Eight Nigerian Exchange-listed banking groups generated a combined N521.79 billion from electronic banking and card-related fees in the nine months ended September 2026, up 8.1% from N482.48 billion in the corresponding period of 2025.
An analysis by Nairametrics Research of the 9M 2026 financial statements of Access Holdings, Zenith Bank, First HoldCo, Guaranty Trust Holding Company, Wema Bank, Sterling Financial Holdings, Stanbic IBTC Holdings and Ecobank Transnational Incorporated shows that five recorded growth in the selected fee categories, while three reported declines.
The increase amounted to an additional N39.32 billion from services covering electronic transactions, card management and other digital banking channels. Access Holdings generated the highest amount at N172.92 billion, followed by Ecobank at N115.93 billion.
Access leads electronic banking fees
Access Holdings accounted for 33.1% of the combined electronic banking and card-related revenue, making it the largest contributor among the eight groups. Its channels and other e-business income increased by 14.3% to N172.92 billion from N151.35 billion.
- Ecobank ranked second with N115.93 billion in card management fees, although the amount declined from N125.11 billion in 9M 2025.
- Zenith Bank generated N77.17 billion from fees on electronic products, up 30.7% from N59.06 billion, while First HoldCo recorded N73.16 billion, representing a 6.3% increase.
- GTCO generated N60.81 billion in e-business income, followed by Wema Bank at N10.54 billion, Sterling Financial Holdings at N8.26 billion and Stanbic IBTC Holdings at N3.01 billion.
Excluding Ecobank, whose disclosure covers card management fees across its multinational operations, the seven other banking groups generated N405.86 billion, up 13.6% from N357.37 billion.
Access Holdings recorded the largest absolute increase at N21.57 billion, followed by Zenith Bank with an N18.11 billion increase and GTCO with N17.56 billion.
The figures show that electronic banking and card-related services remained a significant source of fee income, although growth was not uniform across the banking groups.
GTCO records fastest fee growth
GTCO recorded the strongest percentage growth among the eight groups, with e-business income rising 40.6% to N60.81 billion from N43.25 billion. The performance came as several other banks also recorded higher electronic banking revenue, while Wema, Stanbic IBTC and Ecobank reported declines.
The differences show that growth in overall fee income does not necessarily move in the same direction as electronic banking income.
- Sterling Financial Holdings increased e-business commissions and fees by 17.2% to N8.26 billion, while First HoldCo’s electronic banking fees rose by 6.3% to N73.16 billion.
- Wema Bank recorded the steepest decline, with electronic-product fees falling 56.8% to N10.54 billion from N24.42 billion, even as total fee and commission income increased 28.4% to N55.14 billion.
- Stanbic IBTC’s electronic banking income declined 12.6% to N3.01 billion, although net fee and commission revenue increased 26.5% to N218.30 billion.
- Ecobank’s card management fees declined 7.3% to N115.93 billion, a drop of about N9.18 billion from the corresponding period of 2025.
The contrasting performances indicate that banks relied on different combinations of electronic services, account maintenance, management fees and other transaction-related charges to grow fee income.
Digital fee growth adds to earnings, but costs remain important
The increase in electronic banking and card-related fees also reflects the broader efforts by banks to diversify income beyond traditional lending activities, although the cost of delivering these services remains important.
- Access Holdings’ Group CEO, Innocent Ike, highlighted growth in net fee and commission income as one of the factors supporting the group’s core earnings. Management also identified improving operating efficiency and strengthening recurring income among its priorities.
- The group’s financial statements show that e-banking expenses declined to N98.49 billion from N110.57 billion, even as channels and other e-business income increased 14.3% to N172.92 billion.
- First HoldCo’s management similarly highlighted the growing contribution of transaction-led revenue. However, while its overall non-interest income increased substantially, electronic banking fees grew by a more modest 6.3% to N73.16 billion.
The broader earnings picture also provides context. As earlier reported by Nairametrics, the eight banks recorded a combined 14.2% increase in profit before tax to N5.29 trillion, supported significantly by a 48.1% reduction in credit impairment charges.
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