Nigerian Banks Rake in ₦783bn from Digital Banking – UBA Takes the Crown
Nigerian banks are riding the digital wave and it’s paying off. According to new reports, 10 commercial banks generated a staggering ₦783.29 billion in digital banking revenue in 2024, with United Bank for Africa (UBA) leading the pack.
That’s not just growth. That’s a digital gold rush.
Who’s Winning the Digital Race?
UBA hauled in ₦119.04 billion from its digital channels alone ATMs, USSD, mobile apps, and internet banking. That’s a 20.7% year-on-year increase, proving that digital transformation isn’t a buzzword it’s a bankable strategy.
Here’s how the top 5 stack up:
|
Bank |
Digital Revenue (₦ Billion) |
YoY Growth |
|
UBA |
119.04 |
20.7% |
|
Access Bank |
115.38 |
59.1% |
|
Zenith Bank |
101.24 |
29.8% |
|
FirstBank |
99.80 |
12.5% |
|
GTBank |
73.44 |
11.6% |
What’s Driving This Boom?
- Increased adoption of mobile banking & USSD
- Cashless economy push by the CBN
- Rising fintech competition forcing banks to innovate
- Consumer preference for speed and self-service
What This Means for You
This digital shift isn’t just good for bank profits it’s changing how Nigerians manage money:
- Instant transfers are now the norm
- USSD codes are bridging the urban-rural divide
- Bank apps are replacing long queues and paper slips
- But beware: banking fees and service charges are rising with it
Financial Juggernut Insight
Nigerian banks are no longer brick-and-mortar institutions. They’re becoming platforms, competing not just with each other but with start-ups, Telcos, and even Big Tech.
The real winners? Banks that can combine security + speed + simplicity.
What to Watch in 2025
- Rise of AI-powered chatbots for customer service
- Regulatory crackdown on hidden banking fees
- Fintech-bank partnerships for digital wallets & embedded finance
- Cross-border payment innovation from Pan-African banks