Electronic transactions have become the new cash cows for Nigerian banks.

Besides the huge returns they make from their primary role which is lending money, fees and commissions charged to customers; these banks have been smiling to the bank.

Through Automated Teller Machines, Mobile money, Internet banking and Point of Sales, have become their next huge revenue earners.

Between January and March this year, 9 of the 19 commercial banks in Nigeria made about 25.9 billion naira from electronic transactions.

This was revealed by the first quarter unaudited annual reports of the banks.

This is an increase of 6.22 billion naira over the 19.7 billion naira that the 9 banks made from electronic business in the same period of the previous year.

Also Read: Nigeria To Get AFREXIM Bank’s 9 Trillion Naira Grant

The 9 banks assessed include: Zenith Bank Plc, First City Monument Bank, Access Bank Plc, Guaranty Trust Bank Plc, Stanbic IBTC Bank, United Bank for Africa Plc, Sterling Bank Plc, First Bank of Nigeria Limited and Fidelity Bank Plc.

UBA earned the highest income on its electronic products from January to March this year, reporting 5.86 billion naira, a 22% increase in revenue from 4.79 billion naira in the comparable period of 2017.

First Bank ranked second, reporting 5.49-billion-naira revenue from electronic transactions, a 35% increase compared with 4.06 billion naira generated within the same period of 2017.

This was followed by FCMB, Zenith bank, Access and GTbank.

The others in the order of their performance include: Stanbic, Sterling and Fidelity banks.

Don't forget to share this story with your friends