The Central Bank of Nigeria’s policy to redesign the naira has allowed not fewer than 12 Nigerian banks to profit from an increase in revenue from electronic banking.
The banks generated total revenue of N96.48 billion from their electronic banking platforms, according to an analysis of their financial statements for the first quarter of 2023.
This was an increase of N77.91 billion (23.84%) from the previous quarter of 2022.
United Bank for Africa Plc (N20.93 billion) and Access Holdings Plc (N20.66 billion) were the top two e-banking revenue generators.
Along with Guaranty Trust Bank Plc and FirstBank Nigeria Limited, other top earners included Zenith Bank Plc (N12.08 billion), N17.88 billion, and N11.43 billion.
Others were FCMB (N6.58 billion), Union Bank (N1.97 billion), Wema Bank (N1.52 billion), Unity Bank (N1.29 billion), Stanbic IBTC (N958 million), Fidelity Bank (N955 million), and Jaiz Bank (N244 million).
Income from electronic banking channels, including internet banking, USSD channels, and mobile applications, is included.
The CBN’s policy of redesigning the naira appears to be what is driving the growth in e-business income.
The number of cashless transactions in Nigeria has increased since a now postponed CBN policy forcing many Nigerians to use electronic payment methods.
According to data from the Nigeria Inter-Bank Settlement System, cashless transactions increased by 44.84 percent to N126.73 trillion in the first quarter of 2023 from N87.49 trillion in the same period of 2022.
By 2025, the country will use fewer cash transactions, the CBN has emphasised. In its Payments Vision 2025 document, it made this claim.
The country will have an effective electronic payment system infrastructure to support all economic sectors by 2025, according to the plan.
Increasing the CBN’s cashless policy is one of the PSV 2025’s key objectives, according to the document, as the use of cash will inevitably decline as the “mobile first generation” becomes economically active by 2025.
The CBN will continue to make sure that the Nigerian payments system is widely used domestically, supports the government’s financial inclusion objectives, and meets international standards while contributing to overall national economic growth and development of Nigeria as we implement the PSV 2025 agenda.
