Nigerian banks continued to harness fintech in H1 2023, reaping a substantial N192.010 billion in revenue from electronic ventures. This marks a notable 20.32% surge from the N159.577 billion in H1 2022.
United Bank for Africa Plc (UBA) and Access Holdings Plc emerged as the frontrunners in e-business income, with UBA netting N51.076 billion and Access Holdings amassing N43.948 billion.
FBNH, Zenith Bank Plc, and GTCO also ranked among the top earners.
In tandem with the e-business revenue upswing, these Nigerian banks disclosed robust pre-tax profits of N1.665 trillion in H1 2023, signifying a remarkable 132% uptick from the N716.943 billion posted in the corresponding period of 2022.
This impressive e-business revenue expansion underscores the escalating adoption of fintech solutions in Nigeria, even amidst the challenges posed by the Central Bank of Nigeria’s currency redesign and cash swap in Q1 2023.
Fintech is undeniably reshaping the nation’s financial services landscape, enhancing accessibility, convenience, and affordability for individuals and businesses.
Banks are ramping up investments in infrastructure, with a pronounced focus on fintech, to enhance their offerings and cater to the burgeoning demand for digital financial services and financial inclusion.
The growth in e-business income is a direct reflection of the surging popularity of mobile and online banking in Nigeria, reinforcing the sector’s adaptability to evolving customer preferences and its readiness to thrive in the digital economy.
E-business income includes revenue from electronic channels, card products, and related services, through mobile apps, USSD channels, ATMs, agency banking, internet banking, and POS payments.
This surge portends well for Nigeria’s banking sector, positioning it as a key beneficiary of the digital economy’s expansion.