Would you like to receive notifications on latest updates of the following headlines?

Banks Profit N438bn from Digital Transactions in 2023

POSTED ON May 28, 2024 •   Business      BY Abiodun Saheed Omodara
Banks Logo l Photo Credit: AriseNews

In the year 2023, a review of annual reports revealed that digital banking channels generated approximately N438 billion in revenue for 10 financial institutions.

This marked a 37.54% increase from the previous year's earnings of N318.64 billion from electronic transactions.

E-business income encompasses revenue from electronic channels, card products, and associated services, such as mobile applications, USSD channels, ATMs, agency banking, internet banking, point of sale payments, and credit and debit card transactions.

The rise in electronic business revenue was fueled by the growing acceptance of mobile and online banking in Nigeria.

The IT support and related expenses of the banking group increased by 148% to N23.19bn from N9.32bn in the previous year.

Access Holdings generated N101.62bn in income from its electronic business, including transactions on electronic channels, card products, and related services, marking a 70.34% increase from the previous year.

The group's IT and e-business expenses also rose to N78.05bn from N44.63bn in 2022.

FBN Holdings reported N66.34bn as earnings from its electronic business in its recently released audited statements, higher than the N55.09bn in the previous year.

The bank attributed the growth of its fees and commission income to electronic banking fees, letters of credit commission and fees, account maintenance fees, and funds transfer and intermediation fees.

Additionally, Zenith Bank's earnings from electronic banking fees in 2023 were N51.82bn, a 13.29% increase from the previous year.

The bank also highlighted its efforts in customer acquisition and financial inclusion through digital platforms and agency banking network.

The bank's investment in information and technology increased by 8.48 percent to N33.59bn from N30.97bn in 2022.

GTCO experienced a rise in electronic business income to N40.83bn from N37.74bn the previous year, while its expenses for communications, administration, and technology increased to N50.24bn from N42.39bn. 

FCMB's revenue from electronic fees and commission in 2023 reached N17.69bn, surpassing the N13.99bn recorded in the prior year.

The bank's expenditure on IT nearly doubled to N16.57bn from N9.99bn. Fidelity Bank also observed a 20.30 percent increase in earnings from e-business, reaching N14.03bn from N11.66bn in 2022.

READ ALSO
IMF urges Nigeria to exercise fiscal caution amid economic reforms
BY Abiodun Saheed Omodara April 24, 2025 0

The International Monetary Fund (IMF) has called on Nigeria to exercise caution in its expenditures...

READ ALSO
FG urges IMF, World Bank to bolster economic reforms in sub-saharan Africa
BY Abiodun Saheed Omodara April 24, 2025 0

Finance Minister Wale Edun has emphasized the need for increased global assistance to reform economi...

READ ALSO
Nigeria's Economic Reforms Boost Sovereign Credit Profile - IMF
BY Abiodun Saheed Omodara April 23, 2025 0

The Assistant Director for Global Markets at the International Monetary Fund (IMF), Jason Wu,  ...

READ ALSO
Trade Wars Take Center Stage at IM ,World Bank Spring Meetings
BY Abiodun Saheed Omodara April 22, 2025 0

Global finance leaders are convening in Washington this week for the semi-annual meetings of the Int...

READ ALSO
Kano secures $10bn investment for renewable energy, minerals in partnership with Morocco
BY Abiodun Saheed Omodara April 21, 2025 0

KANO, Nigeria (NAN) - The government of Kano state has announced that it will secure more than $10 b...

READ ALSO
RMAFC, ALGON collaborate to strengthen LG financial autonomy
BY Abiodun Saheed Omodara April 18, 2025 0

The Chairman of the Revenue Mobilisation Allocation and Fiscal Commission (RMAFC), Dr. Mohammed Bell...

READ ALSO
LCCI, NIXIN call for government support to revitalize Nigeria's paper manufacturing industry
BY Abiodun Saheed Omodara April 18, 2025 0

The Lagos Chamber of Commerce and Industry (LCCI), in collaboration with NIXIN Paper Mill Nigeria Li...

READ ALSO
Cross River to rejuvenate rubber estates after out-of-court settlement with Enghaut industries
BY Abiodun Saheed Omodara April 18, 2025 0

CROSS RIVERS, Nigeria - The Cross River State Government, along with Enghaut Industries, has reached...

OUR CHANNELS:

Oyebanji, Ooni Urge traditional rulers to support investment for state development
BY Abiodun Saheed Omodara April 27, 2025 0

EKITI, Nigeria - Governor of Ekiti State, Biodun Oyebanji, alongside the Ooni of Ife, Oba Adeyeye En...


Police arrest 16-year-old with locally made firearm in Lagos
BY Abiodun Saheed Omodara April 27, 2025 0

LAGOS, Nigeria - The Lagos State Police Command has taken into custody a 16-year-old boy found with...


Lagos  taskforce launches major clean-up operation, Arrests 52 at mid hour
BY Abiodun Saheed Omodara April 28, 2025 0

LAGOS, Nigeria - The Lagos State Environmental and Special Offences (Enforcement) Unit conducted a r...


JAMB clarifies examination center allocation process amidst misinformation
BY Abiodun Saheed Omodara April 27, 2025 0

The Joint Admissions and Matriculation Board (JAMB) is offering a substantial financial incentive to...


NDLEA seizes ₦1bn worth of cannabis, Arrest three suspects
BY Abiodun Saheed Omodara April 27, 2025 0

LAGOS, Nigeria - The National Drug Law Enforcement Agency (NDLEA) has detained three alleged busines...


Family seeks Justice following Police arrest and disappearance
BY Abiodun Saheed Omodara April 27, 2025 0

The family of Osas Azenabor, who was allegedly arrested by police on November 1, 2024, in the Mile 1...


Local groups seek FG backing to fight insecurity in Nigeria
BY Abiodun Saheed Omodara April 27, 2025 0

In the face of increasing insecurity nationwide, hunters and farmers are urging the Federal Governme...


Zulum raises alarm over Boko Haram resurgence in Borno State
BY Abiodun Saheed Omodara April 27, 2025 0

Borno, Nigeria - The Governor of Borno State, Babagana Zulum has expressed concern about the re-emer...


Atiku declares 2027 elections a referendum against Tinubu's administration
BY Abiodun Saheed Omodara April 27, 2025 0

Former Vice President Atiku Abubakar has stated that the upcoming 2027 general election will not be...


CBN allows cash transactions for 2025 pilgrims to Mecca following VP intervention
BY Abiodun Saheed Omodara April 27, 2025 0

ABUJA, Nigeria - The Central Bank of Nigeria (CBN) has granted permission for the 2025 intending pil...


More Articles

Load more...

Menu