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In 2022, electronic business transactions generated a combined N307.472 billion for the eleven Nigerian banks listed on the Nigerian Exchange. This is an increase in e-business revenue of 7% over the N287.429 billion recorded the previous year.
This report is courtesy of Nairametrics, a Nigerian business news agency.
United Bank for Africa Plc (UBA) and Access Holdings Plc made the most money from the electronic business during the reviewed year, according to data taken from the banks' audited FY 2022 financial reports.
Revenue from electronic channels, card products, mobile apps, USSD channels, automated teller machines (ATMs), agency banking, online banking, and point of sale (POS) payments are all included in e-business income.
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The disruptive and inventive impact of fintech is causing a fast transition in Nigeria's financial services industry. The ease with which anyone with an Internet-enabled phone may access financial services has boosted the number of Nigerians who participate in the digital economy significantly.
Due to this, previously unattainable commercial prospects have emerged. The financial services industry has seen a significant increase in transaction volumes, which has had positive effects on the economy.
Additionally, telecom firms' entry into the financial services industry has given them the opportunity to make better use of their current infrastructure, particularly in rural regions, to improve the delivery of crucial financial services. The growth of digital financial services has been further accelerated by this change.
The banks have changed their emphasis from conventional over-the-counter transactions to electronic payment systems in reaction to these changes, which has increased their revenue in terms of commissions. These banks have also seen an increase in non-interest income through commissions and fees as a result of the requirement for substantial human resources to provide in-person customer service being reduced.
Below are the top 10 highest-earning Nigerian banks by electronic-business transactions:
| Rank | Bank | e-business income |
|---|---|---|
| 1. | UBA | N78.946 billion |
| 2. | Access Holdings | N59.653 billion |
| 3. | First Bank | N55.099 billion |
| 4. | Zenith Bank | N45.739 billion |
| 5. | GTCO Holdings | N23.201 billion |
| 6. | FCMB | N13.997 billion |
| 7. | Union Bank | N7.971 billion |
| 8. | Sterling Bank | N7.157 billion |
| 9. | Wema Bank | N6.135 billion |
| 10. | Unity Bank | N3.963 billion |