United Bank for Africa (UBA) Plc, Access Holdings Plc, and FBN Holdings Plc emerged as the top earners in electronic banking revenue among 10 listed Nigerian banks last year, according to data from BusinessDay.
UBA reported the highest electronic banking income of N125.5 billion in 2023, followed by Access Holdings with N101.6 billion and FBN Holdings with N66 billion.
In comparison to the previous year, UBA’s electronic banking income surged from N78.9 billion to N125.5 billion, while Access Holdings and FBN Holdings saw increases from N59.6 billion to N101.6 billion and from N55 billion to N66 billion, respectively. Other banks also experienced growth in electronic banking income, contributing to a combined revenue of N427 billion, up from N309 billion.
The rise in electronic banking income is attributed to the increasing volume of online transactions, driven by factors such as the cashless policy implemented in the first quarter of 2023. Tesleemah Lateef, a bank analyst at Cordros Securities Limited, highlighted that more people are opting for online transactions over cash, leading to the significant surge in electronic banking revenue.
Source: Business Day