Eight Nigerian banking groups listed on the Nigerian Exchange generated a combined ₦521.79 billion from electronic banking and card-related fees in the first nine months of 2026, representing an 8.1 per cent increase from the ₦482.48 billion recorded in the corresponding period of 2025.
An analysis of the financial statements of Access Holdings, Zenith Bank, First HoldCo, Guaranty Trust Holding Company (GTCO), Wema Bank, Sterling Financial Holdings, Stanbic IBTC Holdings and Ecobank Transnational Incorporated shows that five banking groups recorded growth in the selected revenue categories, while three experienced declines.
The banks collectively earned an additional ₦39.32 billion from electronic transactions, card management and other digital banking services, reflecting the growing contribution of technology-driven services to their non-interest income.
Access Holdings emerged as the largest contributor, generating ₦172.92 billion from channels and other e-business income, representing 33.1 per cent of the combined revenue recorded by the eight banking groups.
The figure represented a 14.3 per cent increase from the ₦151.35 billion reported in the corresponding period of 2025.
Ecobank ranked second with ₦115.93 billion in card management fees, although this represented a decline from the ₦125.11 billion recorded a year earlier.
Zenith Bank followed with ₦77.17 billion from fees on electronic products, up 30.7 per cent from ₦59.06 billion, while First HoldCo generated ₦73.16 billion, representing a 6.3 per cent increase.
Other contributors included GTCO with ₦60.81 billion in e-business income, Wema Bank with ₦10.54 billion, Sterling Financial Holdings with ₦8.26 billion and Stanbic IBTC Holdings with ₦3.01 billion.
Excluding Ecobank, whose disclosure covers card management fees across its multinational operations, the remaining seven banking groups generated ₦405.86 billion, compared with ₦357.37 billion in the same period of 2025. This represented a 13.6 per cent increase.
Access Holdings recorded the largest absolute increase, adding ₦21.57 billion to its electronic banking revenue. Zenith Bank followed with an increase of ₦18.11 billion, while GTCO added ₦17.56 billion.
GTCO recorded the strongest percentage growth among the eight banking groups, with e-business income rising by 40.6 per cent to ₦60.81 billion from ₦43.25 billion in the corresponding period of 2025.
Zenith Bank also recorded strong growth, with electronic product fees increasing by 30.7 per cent, while Sterling Financial Holdings reported a 17.2 per cent rise in e-business commissions and fees to ₦8.26 billion.
However, Wema Bank recorded the steepest decline among the banks, as its electronic-product fees fell by 56.8 per cent to ₦10.54 billion from ₦24.42 billion.
The decline came despite an increase in the bank’s overall fee and commission income, which rose by 28.4 per cent to ₦55.14 billion.
Stanbic IBTC Holdings also reported a 12.6 per cent decline in electronic banking income to ₦3.01 billion, although its net fee and commission revenue increased by 26.5 per cent to ₦218.30 billion.
Ecobank’s card management fees declined by 7.3 per cent to ₦115.93 billion, representing a reduction of approximately ₦9.18 billion from the previous year’s figure.
The contrasting performances suggest that the contribution of electronic banking to fee income varies across financial institutions, depending on their service offerings, transaction volumes and other revenue streams.
The increase in electronic banking and card-related fees highlights the growing importance of digital financial services to Nigerian banks as they seek to diversify earnings beyond traditional lending activities.
However, the cost of maintaining and delivering electronic banking services remains a major consideration in determining how much revenue ultimately contributes to profitability.
Access Holdings’ Group Chief Executive Officer, Innocent Ike, identified growth in net fee and commission income as one of the factors supporting the group’s core earnings.
The group’s financial statements also showed that its e-banking expenses declined to ₦98.49 billion from ₦110.57 billion, even as channels and other e-business income increased by 14.3 per cent to ₦172.92 billion.
First HoldCo similarly highlighted the growing contribution of transaction-led revenue, although its electronic banking fees recorded a more modest 6.3 per cent increase to ₦73.16 billion.
The growth in electronic banking revenue comes against the backdrop of improved earnings among major Nigerian lenders.
The eight banking groups recorded a combined 14.2 per cent increase in profit before tax to ₦5.29 trillion in the nine months ended September 2026.
The performance was supported significantly by a 48.1 per cent reduction in credit impairment charges, according to the financial results reviewed.
Overall, the figures demonstrate the increasing importance of electronic transactions, card services and digital banking channels to the revenue structure of Nigeria’s banking industry.
As competition intensifies and customers increasingly rely on digital platforms for everyday financial transactions, banks will continue to face the challenge of expanding electronic banking income while managing the operational costs associated with providing these services.
