The increased adoption of financial technology by Nigerian banks have earned 10 deposit banks revenue to the tune of NGN 135.15 Bn. This is the record for the first 9 months in the year which ended September 30.
Per unaudited third-quarter reports from these financial institutions, their e-transactions revenue volume grew by 57 percent. From January to September 2018, the 10 banks earned NGN 86.312 Bn.
This significant jump shows that more and more Nigerians are jumping on the digital banking bandwagon, thanks to the introduction of user-friendly and state-of-the-art mobile banking applications.
Some of the banks whose reports are obtainable as of now include First Bank of Nigeria, Access Bank, Guaranty Trust Bank, Zenith Bank, First City Monument Bank, UBA, and Sterling Bank.
Others are Fidelity, Jaiz, and Wem. The increased revenue was made from the fees and commissions the DMBs charge their customers for transaction via ATMS, USSD, internet banking, PoS, electronic bills and agency banking.
Zenith Bank took the top spot with a revenue of NGN 35.32 Bn, marking a 100 percent rise from the NGN 17.66 Bn it generated in 2018’s corresponding period.
Ranking second, First Bank’s earnings value from e-transactions experienced a 46 percent rise from NGN 23.59 Bn in 2018 to NGN 23.59 Bn. Following closely, UBA recorded a 44 percent rise from NGN 19.95 Bn to NGN 26.71 Bn.
Access Bank’s 58 percent growth took its e-transactions revenue from NGN 5.7 Bn in 2018 to NGN 8.85 Bn. For GTB, it was a 63 percent rise as it got USD 110 Bn against NGN 6.77 Bn in the corresponding period of 2019. FCMB earned NGN 7.8 Bn, a 45 percent improvement from NGN 6.013 Bn in 2018.
Sterling Bank: 49 percent rise from NGN 3.4 Bn to NGN 5.11 Bn.
Fidelity Bank: 92 percent in increase from NGN 1.37 Bn to NGN 2.63 Bn.
Jaiz: 786.88 percent growth from NGN 34.68 Mn to NGN 307.55 Mn.
Featured Image: Brookings Institution