Nigerian banks report strong revenue growth in Q1 2023, fueled by fintech adoption

June 26, 2023
1 min read

Nigerian banks experienced a significant revenue surge in the first quarter of 2023, driven by the increasing adoption of fintech solutions. They generated a total of N96.483 billion from electronic businesses, marking a 23.84% increase compared to the previous quarter in 2022.

UBA and Access Holdings emerged as the top earners in e-business income, with UBA recording N20.929 billion and Access Holdings earning N20.664 billion, Nairametrics reports.

Other major players included Zenith Bank, FirstBank Nigeria, and Guaranty Trust Bank.

The rise in e-business income can be attributed to the growing popularity of mobile and online banking in Nigeria. As more people use these channels, banks are seeing a corresponding increase in revenue.

Alongside the e-business income growth, Nigerian banks reported a strong pretax profit of N446.722 billion in Q1 2023, a substantial 41.16% increase compared to the same period in 2022.

This positive trend reflects the adaptability of Nigerian banks to changing customer demands and their readiness to capitalize on the digital economy's expansion.

Leading tier-1 banks, including UBA, Access Bank, and Zenith Bank, played a significant role in driving e-business income, contributing to 86% of the total generated in Q1 2023.

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