As more Nigerians adopt the electronic banking model, commercial banks are making the most of it as six banks over the course of five years have pulled in
This amount was realised between 2016 and 2020 by Zenith Bank, Access Bank, FBN Holdings, United Bank for Africa , Fidelity Bank and Guaranty Trust Holding Company . Of the six banks, FBN made the most, having made N177.58 billion over the last five years.
The financial conglomerate which has the largest agent banking network in the country, recently released its half year results for 2021, in which it declared a total revenue of about N28 billion from electronic transactions in the first half of the year.A breakdown of the bank’s unaudited financial statement for the first half of the year shows that revenue from e-banking increased by 32.7 per cent year-on-year, from the N21.72 billion recorded in the corresponding period of last year.
Last year, the bank generated N48.68 billion from electronic transactions, a slight increase over N48.03 billion which it had generated in 2019. Its income from the e-business segment grew from N21.83 billion in 2016 to N24.98 billion in 2017, and N34.03 billion in 2018. UBA recorded the second highest income from e-banking transactions having recorded N175.67 billion over the last five years. The bank’s income from e-business was cut by more than half in 2017 when it made N20.92 billion as against N43.82 billion made in 2016. It however did better in 2018, generating N27.92 billion and N38.76 billion in 2019. Last year, UBA made N44.24 billion from e-banking transactions.
Access Bank which consummated a major merger with Diamond Bank in 2019 recorded a major boost to its income from electronic transactions which accumulated to N127.6 billion over the five-year period.
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