Banks E-payment Income Surges In Three Months

 Banks E-payment Income Surges In Three Months

As a result of the surge in e-payment transactions, analysis of the unaudited financial statements of ten major banks in the country shows a growth in e-payment income.

The income rose to N53.4 billion in the first quarter of 2021, by 52 percent from N35.2 billion in Q1’2020.

The banks are Access Bank, Fidelity Bank, First City Monument Bank (FCMB), Guaranty Trust Bank (GTBank), Union Bank, United Bank of Africa (UBA), Stanbic IBTC, Sterling Bank, Wema Bank, Zenith Bank.

Leading  the  growth in e-payment income is Zenith Bank, which recorded 104 per cent growth in e-payment income to N11 billion in Q1’21 from N5.4 billion in Q1’2020.

GTBank came second with  56  per cent YoY growth  to N3.9 billion Q1’21 from N2.5 billion in Q1’2020.

In the third position is Access Bank with 55.7 per cent growth in epayment income to N17.9 billion Q1’21 from N11.5 billion in Q1’2020.

UBA stood in the fourth position, recording 51 percent growth to N12.5 billion in Q1’21 from N8.3 billion in Q1’2020.

Fidelity  Bank followed   with 42 percent YoY growth  to N743 million in Q1’21 from N523 million in Q1’2020.

In the sixth position is FCMB with 27 per cent growth in e-payment income to N2.8 billion Q1’21 from N2.2 billion in Q1’2020.

Sterling Bank followed with  18 per cent YoY growth to N1.6 billion in Q1’21 from N1.36 billion in Q1’2020.

Stanbic IBTC recorded  eight per cent growth in e-payment income  to N745 million in Q1’21 from N686 million in Q1’2020.

Wema Bank recorded  five  per cent  YoY growth to N708.2 million in Q1’21 from N673.6 million in Q1’2020.

However, Union Bank  recorded   negative growth of  28 percent YoY  growth to N1.53  billion in Q1’21 from N2.09 billion in Q1’20.

Kehinde Ogunyale

Freelance Investigative and Data Journalist

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