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Banks generated N438b from digital transactions in 2023

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IN 2023, digital banking channels brought in roughly N438bn for 10 financial institutions, an analysis of their annual reports has shown.

Compared to the previous year, the banking groups’ earnings from electronic transactions rose by 37.54 per cent from N318.64bn.

E-business income includes revenue from electronic channels, card products, and related services.

These channels include mobile applications, USSD channels, automated teller machines, agency banking, internet banking, point of sales payments, as well as credit and debit card transactions.

The growth in the electronic business income was driven by the increasing popularity of mobile and online banking in Nigeria.