ELECTRONIC BANKING IS PROFITABLE FOR NIGERIAN BANKS AS THEY GENERATE N124BN IN 2018

Reports have shown that Nigerian banks generated a total revenue of about N124.5 billion from electronic transactions in FY 2018.

A breakdown of the audited 2018 yearly reports from 11 banks indicates that revenue from e-transactions in the banks increased by 43 per cent year-on-year, from the N86.72 billion acquired by the banks in 2017.

The names of the various banks and the revenue generated – Below are the top 5 banks that acquired high income from e-transaction in 2018.

1. First Bank Of Nigeria Limited – First Bank tops the list with the highest income of N34.03 billion in 2018, increasing by 36 per cent from e-transactions in 2017.
2. United Bank for Africa Plc – This is followed by UBA, with revenue of about N27.92 billion in 2018, an increase of 33 per cent from N20.92 billion in the preceeding year.
3. Zenith Bank Plc – Zenith bank comes third place with revenue of N20.42 billion, rising by 44 percent from N14.15 billion generated in 2017.
4. Guaranty Trust Bank Plc – GTB is ranked as the fourth with a jump in its revenue from N7.48 billion in 2017 to N9.59 billion in 2018, representing a 28 per cent increase.
5. Access Bank Plc – Access Bank comes fifth place with an income of N8.38 billion in 2018, increasing by 45 percent from N5.79 billion in 2017.
6. First City Monument Bank: This bank earned N8.32 billion from electronic payment in 2018, increasing 45 percent from N5.75 billion in 2017.
7. Sterling Bank Plc: Earnings from electronic payment stood at  N4.85 billion in FY 2018.
8. Union Bank Plc: N4.73 billion.
9. Fidelity Bank Plc: N2.85 billion.
10. Wema Bank Plc: N2.84 billion
11. Jaiz Bank Plc: N323 million.