Eight Nigerian Exchange-listed banking groups generated a combined ₦521.79 billion from electronic banking and card-related fees in the first nine months of 2026, representing an 8.1% increase from ₦482.48 billion recorded during the corresponding period of 2025.
An analysis of the banks' nine-month financial statements by Nairametrics Research shows that the increase added ₦39.32 billion to their combined earnings from electronic transactions, card management and other digital banking services.
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The analysis covered Access Holdings, Zenith Bank, First HoldCo, Guaranty Trust Holding Company (GTCO), Wema Bank, Sterling Financial Holdings, Stanbic IBTC Holdings and Ecobank Transnational Incorporated. Five banking groups recorded growth in the selected revenue categories, while three reported declines.
Access Holdings generated the highest amount, with ₦172.92 billion, followed by Ecobank at ₦115.93 billion. The figures highlight the growing contribution of digital banking channels to lenders' non-interest income as electronic payments and card-based transactions remain important parts of Nigeria's financial services industry.
Access Holdings Leads Banks' Electronic Banking Earnings
Access Holdings accounted for 33.1% of the combined electronic banking and card-related revenue generated by the eight banking groups.
The group's channels and other e-business income increased by 14.3% to ₦172.92 billion in the nine months ended September 2026, compared with ₦151.35 billion in the corresponding period of 2025.
Ecobank ranked second with ₦115.93 billion in card management fees, although this represented a decline from ₦125.11 billion recorded a year earlier.
Zenith Bank generated ₦77.17 billion from fees on electronic products, an increase of 30.7% from ₦59.06 billion. First HoldCo recorded ₦73.16 billion, representing a 6.3% increase.
GTCO generated ₦60.81 billion in e-business income, while Wema Bank, Sterling Financial Holdings and Stanbic IBTC Holdings recorded ₦10.54 billion, ₦8.26 billion and ₦3.01 billion, respectively.
Excluding Ecobank, whose disclosure covers card management fees across its multinational operations, the other seven banking groups generated ₦405.86 billion, up 13.6% from ₦357.37 billion in the previous year.
Access Holdings recorded the largest absolute increase, adding ₦21.57 billion to its electronic banking and related income. Zenith Bank followed with an additional ₦18.11 billion, while GTCO added ₦17.56 billion.
GTCO Records Fastest Growth in Electronic Banking Income
GTCO recorded the strongest percentage growth among the eight banking groups, with e-business income increasing by 40.6% to ₦60.81 billion from ₦43.25 billion in the first nine months of 2025.
Zenith Bank also recorded significant growth, with electronic product fees increasing by 30.7% over the period.
Sterling Financial Holdings reported a 17.2% increase in e-business commissions and fees to ₦8.26 billion, while First HoldCo recorded a more moderate 6.3% increase to ₦73.16 billion.
However, the growth was not uniform across the banking industry.
Wema Bank recorded the steepest decline, with electronic product fees falling by 56.8% to ₦10.54 billion from ₦24.42 billion. The decline occurred despite a 28.4% increase in its total fee and commission income to ₦55.14 billion.
Stanbic IBTC Holdings recorded a 12.6% decline in electronic banking income to ₦3.01 billion, while Ecobank's card management fees fell by 7.3% to ₦115.93 billion.
These differences indicate that banks are experiencing varying levels of growth across their digital banking operations, depending on their service mix and revenue composition.
Electronic Banking Becomes an Important Source of Non-Interest Income
The increase in electronic banking and card-related revenue reflects the importance of transaction-based services to banks' efforts to diversify earnings beyond traditional lending activities.
Digital banking services generate income through various channels, including electronic transactions, card management and other e-business activities. These services allow banks to earn fees from customer transactions and payment infrastructure without relying exclusively on interest income from loans.
For lenders, the expansion of electronic banking channels also provides opportunities to increase customer engagement, improve transaction volumes and strengthen recurring revenue.
Access Holdings' financial performance illustrates this relationship. Although its channels and other e-business income increased by 14.3%, its e-banking expenses declined to ₦98.49 billion from ₦110.57 billion in the corresponding period of 2025.
The combination of higher revenue and lower operating expenses indicates improved cost efficiency in this segment of its business.
First HoldCo also highlighted the contribution of transaction-led revenue to its broader non-interest income, although its electronic banking fees grew by a more modest 6.3%.
The performance suggests that banks are increasingly looking beyond traditional interest-based earnings to strengthen their revenue streams.
Banks' Digital Revenue Growth Comes Amid Stronger Profitability
The increase in electronic banking income also coincided with improved overall profitability among the eight banking groups.
Their combined profit before tax rose by 14.2% to ₦5.29 trillion in the first nine months of 2026.
However, the improvement in profitability also reflected a significant reduction in credit impairment charges, which fell by 48.1% across the banking groups.
This distinction is important because higher electronic banking revenue represents only one component of banks' overall financial performance. Interest income, operating expenses, loan impairment provisions and other non-interest revenue streams also influence their earnings.
For investors, the ability to grow transaction-based income while controlling the costs of maintaining digital banking infrastructure remains an important indicator of operational efficiency.
Digital Banking Revenue Raises Questions About Customer Costs
The growth in electronic banking and card-related income also draws attention to the cost of accessing financial services for customers.
As digital transactions become more established, banks continue to generate revenue from the services and infrastructure supporting electronic payments.
However, the combined ₦521.79 billion figure should not be interpreted as the amount customers paid exclusively in transaction charges. The reported categories cover different electronic banking and card-related revenue streams across the eight banking groups.
The figures also do not establish how much of the increase came from higher transaction volumes, changes in applicable fees or other service-related charges.
For customers, the expansion of digital banking presents benefits through easier access to financial services and more convenient payment channels. At the same time, the affordability and transparency of associated charges remain important considerations as electronic transactions become increasingly central to everyday financial activities.
Banks Strengthen Digital Revenue as Competition Expands
The financial results highlight the growing importance of electronic banking to Nigeria's banking industry, with Access Holdings maintaining the largest contribution among the eight groups and GTCO recording the fastest percentage growth.
Although three banks reported declines in their selected electronic banking revenue categories, the overall increase indicates that digital services remain a significant source of fee income.
For investors, the trend provides insight into how lenders are diversifying revenue and managing operating costs beyond traditional banking activities.
The sustainability of this growth will depend on transaction activity, customer adoption, competition among financial service providers and the cost of maintaining secure and reliable digital infrastructure.
As Nigerian banks expand their electronic payment services, their ability to balance revenue growth, operational efficiency and affordable customer services will remain important to the industry's long-term performance.
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