Access Bank, FBN and UBA were among the top e-commerce banks in Nigeria for the 9-month period in 2021. The 12 banks listed on the Nigerian Exchange received 20.45 billion naira from their e-commerce units between January and September 2021.

This is based on unaudited financial data from various banks in the third quarter of 2021. Compared with the 142.1 billion South African rand recorded in the same period in 2020, the bank's revenue from e-banking business soared by 41.1% to 20.45 billion South African rand.

Considering that the highest bank kept interest rates low to encourage borrowing and stimulate the economy to escape the monetary stance of the recession caused by covid-19 in the previous year, commercial banks had to step up their efforts to increase revenue from other generators.

The significant increase in its e-commerce revenue is proof of this, which helps to alleviate the impact of reduced interest income on its bottom line.

Following our usual way of analyzing the performance of Nigerian banks, Nairametrics shows the banks with the highest revenue in each of its e-commerce sectors. The list is dominated by the country's five tier one banks, often referred to as FUGAZ.

The newly restructured bank GTCo generated 16.67 billion guilders in e-commerce revenue from January 2021 to September 2021, an increase of 91.1% compared to the 8.21 billion guilders in the previous year.

GTCo recorded the highest increase in e-commerce revenue and was able to fill some gaps because interest income fell by 12.5% ​​compared to the previous year, to 9 million N195.04 billion in 2021.

The electronic business revenue of Power Bank increased from 18.46 billion guilders in 2020 to 23.99 billion guilders during the period under review, an increase of 29.9%. On the other hand, its interest income decreased slightly by 3.1% from the N318.82 billion recorded in the previous year to N308.88 billion.

United Bank of Africa ranked third with 41.91 billion naira in e-commerce revenue, an increase of 50.4% compared with 27.87 billion naira in the same period in 2020.

Similarly, its after-tax profit increased by 35.6% to 104.6 billion naira in 9 months of 2021, and its interest income was 343.7 billion naira, an increase of 8.4%.

Bank One increased its e-commerce revenue from N34.6 billion in the nine months of 2020 to N42.02 billion during the period under review, an increase of 21.5%. Despite being one of the country's oldest banks, First Bank has been at the forefront of the mobile banking revolution.

The bank is one of the pioneers of the USSD platform, which is used to transfer money through a mobile phone's SMS application. Despite the increase in e-commerce revenue, FBN's after-tax profit fell by 24.8%, mainly due to the 12.6% drop in interest income year-on-year.

In terms of customer base and total assets, Nigeria's largest bank generated 46.25 billion naira from e-commerce during the nine-month period ending September 2021, which is 60.6% higher than the 28.8 billion naira recorded during the comparable period in 2020.

Similarly, compared with 102.3 billion naira in 9 months of 2020, its after-tax profit increased by 19.1% to 121.9 billion naira. Taking a rough look at the financial situation, Access Bank's total assets increased by 19.6% from N8.67 trillion at the beginning of the year to N10.37 trillion.

With increasing mobile phone adoption and viral social media activities leading to massive data consumption and spending across multiple channels, Nigeria has been experiencing a huge boost in electronically driven banking.

Note: This analysis does not include the cost of earning revenue. If the cost of earning income is deducted, the ranking will be very different.

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