Increased investment in technology and the introduction of new online payment channels have earned Nigerian banks N133.92bn. Boluwade Moses gives a breakdown of their earnings

The adoption of electronic channels for financial transactions earned 12 Deposit Money Banks about N133.92bn revenue in the first nine months of 2020, findings have revealed.

With many bank customers striving to maintain social distancing by avoiding the banking hall and leveraging the more convenient digital platforms for various financial transactions, earnings of the financial institutions have continued to expand.

Also, financial technology companies with products that facilitate payments on their platform in partnership with DMB have contributed significantly to the earnings of these banks.

Analyses of unaudited financial reports of 12  banks for the nine month period ended September 30, 2020, showed that their collective revenues from electronic transactions grew by 11 per cent year-on-year from the N120.36bn earned by the financial institutions in 2019.

The income on electronic business of these banks came from Automated Teller Machine transactions, USSD, online transfer, electronic bills payments, Remita, Point of Sale payments and agency banking, among others.

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