Nigeria’s listed banks collectively generated more than N224 billion in electronic banking income during the third quarter of 2025, reaffirming the sector’s accelerating shift toward digital financial services.
New industry data comparing Q3 2025 with Q3 2024 shows sustained growth across most tier-1 and mid-tier institutions, signalling the deepening adoption of mobile, online, and card-based transactions among consumers and businesses.
The tracked financial results by New Telegraph revealed that the banks earned N224 billion from digital channels in the first nine months of 2025, up from N189.6 billion reported in the corresponding period of 2024. This represents an increase of 19 per cent, or N35.4 billion, highlighting rising customer activity and expanded digital infrastructure across the industry.
L e a d i n g t h e performance chart, United Bank for Africa (UBA) posted N57.0 billion in electronic banking income, a significant jump from N38.3 billion recorded in Q3 2024. The bank’s impressive 48.69 per cent year-on-year growth reinforces its dominance in digital banking and reflects the strength of its pan-African strategy, which continues to drive high transaction volumes across multiple markets.
FBN Holdings followed as a strong contender with N49.7 billion in e-banking revenue, up from N47.3 billion last year. Although its 5.02 per cent growth is modest compared to peers, the bank maintains its position as one of the country’s largest earners from electronic transactions.
Ecobank Nigeria also recorded solid gains, reporting N45.4 billion, compared to N40.0 billion in Q3 2024, a growth of 13.34 per cent. Its broad regional presence and deep penetration in retail markets continue to support the steady rise in digital transaction income.
Access Bank, one of Nigeria’s biggest retail lenders, earned N25.0 billion, up from N20.4 billion, marking a 22.68 per cent increase driven by its expanding customer base and continued investment in mobile and agency banking. Another major player, Zenith Bank, posted N22.7 billion, compared with N21.0 billion in Q3 2024, reflecting 7.73 per cent growth. Although Zenith remains a leader in digital payments, its expansion pace trails that of some competitors as the digital landscape grows increasingly competitive.
On the downside, GTCO was the only major bank to report a decline. Its electronic banking income slipped by 2.64 per cent from N15.0 billion to N14.6 billion, signalling mounting competitive pressures and shifting customer behaviour despite its strong digital brand.
Among smaller institutions, Stanbic IBTC delivered the most significant surge with a 63.09 per cent rise from N2.3 billion to N3.8 billion. Sterling Bank and Unity Bank also recorded growth of 6.93 per cent and 15.33 per cent respectively, though their totals remain comparatively lower than tier-1 banks.
