Nigeria’s top tier-1 banks are reaping significant rewards from the growing popularity of electronic transactions. These banks, including UBA, Access Holdings, FBN Holdings, GTCO Holdings, and Zenith Bank, collectively raked in N392 billion from electronic business in 2023.
UBA emerged as the leader, generating a staggering N125.5 billion, followed by Access Holdings at N99.1 billion. All five banks reported significant growth in e-business revenue compared to 2022. This trend extends to other banks as well, with FCMB, Stanbic IBTC, Wema Bank, and Fidelity Bank all experiencing growth in electronic transactions income.
The surge in e-business revenue is attributed to Nigerians’ increasing adoption of mobile and internet banking. This shift aligns with the Central Bank of Nigeria’s (CBN) cashless policy, which incentivizes electronic transactions. Analysts see this as a positive development for both the banking sector and the nation as a whole.
However, challenges remain. Banks need to invest more in IT infrastructure to improve transaction efficiency and strengthen security measures to combat fraud.