent to N2.22bn from N2.72bn and Zenith Bank’s earnings declined by 6.98 per cent to N33.55bn from N36.07bn.

Fidelity Bank Plc’s electronic banking channel fee rose by 26.92 per cent to N2.85bn from N2.24bn.

United Bank for Africa grew earnings from e-channels by 57.95 per cent to N75.75bn, while Access Holdings Plc revenue from this stream increased by 42.412 per cent to N70.35bn.

Guaranty Trust Holding Company and its subsidiaries made N30.91bn from e-banking fees, a 14.70 per cent increase from the N26.95bn it made in the corresponding period of 2022.

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