By Seun Ibiyemi
Nigeria’s leading banks are seeing significant returns from the nation’s digital banking surge, collectively earning N628.5 billion from electronic business channels in 2024 — a sharp 51 percent rise from the N387.8 billion posted in 2023.
This notable upswing points to growing reliance on digital banking platforms including mobile apps, USSD codes, debit card services, point-of-sale (PoS) terminals, and various online payment solutions, as more Nigerians shift away from traditional banking methods.
Figures sourced from the audited financial statements of First Holdco Plc, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Access Holdings Plc, and Zenith Bank indicate the accelerating relevance of electronic banking in Nigeria’s financial landscape.
UBA emerged as the top performer in this space, generating N236.3 billion in e-business revenue, an 88.5 percent increase from N125.3 billion in 2023.
Access Holdings came in second with N178.6 billion, followed by Zenith Bank at N80.1 billion. First Holdco and GTCO earned N77 billion and N56.5 billion, respectively.
Access Bank’s digital revenue saw a year-on-year growth of 75.7 percent, up from N101.6 billion, while Zenith Bank reported a 54.6 percent increase from N51.8 billion in the previous year.
These gains align with a broader uptick in digital transaction activity across the country. Data from the Nigeria Inter-Bank Settlement System (NIBSS) shows electronic payments hit N1.08 quadrillion in 2024, compared to N600 trillion the year prior. PoS transactions also rose sharply, reaching N19.4 trillion — up 81 percent from N10.73 trillion in 2023.
As digital channels gain momentum, the financial payoff is evident. The five tier-1 banks collectively reported an after-tax profit of N4.1 trillion in 2024, up from N2.7 trillion in 2023. The figures point to not only increased operational efficiency but also the enduring profitability of Nigeria’s digital banking transformation.