UBA generates N284.7 billion from e-business transactions in 2024 

Electronic transaction fees include earnings from ATM withdrawals, card transactions, online and mobile banking services, interbank transfers, SMS/email alerts, and merchant payments.

This represents an 85.9% growth in its e-transaction revenue when compared with the N157.1 billion recorded by the bank in 2023.

The figures were disclosed in the bank’s audited financial statement for the year ended December 31, 2024.

The bank’s electronic transaction expenses amounted to N199.2 billion in 2024, up from N107.1 billion in 2023.

United Bank for Africa recorded a 158% surge in remittance fee income in 2024.

A remittance fee is a charge banks apply for processing cross-border money transfers, such as when Nigerians abroad send money home or businesses move funds internationally.

The top-tier lender generated N39.91 billion in remittance fees, a sharp rise from N15.45 billion in 2023.

In comparison, Zenith Bank recorded N13.48 billion in foreign currency transaction fees in 2024, according to Naijaonpoint report.

UBA reported a pre-tax profit of N803.7 billion in 2024, marking a 6% increase from N757.6 billion in 2023.

Interest expenses nearly tripled, rising by 128.18% year-on-year to N839.2 billion due to higher funding costs.