Access Bank, First Bank of Nigeria and United Bank for Africa, topped the list of the twelve Nigerian banks with the highest e-commerce revenues in the 9-month period of 2021.
According to the unaudited financial statements of the banks listed on the Nigerian Stock Exchange, the twelve banks raked in 200.45 billion naira from their e-commerce unit between January and September 2021.
Bank revenues from electronic banking services jumped 41.1 percent to 200.45 billion naira from 142.1 billion naira recorded in the corresponding period of 2020.
Nigeria’s largest bank in terms of customer base and total assets, Access Bank, generated naira 46.25 billion through e-commerce during the 9-month period ended September 2021, or 60, 6% more than the 28.8 billion naira recorded in the comparable period. from 2020.
Similarly, its after-tax profit improved 19.1 percent to 121.9 billion naira from 102.3 billion naira printed in 9 months of 2020.
The First Bank of Nigeria increased its e-commerce revenue by 21.5%, from N34.6 billion generated over 9 months in 2020 to N42.02 billion during the period under review. Despite being one of the oldest banks in the country, First Bank has been at the forefront of the mobile banking revolution.
The bank was one of the pioneers of the USSD platform which allows money to be transferred through a text messaging application on a mobile phone. Despite the growth in e-commerce revenue, FBN recorded a 24.8% drop in after-tax profit, largely affected by a 12.6% drop in interest income from the previous year.
United Bank for Africa was third on the list with N41.91 billion in e-commerce revenue, which is an increase of 50.4% from the N27.87 billion recorded in the corresponding period. from 2020.
Likewise, its after-tax profit rose 35.6% to 104.6 billion naira with interest income to 343.7 billion naira in the 9 months of 2021, an increase of 8.4%.
Zenith Bank increased its e-commerce revenue by 29.9%, from N18.46 billion registered in 2020 to N23.99 billion during the period under review.
On the other hand, its interest income fell slightly by 3.1% to 308.88 billion naira against 318.82 billion naira recorded the previous year.
The newly restructured bank, GTCo, generated N16.67 billion in e-commerce revenue between January and September 2021, an increase of 91.1% from the N8.21 billion recorded l ‘last year.
GTCo recorded the largest increase in e-commerce revenue and was able to close some gap as interest income from the previous year fell 12.5% to $ 195.04 billion. nairas at 9M 2021.
Nigeria has seen a massive increase in electronic banking services as the growing adoption of mobile phones and viral social media activity results in massive data consumption and spending across multiple channels.
The banking industry is also benefiting massively from the wave of cellphone adoption, providing banking apps that are easy to use, secure and seemingly function as social media apps.
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