“UBA N20.9 Billion:” Top Nigerian Banks With Highest Earnings From PoS, USSD, Others in Q1 2023
- Top Nigerian banks such as UBA, Access Bank and Zenith Bank, among others, earned close to N100 billion from electronic banking
- The banks raked the funds from such channels as PoS, Internet Banking, ATMs, and card payments
- The earning represents a 23.84 increase from the N77.907 billion made in the previous quarter of 2023
Nigerian banks continued to use technology in the first quarter of 2023, earning N96.483 billion from their electronic businesses.
The earnings represent a 23.84% spike from the N77.907 billion earned in the previous quarter of 2023.
Source: UGC
Best-performing banks in e-business income
The two highest earners from electronic business income were UBA and Access Holdings.
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UBA generated about N20.9 billion, while Access Holding made N20.664 billion.
Other top earners include Zenith Bank, First Bank Nigeria, and Guarantee Trust Bank Plc.
The increase in electronic business income of the banks was driven by the increasing popularity of mobile and online banking in Nigeria.
Nigerian banks are seeing a corresponding increase in revenue as more people utilize the various channels and platforms provided by banks and other financial institutions.
Nigerian banks reported a huge pre-tax profit of N446.722 billion in Q1 of 2023, representing 41.16% of the N316.56 billion recorded in 2022.
Top sources of income for the banks
According to reports, the banks earned revenues from electronic channels such as card products and related services. They also include mobile apps, USSD, ATMs, agency banking, internet banking, and PoS transactions.
The growth in electronic business is a positive signal for the Nigerian banking sector, which is still adapting to the changing demands of its customers.
According to available data from the financials of the 12 banks listed, tier 1 banks led the list of banks with the highest e-business income in the Financial Year 2022.
The banks recorded a combined N82.973 billion from electronic business against N66.568 billion in 2022, an increase of 85% of the N96.483 billion made in Q1 of 2023.
Top earners include:
- GTCO Holdings: N11.425 billion
- Zenith Bank: N12.079 billion
- FBNH: N17.876 billion
- Access Holdings: N20.664 billion
- UBA: N20.929 billion
- FCMB: N6.575 billion
- Union Bank: N1.967 billion
- Wema Bank: N1.523 billion
- Unity Bank: N1.288 billion
- Stanbic IBTC: N958 million
- Fidelity Bank: N955 million
- Jaiz Bank: N244 million
"N200k to N10m": CBN to Sanction Access, Zenith, other banks over customers' social media info
Legit.ng reported that the Central Bank of Nigeria (CBN) is set to sanction financial institutions, including commercial banks, for failure to obtain the necessary information on their customers.
Legit.ng had earlier reported that the CBN asked financial institutions to demand customers' social media handles, among several other information, as part of the Know Your Customer (KYC) requirements.
Banks are also expected to do an onsite verification of the permanent addresses of customers as filled in their KYC forms.
Source: Legit.ng
