UBA, Access Lead Tier-One Banks’ N684bn E-Business Revenue Growth

Nigeria’s leading commercial banks generated a combined N684.21bn in e-business revenue during the 2025 financial year, underscoring the growing dominance of digital banking and fintech-driven financial services in the country’s banking industry.

The figure represents a 9 per cent increase compared to the N628.55bn recorded in the corresponding period of 2024, according to an industry report reviewed by THE WHISTLER.

The strong performance reflects the accelerating adoption of electronic banking channels by millions of Nigerians who now rely heavily on mobile banking applications, internet banking platforms, USSD transactions, automated teller machines (ATMs), point-of-sale (POS) terminals, and agency banking services for financial transactions.

Findings from the audited financial statements of five major tier-one banks — United Bank for Africa (UBA), Access Holdings Plc, FirstHoldco, GTCO Holdings Plc, and Zenith Bank Plc — showed that UBA and Access Holdings dominated the e-business revenue segment during the review period.

UBA emerged as the highest earner among the banks, posting N225.63bn in e-business revenue in 2025. Although the figure represented a marginal decline of 4.52 per cent from the previous year, the bank still accounted for approximately 33 per cent of the total e-business income generated by the five lenders under review.

Access Holdings followed closely with N215.27bn in revenue generated from electronic banking services, recording one of the strongest growth rates among the tier-one banks. The figure represented a 20.52 per cent increase from the N178.61bn reported in 2024 and accounted for 31.46 per cent of the total e-business earnings recorded by the banks.

FirstHoldco recorded significant growth in its digital banking income, posting N89.47bn in e-business revenue during the 2025 financial year.

This represented a 16.17 per cent increase compared to the N77.01bn generated in the previous year.

The bank contributed 13.07 per cent of the combined electronic banking income of the five financial institutions.

Zenith Bank also sustained positive growth in its digital banking operations, with e-business revenue rising by 11.33 per cent to N89.13bn from N80.05bn recorded in 2024.

The lender accounted for 13.02 per cent of the total revenue generated from electronic banking activities within the review period.

GTCO Holdings recorded N64.72bn in e-business income, reflecting a 14.42 per cent increase compared to the N56.57bn posted in the preceding year.

The financial institution contributed 9.45 per cent of the total e-business revenue generated by the banks analysed in the report.

Despite the strong growth in digital banking revenue, the banks recorded weaker overall profitability during the period under review. Combined profit after tax (PAT) for the five lenders declined by 22.76 per cent to N3.19tn in 2025 from N4.13tn reported in 2024.

Financial analysts attributed the decline in profitability to pressure on operating costs, macroeconomic challenges, exchange rate volatility, and increased competition within the financial services sector, particularly from fast-growing fintech firms.

The latest figures, however, reaffirm the growing importance of digital banking as a critical source of non-interest income for Nigerian banks.

Industry stakeholders noted that banks have continued to invest heavily in financial technology infrastructure to meet rising customer demand for seamless, faster, and more secure digital financial services.

Over the past few years, financial institutions have expanded their investments in mobile banking applications, digital payment gateways, internet banking platforms, agency banking networks, and electronic transaction systems in a bid to strengthen customer experience and improve operational efficiency.

The rapid adoption of fintech solutions has also enabled banks to increase transaction-based earnings through transfer charges, service fees, card payments, and electronic banking commissions.

Experts further noted that digital banking expansion is playing a major role in deepening financial inclusion across Nigeria, particularly in rural and underserved communities where access to conventional banking services remains limited.

Through agency banking networks, mobile money services, and telecom-supported financial platforms, millions of previously unbanked Nigerians are now able to access savings, payments, transfers, and other basic financial services.

Telecommunications companies have also emerged as critical partners in Nigeria’s digital finance ecosystem by leveraging their extensive nationwide infrastructure to support mobile banking and electronic payment services.

Analysts said the collaboration between banks, fintech firms, and telecom operators has significantly increased transaction volumes across the country while accelerating the transition toward a cashless economy.

However, industry experts cautioned that the electronic banking space is becoming increasingly competitive as fintech companies continue to challenge traditional banks in digital payments, money transfers, lending, and other financial services.

According to analysts, while some banks recorded substantial growth in electronic banking income, others experienced slower growth due to stiff competition, changing consumer preferences, and rising innovation within the fintech sector.

They added that Nigerian banks are expected to intensify investments in digital transformation initiatives and strategic technology partnerships as they seek to maintain market share and capitalize on opportunities within the country’s expanding digital economy.

The sustained rise in e-business revenue among tier-one banks, analysts said, highlights the central role of fintech innovation in reshaping Nigeria’s banking landscape, strengthening financial inclusion, and driving long-term growth in the financial sector.