Eleven listed Nigerian lenders generated a combined ₦224.69 billion from electronic banking services and ATM/card-related charges during the first quarter of 2026.
This represents a 12.56% increase compared to the ₦199.61 billion recorded in the first quarter of 2025, driven by deepening digital banking adoption and expanding electronic payment services across the country.
An analysis of the banks’ unaudited financial statements reveals that e-banking channels have consolidated their position as a major pillar of non-interest revenue.
Income specifically from electronic banking and e-business activities rose 11.57% year-on-year to ₦177.97 billion, while revenue from ATM and card management fees grew 16.48% to reach ₦46.70 billion.
This digital revenue surge mirrors an overall expansion in banking sector fee income. Total fee and commission earnings for the 11 reviewed lenders rose 13.64% to ₦984.47 billion, while account maintenance fees brought in an additional ₦209.18 billion, up 14.07% from the previous year.
Among the commercial banks evaluated, Access Holdings led the market in digital earnings, pulling in ₦55.71 billion. United Bank for Africa (UBA) followed closely with ₦46.93 billion, while Ecobank recorded ₦35.53 billion from card management operations. Guaranty Trust Holding Company (GTCO) and Zenith Bank rounded out the top tier, generating ₦21.90 billion and ₦21.54 billion from electronic products, respectively.
In terms of growth velocity, Fidelity Bank registered the sharpest expansion, with its combined ATM and e-banking revenue skyrocketing 164.9% to ₦8.81 billion, propelled by a 240.8% spike in ATM charges.
GTCO also posted a significant 68.64% increase in its e-business segment. Conversely, a few lenders bucked the trend; Wema Bank saw its electronic product fees slide by 50.68% to ₦6.10 billion, and UBA experienced a minor contraction of 1.91% in e-banking revenue.
Financial experts link this steady digital payment momentum to a broader recovery in local economic activity, pointing to recent purchasing managers’ index data that showed private sector expansion hitting a nine-month high. Furthermore, continuous financial sector reforms initiated by the Central Bank of Nigeria including ongoing recapitalization efforts are believed to be stabilizing the operating environment.
On a regional scale, the African Development Bank (AfDB) noted in its recent economic outlook that the rapid migration toward digital transaction channels is helping formalize African economies.
By lowering barriers to entry, providing automated transaction histories, and enhancing regulatory traceability, digital payment frameworks are steadily integrating informal traders into mainstream financial systems while boosting domestic revenue mobilization.
