Nigeria's five largest banks earned a combined N684.21bn from e-business activities in the 2025 financial year, up from N628.55bn in 2024. The 9 per cent growth highlights the rising reliance on digital banking channels such as mobile apps, internet banking, USSD, ATMs, POS terminals, and agency banking. United Bank for Africa (UBA) led the pack with N225.63bn in e-business revenue, despite a 4.52 per cent drop from 2024. This accounted for 33 per cent of the total e-revenue generated by the five banks.
Access Holdings Plc came second with N215.27bn, marking a 20.52 per cent increase from N178.61bn in the previous year. The bank's share represented 31.46 per cent of the total. FirstHoldco recorded N89.47bn in e-business income, a 16.17 per cent rise from N77.01bn in 2024, contributing 13.07 per cent to the total. Zenith Bank Plc posted N89.13bn, up 11.33 per cent from N80.05bn, making up 13.02 per cent of the collective revenue.
GTCO Holdings Plc generated N64.72bn, a 14.42 per cent increase from N56.57bn in 2024, and contributed 9.45 per cent. Despite the growth in digital revenue, the five banks saw a 22.76 per cent decline in combined profit after tax, which fell to N3.19tn from N4.13tn in 2024. Analysts linked the drop to rising operating costs, macroeconomic instability, exchange rate fluctuations, and competition from fintech firms. Banks have continued investing in fintech infrastructure to meet customer demand for faster and more secure digital services.
The expansion includes upgrades to mobile banking apps, digital payment gateways, internet platforms, agency networks, and transaction systems. However, fintech companies are increasingly challenging traditional banks in areas like digital payments, money transfers, and lending.
UBA reported the highest e-business revenue despite a drop in its digital income, raising questions about its ability to sustain dominance amid declining returns. Access Holdings achieved the strongest growth, suggesting its digital strategy is outpacing UBA's at a time when overall bank profitability is falling. The widening gap between digital revenue gains and shrinking profits exposes a fragile financial model. Nigerian banks are earning more from transactions but losing ground on bottom-line performance.
Editorial note: AI-assisted opinion, not established fact. Full disclaimer →
