An analysis of annual reports from 10 financial institutions reveals that digital banking channels contributed approximately N438 billion to their revenue in 2023, marking a substantial increase compared to the previous year.

Earnings from electronic transactions surged by 37.54%, rising from N318.64 billion in the preceding year to N438 billion in 2023. This e-business income encompasses revenue generated from electronic channels, card products, and associated services.

These electronic channels include mobile applications, USSD channels, ATMs, agency banking, internet banking, point of sale payments, as well as credit and debit card transactions, reflecting the growing preference for mobile and online banking services in Nigeria.

Among the banks analyzed were FBN Holdings, Access Holdings, Guaranty Trust Holding Company, United Bank for Africa, Zenith Bank, Wema Bank, Fidelity Bank, FCMB Group, Stanbic IBTC Holdings, and Sterling Financial Holdings Company.

Leading the pack in terms of revenue from electronic banking was UBA, with earnings totaling N125.58 billion, a significant increase from N78.94 billion in 2022.

Conversely, expenses related to IT support and e-business soared by 148%, reaching N23.19 billion for UBA, up from N9.32 billion in the previous year.

Access Holdings recorded N101.62 billion in income from electronic business in 2023, a 70.34% increase from 2022, with corresponding expenses rising to N78.05 billion from N44.63 billion.

FBN Holdings reported N66.34 billion in earnings from electronic business in 2023, higher than N55.09 billion in the previous year, attributing the growth to electronic banking fees.

Zenith Bank's earnings from electronic banking fees reached N51.82 billion in 2023, up 13.29% from N45.74 billion in 2022, while expenses on information and technology rose by 8.48% to N33.59 billion.

GTCO's income from electronic business rose to N40.83 billion in 2023 from N37.74 billion in the prior year, with corresponding expenses increasing to N50.24 billion from N42.39 billion.

FCMB recorded N17.69 billion in revenue from electronic fees and commission in 2023, with IT spending doubling to N16.57 billion from N9.99 billion.

Fidelity Bank saw its earnings from e-business rise by about 20.30% to N14.03 billion, with IT spending surging by 274.73% to N16.57 billion.

Wema Bank's fees from electronic products rose to N7.35 billion, while technology and alternative channels spending declined slightly to N1.42 billion.

Stanbic IBTC Holdings reported N4.42 billion in income from electronic business, with IT expenditure rising to N19.34 billion, reflecting a 42.93% increase over the previous year.