As Nigerian banks continue to endorse digitalization, there has been a shift in revenue. In the first half of 2023, the total revenue generated from electronic transactions was N192.010 billion. These statistics show that there was an increase from the last record, which showed N159.577 billion generated in the first half of 2022.
Despite the increase in e-business revenue, Nigerian banks also recorded an excellent margin in pre-tax earnings, which amounted to N1.665 trillion in the first half of 2023. This showed that pre-tax increased by 132% compared to the pre-tax earnings recorded in the same period last year.
Nigerian banks' e-business revenue is obtained as a result of card products, electronic channels, and other services such as USSD channels, mobile apps, ATMs, internet banking, agency banking, and POS payments. This shows that Nigerian banks are making effective use of digitalization, thereby expanding their digital economy.
A Look at How Top Nigerian Bank’s E-Business Performed in H1 2023
In H1 2023, top-tier banks, FUGAZ, which comprises First Bank of Nigeria, United Bank of Africa, Guarantee Trust Bank, Access Bank, and Zenith Bank, contributed massively to the e-business revenue. In total, FUGAZ's revenue amounted to N172.524 billion, which accounts for 89.85% of the total revenue of N192.010 billion. Last year, around this time, e-business revenue was N143.931 in H1 2022.Read more: https://www.investingport.com/nigerian-banks-record-n192bn-from-digital-transactions/