Digital banking channels brought in roughly N438bn for 10 financial institutions in 2013, an analysis of their annual reports has shown.
Compared to the previous year, the banking groups’ earnings from electronic transactions rose by 37.54 percent from N318.64bn.
E-business income includes revenue from electronic channels, card products, and related services.
These channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sales payments, as well as credit and debit card transactions.
The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria.
Some of the banks’ annual reports iwere FBN Holdings, Access Holdings, Guaranty Trust Holding Company, United Bank for Africa, Zenith Bank, Wema Bank, Fidelity Bank, FCMB Group, Stanbic IBTC Holdings and Sterling Financial Holdings Company.
Leading other banks in terms of revenue from electronic banking was UBA, which raked in N125.58bn compared to N78.94bn in 2022.
