GTB, Zenith Bank, Access Bank, 7 Others Rake in N307.4 Billion From PoS, ATM Transactions

GTB, Zenith Bank, Access Bank, 7 Others Rake in N307.4 Billion From PoS, ATM Transactions

  • Nigerian banks have been raked in revenues from electronic banking channels in the last year
  • About 10 banks in the country earned over N307 billion from transactions from ATMs, PoS, and other touchpoints
  • UBA, Zenith Bank, and Access Bank are among the top earners from e-transactions

About 10 Nigerian banks listed on the Nigerian Exchange earned about N307.472 billion from electronic transactions in 2022.

The banks’ earnings represent a 7% growth in e-business income compared to the year before, with N287.429 billion.

Zenith Bank, UBA, Access Bank
Top Nigerian banks with the highest earnings from e-transactions
Source: UGC

UBA, Access Bank, and Zenith earn highest from electronic transactions

According to figures obtained from their audited Financial Year 2022, United Bank for Africa and Access Bank made the highest from electronic business in the year under review.

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According to Nairametrics, electronic business earnings comprise revenue from electronic channels, card products, mobile apps, USSD, agency banking, internet banking, and PoS payments.

There is a transformation in the financial services sector because of the creative influence of fintech firms.

The development has given rise to new opportunities resulting in massive gains for financial firms.

Top earners are led by UBA, Zenith Bank, Guarantee Trust Bank, and Access Bank, among others.

The banks recorded a pre-tax profit of N1.035 trillion, representing a 3% increase from the N998 billion posted in the previous year.

Breakdown of top earners.

  • GTCO Holdings: N23.201 billion
  • Zenith Bank: N45.739 billion
  • FBNH: N55.099 billion
  • Access Holdings: N59.653 billion
  • UBA: N78.946 billion
  • Others are:
  • FCMB: N13.997 billion
  • Union Bank: N7.971 billion
  • Sterling Bank – N7.157 billion
  • Wema Bank: N6.135 billion
  • Unity Bank: N3.963
  • Stanbic IBTC: N2.513 billion

10 Banks in Nigeria with the highest account maintenance income in 2022 reported that Nigerian banks made N70.47 billion in revenue from account maintenance in the year's first half.

The banks' revenue represents a 19.4 per cent increase from the N59.01 billion they generated last year.

According to data from the quarterly financial statement of the banks, the top earners were regarded as tier 1 banks comprised of First Bank, UBA, GTBank, Access and Zenith banks.


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