Tier-1 Nigerian Banks Rake N392 Billion in E-Payments Transaction in 2023
Nigerian Tier-1 banks have collectively generated N392 billion from electronic business in 2023, driven by a surge in cashless transactions.
The top five banks contributing to this figure include Access Holdings, Zenith Bank plc, GTCO Holdings, FBN Holdings, and United Bank for Africa (UBA).
In the latest full-year financial report, UBA emerged as the leader in electronic business revenue, amassing N125.5 billion—a 59% increase from N78.9 billion in 2022.
Access Holdings followed, with e-business revenue reaching N99.1 billion, reflecting a 66% rise from N59.6 billion in the previous year.
While FBN Holdings has yet to release its audited financial results, interim reports show an increase in e-business income from N55 billion in 2022 to N66 billion in 2023, indicating a 20% growth.
Zenith Bank reported N51.8 billion in electronic transaction revenue for the year, marking a 13% rise from N45.7 billion in 2022.
GTCO Holdings saw its e-business revenue grow to N40.8 billion in 2023, up 8% from N37.7 billion in the previous year.
Other Nigerian banks also showed strong performance in e-business revenue. FCMB increased its electronic transaction income by 26% to N17.7 billion in 2023.
Stanbic IBTC nearly doubled its e-business earnings, generating N4.4 billion in 2023, a 76% increase from N2.5 billion in 2022. Wema Bank’s e-business revenue grew from N6.1 billion in 2022 to N7.3 billion in 2023.
Fidelity Bank also saw a significant rise in e-business income, jumping from N2.8 billion in 2022 to N3.6 billion in 2023, a 29% year-on-year growth.
