The adoption of electronic transactions for customers has
earned Zenith Bank, Guaranty
Trust Bank (GTB), United Bank of Africa (UBA), and other seven banks N135.15 billion earnings
between January and September 2019.
A look into the unaudited 2019 third-quarter reports of the
banks, showed that their revenue from electronic transactions grew by 57% as
against the N86.312 billion they earned from the first 10 months of 2018.
How the revenue was generated: The banks were able to secure
the earnings from the fees and commission that they charged their customers
when they carried out transactions through the Automated Teller Machines
(ATMs), USSD, Internet banking, Point of Sale payments, electronic bills
payment and agency banking.
The banks: The DMBs, which contributed to the total
earnings, include – Zenith Bank Plc, First City Monument Bank Plc, Access Bank
Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Sterling Bank Plc and
First Bank of Nigeria Limited. Others are Jaiz Bank Plc, Fidelity Bank Plc and
Wema Bank Plc.
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Q3 2019 results, Zenith Bank Plc, Access Bank Plc and United Bank for Africa
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Breakdown of the figures: Zenith Bank earned the highest
income on its electronic platforms from January to September this year,
reporting N35.32 billion revenue, a 100% revenue boost from N17.66 billion in
the corresponding period of 2018.
First Bank ranked second in the value of earnings from
electronic payments, reporting N34.42 billion revenue, a 46% increase from the
N23.59 billion generated during the same period in 2018.
With N26.71 billion revenue, United Bank for Africa recorded
a 44% increase in its electronic banking income in the nine months under review
in 2019 as against N19.95 billion earned in the same period in 2018.
Earnings from electronic transactions by GTBank rose by 63%
from N6.77 billion from January to September 2018 to N11.04 billion in the same
period in 2019.
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Access Bank’s electronic business income in the first nine months
of this year amounted to N8.85 billion, an increase of 58% over the N5.79
billion revenue earned in the corresponding months in 2018.
FCMB’s earnings from electronic transactions also improved
by 45% to N7.98 billion in January to September 2019 as against N6.013 billion
in the corresponding period in 2018.
Sterling Bank recorded N5.11 billion income from electronic
payments in the first nine months of the year and N3.44 billion electronic
payment earnings in the corresponding period of 2018, recording 48% earnings
growth.
With a total of N2.63 billion reported for January to
September 2019, Fidelity Bank’s digital payment earnings grew by 92% from N1.37
billion in the first nine months of 2018.
Mr Segun Agbaje, CEO of Guaranty Trust Bank Plc
Wema Bank earned N2.79 billion from its digital payment
platform in the nine months under review, growing by 45% as against the N1.93
billion revenue in the same period in 2018.
Fees and commissions on digital payments earned by Jaiz Bank
amounted to N307.55 million as against the N34.68 million it earned in the
first nine months of 2018, recording 786.88% growth.
