Seven Nigerian banks rake in N132.45 billion from e-business

09/17/2024 5

Seven leading Nigerian banks have collectively generated N132.45 billion from e-business operations in the first half of 2024, underscoring the growing adoption of digital banking across the country.

The banks—FBN Holdings, Zenith Bank, GTCO Holdings, Stanbic IBTC, Wema Bank, FCMB, and Sterling Financial Holding—reported the figure in their respective half-year financial statements for 2024, marking a significant year-on-year increase.

This surge in e-business income reflects the rapid shift towards digital solutions in Nigeria’s banking industry, driven by evolving customer preferences and the need for more convenient banking options.

E-business revenue for the banks includes income from transactions carried out by their customers on digital platforms such as Automated Teller Machines (ATMs), mobile banking and payments, Internet banking, Point of sale (POS) terminals, and Electronic funds transfer (EFT).

Written by: bossgmsi

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