Total income from the electronic businesses of the country’s five largest banks rose to N628.5 billion in 2024, up 51 percent from N387.8 billion recorded in 2023.
Earnings from electronic banking include fees charged to customers for the use of digital channels, such as debit cards, mobile applications, USSD channels, POS, and other related online banking services.
BusinessDay gathered the figures from the audited financial results of the country’s tier 1 banks, comprising First Holdco Plc, United Bank for Africa, Guaranty Trust Holding Company, Access Holding Plc, and Zenith Bank.
UBA is currently the lender making the most money from e-business income after it posted N236.3 billion, the highest in the period under review.
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Access Holdings and Zenith Bank followed closely, raking in N178.6 billion and N80.1 billion from digital channels, respectively, while First Holdco recorded N77 billion and GTCO made N56.5 billion.
By year-on-year growth, UBA saw the highest jump in e-business income with an 88.5 percent increase from N125.3 billion realised in 2023.
Access Bank’s 75.7 percent growth, from N101.6 billion, topped Zenith Bank’s 54.6 percent jump, from N51.8 billion the previous year.
This growth aligns with the rising usage of electronic payment channels in the country. According to the Nigeria Inter-Bank Settlement System (NIBSS), electronic payment transactions soared to an all-time high in 2024 of N1.08 quadrillion from N600 trillion recorded in 2023.
Also, point-of-sale (PoS) transactions soared to N19.4 trillion in 2024, marking an 81 percent increase from N10.73 trillion in 2023.
Last year, tier-1 banks incurred N4.1 trillion in their after-tax profit compared to N2.7 trillion reported the previous year.
