Access Bank, GTBank, Zenith Bank Generate N123.94trn From USSD, ATM, Mobile Banking, Others
About three tier-1 banks generated N123.94 trillion via electronic banking in the first half of 2023
The banks are Zenith Bank, Access Bank, and Guarantee Trust Bank, which increased their earnings via electronic platforms
The banks’ earnings represent an increase of 28.3% over the N96.58 trillion reported in the half-year of 2022.
Pascal Oparada has over a decade of experience covering Tech, Energy, Stocks, Investments, and Economy.
Three leading banks in Nigeria generated about N123.94 trillion through electronic channels in the first six months of this year.
The banks are Zenith Bank, Access Holdings Plc, and Guarantee Trust Bank.
Source: Getty Images
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USSD tops the list of highest-generating platforms
The banks generated the amount via electronic channels such as Unstructured Supplementary Service Data (USSD), ATM charges, and mobile banking, among others.
The banks’ earnings represent an increase of 28.3% over the N96.58 trillion reported in the half-year of 2022.
A breakdown of the banks’ results for the period under review showed that as of June 30, 2023, the three banks earned N87.43 billion from electronic channels as against N82.07 billion reported in the first half of 2022.
Zenith Bank leads top-earning banks
Zenith Bank led the banks with the highest amount generated during the period, followed by Access Bank, and Guarantee Trust Bank.
Zenith generated N54.03 trillion from its electronic banking platforms in the first half of 2023, representing a 9.1% increase from the N49.5 trillion reported in the same period last year.
Access Bank generated N49.69 trillion from its electronic banking transactions in the first half of 2023 compared to N28.85 trillion it generated in the same period.
GTBank reports strong earnings from USSD
GTBank generated N20.22 trillion in revenue from its electronic banking channels compared to the N18,22 trillion it earned from the same channels in 2023. The figure represents an increase of 11% from the amount reported in the same period last year.
Guarantee Trust Bank earned N1.43 trillion from USSD in the first half of 2023, a 15% drop from the N1.68 trillion the bank generated in the same period last year.
GTBank said it would to invest in boosting its digital banking capabilities to strengthen its dominance in the electronic banking market.
ThisDay reports that GTBank stated that USSD transactions earned it about N1.43 trillion, a 15% decline over the corresponding period, showing an increase in mobile banking transaction value over the same period.
According to the bank, there was an increase in the adoption of electronic banking platforms with solid growth in both volume and value of Mobile Banking.
CBN debits 10 banks for deposit shortfall
Legit.ng reported earlier that the Central Bank of Nigeria (CBN) debited some banks for failing to meet the 32.5% Cash Reserve Ratio (CRR) threshold in the same period.
CBN debited about 10 banks N1.62 trillion in the first six months of 2023.
Zenith Bank, UBA, GTBank, FBN Holdings, FCMB, Fidelity, and Stanbic IBTC Holding are among the banks debited by the apex bank. Others are Wema Bank, Sterling, and Unity banks.
CRR is the minimum amount commercial and merchant banks are expected to keep with the CBN from customer deposits.
Customers of Access, Zenith, GTB, 9 others pay N154 billion for electronic transactions
Legit.ng also reported that nine leading Nigerian banks charged their customers about N154 billion for electronic transactions in the first half of 2023.
The report is courtesy of the banks’ financial statements, which revealed that the amount represents a 16.7% yearly rise compared to the N131.97 billion earned in 2022.
Vanguard reports that electronic banking enables banking transactions via electronic payment channels like Internet Banking, Mobile Banking, ATMs, and PoS.
Source: Legit.ng
