11 banks earn ₦304 billion from e-business transactions

Some quoted Nigerian banks have made a combined income of ₦304.374 billion from electronic-business transactions in 2022.

The 11 banks which are all listed on the Nigerian Stock Exchange, increased their e-business income by 7% from ₦287.429 recorded in 2021 to ₦304.374 billion in 2022.

E-business covers all transactions that are made via card products, mobile applications, USSD channels, automated teller machines (ATMs), agency banking, internet banking, and point of sale (POS) payments.

According to the analysis, UBA, Access Bank and First Bank topped the list of e-business’ highest earners in 2022.

The first bank on the list is Guaranty Trust CO. The bank reported an income of ₦23.201 billion in 2022. This amount indicated a 10.04% increase when compared to ₦21.083 billion generated in 2021.

GTCO e-business income in 2022 accounted for 7.55% of the total e-business income generated by the 11 banks.

Next on the list is Zenith Bank Plc. The bank’s e-business income in 2022 was posted as ₦45.739 billion. The amount indicated an increase of 30.07% when compared to ₦37.470 billion recorded in 2021.

Zenith Bank’s e-business posting for 2021 accounted for 14.88% of the total e-business income of the bank.

First Bank came next as the company posted an e-business revenue of ₦55.099 billion in 2022 making it one of the top earners. The bank’s income during the period declined by 2.26% from ₦56.375 billion recorded in 2021.

First Bank’s e-business income, however, still accounted for 17.92% of the total e-business revenue captured for the banks.

Access Holdings Plc, one of the top earners came next with an income of ₦59.653 billion from e-business transactions in 2022. This amount accounted for 19.40% of the total amount generated by the eleven banks under review.

When compared with its income in 2021 (₦66.280 billion), Access Bank’s e-business income dropped by 9.99% year-on-year.

UBA’s e-business income for 2022 recorded ₦78.946 billion making it the highest earner for the year. This amount indicated an increase of 22.21% when compared to ₦64.595 billion recorded in 2021.

UBA’s e-business revenue accounted for 25.68 % of the total e-business income realized by the eleven banks. The e-business income recorded by other banks on the list includes:

FCMB – ₦13.997 billionUnion Bank – ₦7.971 billionSterling Bank – ₦7.157 billionWema Bank – ₦6.135 billionUnity Bank- ₦3.963Stanbic IBTC – ₦2.513 billion

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