As Nigeria continues to leverage fintech, quoted banks on the Nigerian Exchange (NGX) raked in N158.165 billion from electronic business during the half year of 2022, growing the top line by 16.48% compared to N135.789 billion recorded in the corresponding period of the previous year.
E-business income includes revenue from electronic channels, card products, and related services.
Consequently, the revenue is generated through transactions like mobile applications, USSD channels, automated teller machines (ATM), agency banking, internet banking, and point of sales (POS) payments.
The financial services landscape is rapidly changing as a result of the disruption and innovation introduced by fintech; anyone with an Internet-enabled phone can access a plethora of financial services, from payments to insurance, all at the tap of a button.
This means that a significant number of Nigerians can participate in the digital economy. Businesses and opportunities that a few years ago would not have been feasible have been born, thanks to the rise of fintech adoption.
News continues after this ad
All of these point to significant growth in the volume of transactions within the financial services sector, as well as the consequent gains in economic activities.
Furthermore, the entrance of telcos into the financial services sector means that they can take important financial services the last mile simply by riding on their existing infrastructure, especially in rural areas. This has also significantly changed the financial services landscape, along with the many other benefits such as the many jobs being created.
Analysis of data collated by Nairalytics from the financial statements of the listed banks shows that some tier-1 banks such as Access Bank, UBA, and Zenith Bank led the list of banks with the highest e-business income in H1 2022.
News continues after this ad
These banks recorded a profit after tax of N500.9 billion in the first half of the year, an increase of 13% from the N443.17 billion posted in H1 2021.
It is worth noting that this analysis excludes the cost of earning the income, and would have been different if expenses incurred in earning the income were net off.
Recommended Reading: Top 10 Nigeria banks by maintenance income
Sign Up For Our Newsletter
Subscribe to our mailing list to receive daily updates direct to your inbox!
Follow the Money Follow the Market Follow the Deals Crypto on the go
Business News | Stock Market | Money Market | Cryptos | Financial Literacy | SME |
Follow us on social media: