Zenith, UBA, 9 Other Banks Rake In N132.5bn From Electronic Transactions

In spite of the tough operating business environment that impacted negatively on the performance of many Deposit Money Banks (DMBs), 11 of them generated N132.5billion through the Electronic banking (E-Banking) transactions in 2016.


Banks continued to support Central Bank of Nigeria (CBN)’s cashless policy with the introduction of various initiatives that include Mobile Applications (Apps) that tends to enhance ease of transactions online and reduce customers’ transaction inside the banking hall.

The above considered banks in 2015 had generated a total sum of N94 billion with mostly Tier 1 Banks ( Banks with strongest total quality, branches network and staff strength) that include Zenith Bank, United Bank for Africa, Access Bank Plc and Guaranty Trust Bank Plc contributing.

These Banks’ Electronic banking charges comes from customers transactions on Mobile Apps and online related transactions. For the year under review, United Bank for Africa tops other 10 DMBs with N30.4 billion generated from its E-business income, 77.3 per cent increase over N17.2 billion reported in 2015.

Closely followed was Access Bank plc that reported N21.3 billion generated from its E-banking transaction in 2016 from N3.9 billion reported in 2015. UBA in 2016 leveraged on it E-banking that U-Direct, U-Mobile, U-Social, ATMs, Cards products among others and new corporate solutions to grow non-funded income lines.

Other E-business products owned by UBA are Cash Fast, UBA Remit, Western Union and MoneyGram. UBA also recently updated its mobile banking app with many user friendly features. The GMD/CEO UBA, Kennedy Uzoka, had said, “UBA’s new Mobile Banking App demonstrates our resolve to provide unparalleled experience across all its channels It is in line with UBA’s vision to dominate Africa’s digital banking space.”

For First Bank of Nigeria Holdings Plc, the group E-income rose by 42 per cent from N15.37 billion in 2015 to N21.8 billion in 2016, followed by Stanbic IBTC Holdings Plc that reported 57 per cent increase in E-income from N3.3 billion in 2015 to N5.2 billion in 2016. Subsidiary of First Bank of Nigeria Holdings, First Bank of Nigeria Limited has been in the fore front of the mobile banking revolution.

The bank subsidiary of the Holdings company was one of the pioneers of the USSD platform which is used to transfer money via a text messaging application of a mobile phone. First Bank also owns an app called First Monie which does not require its customers to have bank accounts to transfer money or make transactions. First Bank also uses Western Union, MoneyGram, Ria Money and TransFast for money transfers.