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In addition to the growth in e-business income, Nigerian banks also reported strong profit before tax of N446.722 billion in the first quarter of 2023. This represents a 41.16 per cent increase from the N316.562 billion recorded in the same period of 2022.

E-business income includes revenue from electronic channels, card products, and related services. These channels include mobile applications, USSD channels, automated teller machines (ATMs), agency banking, internet banking, and point of sales (POS) payments.

The growth in e-business income is a positive sign for the Nigerian banking sector. It shows that banks are adapting to the changing needs of customers and are well-positioned to benefit from the growth of the digital economy.

Fintech companies are using technology to provide financial services that are more convenient, affordable, and accessible to consumers and businesses.

One of the most significant impacts of fintech is the increase in financial inclusion.

Fintech companies can reach people who were previously unbanked or underbanked by providing services that can be accessed through mobile phones.

This has led to a significant increase in the number of people who have access to financial services in Nigeria.

Another impact of fintech is the growth in the volume of financial transactions. Fintech companies have made it easier and more convenient for people to make payments, transfer money, and invest their money. This has led to a significant increase in the volume of financial transactions in Nigeria.

The entrance of telecoms into the financial services sector has also had a significant impact. Telecom companies have the infrastructure to reach people in rural areas, where traditional banks are often not present. This has made it possible for more people in rural areas to access financial services.

Fintech is also having an impact on the way that banks operate. Banks are increasingly using fintech solutions to improve their efficiency and reduce their costs.

This has led to an increase in non-interest income for banks, as they can generate more revenue from commissions and fees.

Analysis of data by Nairmetrics from the financial statements of 12 listed banks shows that tier-1 banks such as UBA, Access Bank, and Zenith Bank led the list of banks with the highest e-business income in FY 2022.

These banks recorded a combined sum of N82.973 billion from electronic business as against N66.568 billion in 2022. This sum represents 86 per cent of the total sum of N96.483 billion generated in Q1 2023.

Also, the banks recorded a pretax profit of N359.767 billion in the first quarter, an increase of 33.82 per cent from the N268.837 billion posted in Q1 2022. The amount also accounts for 80.53 per cent of the total pretax profits recorded by the banks.

GTCO Holdings reported an e-business income of N11.425 billion, representing an increase of 61.78 per cent, compared to N7.062 billion generated in the equivalent period the previous year.

The holding company accounted for 11.84 per cent of the total income generated by the twelve banks from electronic banking.

Guaranty Trust Holding Company (GTCO) recorded a 36.5 per cent increase in profit before tax to N74.1 billion for the first quarter ended March 2023 Q1’2023, from N54.3 billion in the corresponding period of last year, Q1’2022.

Its unaudited consolidated and separate financial statements released to the Nigerian Exchange Limited, NGX, and London Stock Exchange (LSE) for Q1’23 showed that Group’s loan book (net) dipped by 1.5 per cent to N1.86 trillion in March 2023 from N1.88 trillion recorded as at December 2022 while deposit liabilities increased by 9.9 per cent from N4.61 trillion in December 2022 to N5.07 trillion in March 2023.

Zenith Bank Plc posted an e-business income of N12.079 billion during the first quarter of 2022, a decrease of 18.28 per cent compared to N14.784 billion recorded in the corresponding period of 2022.

The most capitalized bank on the NGX, accounted for 12.52 per cent of the total e-business income by the twelve banks.

Zenith Bank Plc announced a 41 per cent growth in its gross earnings to the tune of N270 billion in Q1 2023 from N191.5 billion in Q1 2022.

The unaudited statement of account submitted to the Nigerian Exchange Group indicated that Zenith Bank recorded a 27 per cent year-on-year increase in profit before tax to N86.6 billion in Q1 2023 from N68 billion in Q1 2022.