banks earned N135.15bn revenue from e-payment in the first nine months

The adoption of electronic channels for financial transactions has earned 10 deposit money banks about N135.15bn revenue in the first nine months of the year ended September 30.



Analyses of the unaudited 2019 third quarter reports of 10 banks showed that their revenue from electronic transactions grew by 57 per cent as against the N86.312bn they earned from January to September 2018.

The revenue was generated from the fees and commission that the banks charged their customers when they carried out transactions through Automated Teller Machines, USSD, Internet banking, Point of Sale payments, electronic bills payment and agency banking

Some of the banks assessed were 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.

Zenith Bank earned the highest income on its electronic platforms from January to September this year, reporting N35.32bn revenue, a 100 per cent revenue boost from N17.66bn in the corresponding period of 2018.

Leave a Reply