As cashless transactions increased to N395.47tn in 2022, eight banks made N224.69bn from electronic banking fees.
Data analyzed from the banks’ financial reports revealed that their e-banking revenue increased by 9.26% year, from N205.64 billion in 2021 to N224.69 billion in 2022.
This is taking place as more Nigerians adopt electronic payment methods, with the overall amount of cashless transactions expected to increase by 42.05 percent year over year in 2022.
Access Holdings Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, Wema Bank Plc, Union Bank of Nigeria Plc, United Bank for Africa Plc, Guaranty Trust Holding Company and Subsidiary Companies, and Jaiz Bank Plc are the banks.
UBA’s e-banking income of N78.95bn was the highest amongst the banks, with Jaiz Bank (N530.26m) making the least.