Nigeria’s banking industry recorded a significant increase in earnings from digital banking services during the first quarter of 2026, highlighting the growing reliance on electronic payment channels across the country.
An analysis of the unaudited financial reports of 11 listed banks showed that revenue generated from electronic banking services, ATM transactions, and card-related charges rose to ₦224.69 billionbetween January and March 2026. This represents a 12.56 percent increase compared to the ₦199.61 billion earned during the same period in 2025.
The growth reflects the increasing adoption of digital banking platforms by customers as more individuals and businesses embrace electronic payments for daily transactions.
A closer look at the figures revealed that income from e-banking and other digital business services increased by 11.57 percent, rising from ₦159.52 billion in the first quarter of 2025 to ₦177.97 billionin 2026. Revenue from ATM and card management fees also grew strongly, climbing by 16.48 percentfrom ₦40.09 billion to ₦46.70 billion.
The rise in digital banking income occurred alongside broader growth in banks’ fee-based earnings. Overall fee and commission income among the reviewed lenders increased by 13.64 percent, while account maintenance charges also recorded notable growth during the period.
Among the banks analyzed, Access Holdings generated the highest revenue from digital banking services, earning ₦55.71 billion. United Bank for Africa followed with ₦46.93 billion, while Ecobankearned ₦35.53 billion from card management services.
Other major contributors included Guaranty Trust Holding Company with ₦21.90 billion, Zenith Bank with ₦21.54 billion, and First Holdco with ₦20.75 billion.
Smaller but notable contributions came from Wema Bank, Fidelity Bank, Stanbic IBTC Holdings, Sterling Financial Holdings, and Jaiz Bank.
In terms of growth, Fidelity Bank recorded the strongest performance. The bank’s digital banking and ATM-related income surged by 164.9 percent, reaching ₦8.81 billion. GTCO followed with a 68.64 percent increase, while Zenith Bank posted a 58.91 percent rise. Stanbic IBTC and Sterling Financial Holdings also reported impressive gains.
However, not all banks experienced growth. Wema Bank recorded the sharpest decline, with income from electronic products falling by more than 50 percent. UBA, Ecobank, and Stanbic IBTC also reported slight decreases in some digital banking segments.
The data further showed that digital banking has become a major source of revenue for banks. For several lenders, electronic banking services contributed more than a quarter of total fee and commission income, underlining the importance of technology-driven financial services.
The strong performance of digital banking channels aligns with Nigeria’s improving economic conditions and ongoing banking sector reforms. Recent efforts by the Central Bank of Nigeria to strengthen the financial system, including bank recapitalisation and foreign exchange market reforms, are helping create a more stable environment for growth.
Across Africa, digital finance continues to gain momentum. According to the African Development Bank, digital payment systems are helping improve financial inclusion, support small businesses, strengthen tax collection, and encourage economic formalisation.
As consumers increasingly choose mobile banking, online transfers, card payments, and other electronic channels, digital banking is becoming one of the most important drivers of revenue growth for financial institutions across Nigeria and the wider African continent.
