By 
A significant revenue boost has been reported by 10 prominent Nigerian banks, reflecting a 38.9% increase last year due to the implementation of the Central Bank of Nigeria’s (CBN) cashless policy. Recent financial statements indicate that combined electronic banking revenues soared from N309 billion in 2022 to N427 billion.
The banks experiencing this growth include Access Holdings Plc, Zenith Bank Plc, United Bank for Africa (UBA) Plc, FBN Holdings Plc, Guaranty Trust Holding Company (GTCO) Plc, Fidelity Bank Plc, FCMB Group Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, and Wema Bank Plc.
Among these, UBA topped the chart with an electronic banking revenue of N125.5 billion, followed closely by Access Holdings at N101.6 billion. FBN Holdings, Zenith Bank, and GTCO also showed significant figures of N66 billion, N51.8 billion, and N40.8 billion, respectively.
This revenue surge is an outcome of the CBN’s cashless policy initiative launched in 2012, aimed at enhancing financial inclusion and curbing money laundering, terrorism financing, and other financial crimes.
The policy’s impact is evident as Nigeria’s financial system was recognized among the top 10 globally for instant payments last year, with the country ranking sixth.
The CBN has deployed necessary infrastructure to support this transition to a cashless economy, including the Central Bank Digital Currency (CBDC), online banking solutions, Payment System Banks (PSBs), point-of-sale (POS) terminals, agent banking, mobile banking, and ATMs, ensuring the system’s robust operation.
Comments