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12 Banks Rake N133.9bn from Electronic Transactions

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Nigerian Banks

By Ahmed Rahma

The advancement of technology and the introduction of new online payment platforms have helped the revenue generation of financial institutions in the country.

In the first nine months of this year, 12 lenders increased their revenues from the system by 11 per cent year-on-year to N133.92 billion N120.36 billion in the same period of 2019, according to the latest study by Agusto & Co.

This information was drawn from the unaudited financial reports of Access Bank Plc, First Bank of Nigeria Plc, First City Monument Bank Plc, Fidelity Bank Plc, Guaranty Trust Bank Plc, United Bank for Africa Plc, Sterling Bank Plc, Jaiz Bank Plc, Union Bank of Nigeria Plc, Wema Bank Plc, Unity Bank Plc and Stanbic IBTC Plc.

The adoption of electronic channels for financial transactions became more necessary this year following the lockdown imposed by the government in the peak of COVID-19 pandemic in Nigeria.

In order to adhere to the social distancing rule, some customers have continued to embrace digital transactions and avoid the banking hall for various financial transactions.

According to a report, the partnership between the deposit money banks and financial technology companies significantly contributed to the earnings of these banks.

In the report, it was stated that the income on electronic business came from Automated Teller Machine transactions, USSD, online transfer, electronic bills payments, Remita, Point of Sale payments and agency banking, among others.

It was revealed that Access Bank grew its income from electronic payments by 105 per cent from N18.96 billion in 2019 to N38.80 billion in 2020.

On its part, First Bank had a marginal increase of 0.5 per cent to N34.59 billion from N34.42 billion, while FCMB Plc recorded 17 per cent year-on-year contraction as its fees and commission on digital payments dropped to N6.62 billion from N7.98 billion.

Also, Fidelity Bank Plc recorded an e-payment loss of 34 per cent in the nine-month period under review to N1.74 billion as against N2.63 billion in 2019 and with N8.21 billion e-payments revenue from January to September 2020, GTB Plc reported a 26 per cent reduction in its electronic banking income from N11.04 billion earned in the corresponding period in 2019.

The non-interest lender, Jaiz Bank, recorded a contraction of 24 per cent on its electronic payment earnings as it reported N307.55 million in the first nine months of 2020 in contrast to N406.65 million achieved in 2019.

Stanbic IBTC Plc’s earnings from its electronic products also slumped in the nine-month period under review, recording a 15 per cent reduction in income from N2.49 billion earned in 2019 to N2.12 billion in 2020.

For Sterling Bank Plc, it earned N4.31 billion from its electronic products in the first nine months of 2020, 16 per cent lower than the N5.11 billion recorded last year, while Union Bank Plc generated N5.34 billion from electronic payments charges this year, five per cent lower than the N5.6 billion earned in 2019.

UBA Plc’s electronic business income grew by four per cent, as it reported N27.87 billion as its e-payment earnings in 2020 versus N26.71 billion in 2019, while Unity Bank Plc recorded e-payment loss of 11 per cent in the period under review to N1.74 billion from N2.63 billion in 2019.

From Wema Bank Plc’s financial report, its electronic payment income declined by 28 per cent to N2.02 billion from N2.79 billion in the same period in 2019.

Ahmed Rahma is a journalist with great interest in arts and craft. She is also a foodie who loves new ideas. She loves to travel and would love to visit other African countries someday. She is a sucker for historical movies and afrobeat.

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Banking

Fidelity Bank Plans Gele Masterclass for Women March 30

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Fidelity Bank Building

By Modupe Gbadeyanka

On Monday, March 30, 2026, Fidelity Bank Plc will host a Gele Masterclass to help women build practical, income-generating skills, strengthen professional visibility, and accelerate career growth.

This event will be the second part of a series of masterclasses and support initiatives planned for March 2026 in commemoration of International Women’s Day under the theme Give to Gain.

On March 18, 2026, the lender, through its women-focused proposition, HerFidelity, hosted a masterclass on communication and presentation.

The session offered practical guidance on audience engagement, event moderation, confidence-building, and personal branding, with a strong focus on women looking to improve their public speaking and professional presence.

HerFidelity is positioning the session as a celebration of cultural expression and a marketable skill women can turn into a source of income.

In addition to the masterclasses, the bank will provide professional headshot sessions to help participants update their personal and professional profiles.

“At Fidelity Bank, we believe that empowering women economically creates an impact that extends beyond the individual. It strengthens families, grows businesses, and uplifts communities. That is why we have designed an elaborate plan to upskill women throughout this month.

“We want women to leave these sessions with practical tools they can apply immediately, whether that is speaking confidently in public, building a stronger personal brand, or learning a skill that can generate income,” the Divisional Head of Small and Medium-scale Enterprises Banking at Fidelity Bank, Ms Ugochi Osinigwe, said.

Earlier this month, the bank reaffirmed its commitment to women’s economic empowerment with the signing of strategic MoUs with partner organisations at the launch of its Give Her Power initiative on March 5, 2026.

The collaborations, anchored on the bank’s HerFidelity Apprenticeship Programme, are designed to expand access to vocational training, business support, and sustainable enterprise opportunities for women across multiple sectors.

As part of the initiative, Fidelity Bank is distributing 1,000 sewing and grinding machines to empower women-led microbusinesses across Nigeria.

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Banking

UBA, NiDCOM to Unlock Diaspora Capital for Nigeria’s Growth

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UBA NiDCOM Unlock Diaspora Capital

By Modupe Gbadeyanka

A partnership aimed to unlock diaspora capital for Nigeria’s growth has been deepened by the United Bank for Africa (UBA) Plc and the Nigerians in Diaspora Commission (NiDCOM).

The chief executive of UBA, Mr Oliver Alawuba, underscored the diaspora’s critical role as a powerful economic force and a generation of builders shaping new narratives for the continent.

He also reiterated the financial institution’s readiness to leverage its global network and innovative financial solutions to support diaspora engagement, urging Nigerians abroad to tap into opportunities within Africa’s economic landscape.

“You are not limited here; you have opportunities on the continent, and we want you to make good use of them. That is where banking, and we at UBA, become the connecting point that you need to access the opportunities back home.

“Whether you like it or not, the returns are high in Africa, and we are here to help you navigate that space,” the UBA chief said on Monday when he hosted key representatives of NiDCOM led by its chairman, Mrs Abike Dabiri, at the bank’s office in the United Kingdom.

UBA recently launched a Diaspora Banking platform to provide a seamless, integrated platform for Africans in the diaspora to bank, invest, and manage their financial obligations back home, thus connecting global Africans with investment and wealth opportunities.

The lender introduced the platform, with leading ecosystem partners representing a major step in redefining diaspora banking beyond remittances toward structured wealth creation and long-term investment.

“With UBA, you have a financial partner that is with you, that understands what you are going through, and that can support you to make sure you realise your aspirations, both here and in the country,” Mr Alawuba noted.

In her remarks, Mrs Dabiri-Erewa praised UBA for being a trusted financial partner over the years, especially with the recent launch of its diaspora platform.

“Many of you here are the real game-changers. “For years, it has been wonderful engaging Nigerians all over the world. When I started, it felt like we only heard the bad stories, not the good ones. What we have tried to do internationally is to tell and celebrate the good stories. We have Nigerians doing well all over the world, and they are in this room. We must continue to celebrate you,” she stated.

While remarking that the meeting demonstrates a significant step in aligning public and private sector efforts to deepen diaspora inclusion and accelerate Nigeria’s development agenda, she pledged closer collaboration in driving policies and initiatives that encourage Nigerians abroad to actively participate in the country’s economic growth.

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Banking

Ecobank’s Enhanced Ellevate Initiative Excites Women Entrepreneurs

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Ellevate by Ecobank

By Modupe Gbadeyanka

The launch of the Enhanced Ecobank Ellevate Proposition (Ellevate 2.0) in Lagos has been welcomed by women entrepreneurs.

Ecobank Nigeria, a subsidiary of the pan‑African financial services group Ecobank Group, unveiled the upgraded programme at an event themed Her Voice. Her Power. Her Growth. The initiative was designed to support women‑owned businesses.

The gathering featured inspiring conversations and practical insights from accomplished women in business and professional leadership.

In her keynote address titled The True Woman Power: Strength Rooted in Identity, Resilience and Purpose, the founder of Gatimo Limited and Creative Director of Ruff ‘n’ Tumble, Mrs Adenike Ogunlesi, praised Ecobank for its longstanding support for women entrepreneurs.

“When I was seeking a loan facility many years ago to grow my business, Ecobank was the institution that supported me when others turned me down,” she shared, encouraging women to embrace self-awareness, resilience, and purpose as the drivers of long‑term success.

The panel session featured the chief executive of Strata Advisory, Ms Bode Abifarin; the chief executive of Village Farms Commerce and Exchange, Ms Titilayo Adesoga; and the founder of Beaty Hut Africa, Ms Subuola Oyeleye, who each shared powerful reflections from their personal and professional journeys.

Drawing from her extensive leadership background, Ms Abifarin highlighted the need for women to own their transitions and step confidently into new seasons.

On her part, Ms Adesoga encouraged women to rise above limitations by taking ownership of their personal and business narratives, as Ms Oyeleye highlighted the importance of authenticity, innovation, and investing in quality, reinforcing that women can build globally competitive businesses from Nigeria.

In her welcome speech, the Head of Premier Banking and Wealth Management at Ecobank Nigeria, Ms Ayo Osolake, who represented the Managing Director/Regional Executive, Mr Bolaji Lawal, said, “Ellevate by Ecobank reflects our unwavering commitment to supporting women entrepreneurs, who remain key drivers of economic growth, innovation, and job creation.”

Ellevate Manager for Ecobank Nigeria, Ms Victoria Igun, said, “This enhanced proposition creates stronger pathways for women entrepreneurs and professionals to build sustainable businesses and translate ambition into lasting impact.”

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