In the first nine months of 2023, eleven banks in Nigeria have reported a significant increase in E-Banking revenue, accumulating N279.85bn. This marks a 29.89% increase from the N215.44bn recorded in the same period in 2022, indicating a substantial rise in electronic banking activities.
This rise in cashless transactions can be attributed in large part to the Central Bank of Nigeria’s decision to redesign the naira. From N87.49 trillion in 2022 to N126.73 trillion in the first quarter of 2023, there was a 44.84% increase in total cashless transactions.
The policy has been postponed, but banks still profit from the increase in e-banking channel fees. With N75.75 billion in electronic fees during this time, United Bank for Africa made the most money, and Jaiz Bank came in last with N696.03 million.
READ: NDIC Clarifies Liquidation of 20 Banks by CBN, Emphasizes 1994-2018 Closure Period
Other banks, such as Wema Bank Plc and Fidelity Bank Plc, also saw significant growth in their e-banking earnings. However, Unity Bank Plc and Zenith Bank reported a decline in their earnings.