Nigerian banks report remarkable revenue growth in Q1 2023, with ₦96.483 billion ($122,694,806) generated from electronic businesses.
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The remarkable growth is attributed to the increasing adoption of fintech solutions, resulting in a significant 23.84% increase, compared to the ₦77.907 billion ($99,010,408) recorded in the previous quarter in 2022.
Top performing banks UBA and Access Holdings emerged as the leading earners in e-business income, with UBA reporting ₦20.929 billion ($26,651,725) and Access Holdings earning ₦20.664 billion ($26,302,782). Zenith Bank, FirstBank, and GTBank followed closely behind with ₦12.079 billion ($15,379,970), ₦17.876 billion ($22,761,747), and ₦11.425 billion ($14,548,745), respectively.
UBA, Access Bank, and Zenith Bank—two of the top tier-1 banks—played a pivotal role in propelling e-business income, accounting for 86% of the total generated in Q1 2023.
Also Read: Six African Start-ups Made Finals In Ecobank Fintech Challenge.
In addition to the growth in e-business income, Nigerian banks witnessed a robust pretax profit of ₦446.722 billion($568,370,982) in Q1 2023, marking a significant 41.16% surge compared to the corresponding period in 2022.
As more people use fintech to access financial services, banks are witnessing a corresponding surge in revenue. The positive trend observed reflects Nigerian banks’ ability to adapt to evolving customer demands and their readiness to leverage the expanding digital economy.
