Revenue from electronic channels, card products, and related services are all included in e-business income. Thus, the revenue is by activities such as mobile applications, USSD channels, automated teller machines (ATM).
Nigeria’s digital economy has been possible by fintech; leading to a considerable increase in the number of transactions in the financial services industry and, as a result, an increase in economic activity.
In the first half of the year, the major banks reported an after-tax profit of N500.9 billion; an increase of 13% from the N443.17 billion reported in H1 2021.
This banks include, UBA – N36.324bn, Zenith Bank – N24.635bn, FCMB – N6.700 billion, Sterling Bank – N3.923bn, Union Bank – N3.87bn, Stanbic IBTC – N2.443bn, Wema Bank – N1.653bn, GTCO Holdings – N10.977bn, FBNH– N25.537bn, Access Holdings – N38.861bn.