IN the first quarter of 2023, Nigerian banks experienced a substantial increase in revenue, propelled by the growing adoption of fintech solutions. Electronic businesses generated a total of N96.483bn ($122,694,806), marking a 23.84 percent surge compared to the previous quarter in 2022.
According to Nairametrics, UBA and Access Holdings emerged as the top earners in e-business income, with UBA recording N20.929bn and Access Holdings earning N20.664bn. Other major players contributing to the revenue growth included Zenith Bank, FirstBank Nigeria, and Guaranty Trust Bank.
The rise in e-business income can be attributed to the rising popularity of mobile and online banking in Nigeria. As more individuals embrace these digital channels, banks are witnessing a corresponding increase in revenue.
Alongside the growth in e-business income, Nigerian banks reported a robust pretax profit of N446.722bn in Q1 2023, marking a significant 41
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.16 percent increase compared to the same period in 2022.
This positive trend showcases the adaptability of Nigerian banks to changing customer demands and their ability to leverage the expansion of the digital economy. Leading tier-1 banks such as UBA, Access Bank, and Zenith Bank played a pivotal role in driving e-business income,
contributing to 86 percent of the total generated in Q1 2023.
