Banks earn ₦521.79 billion from electronic, card fees

LAGOS, Nigeria — Eight Nigerian Exchange-listed banking groups earned a combined ₦521.79 billion from electronic banking and card-related fees in the nine months ended September 30, 2026. That is an increase of 8.15% from ₦482.48 billion in the same period of 2025, an additional ₦39.31 billion.

An analysis of the eight groups’ financial statements covers Access Holdings, Zenith Bank, First HoldCo, Guaranty Trust Holding Company, Wema Bank, Sterling Financial Holdings, Stanbic IBTC Holdings and Ecobank Transnational Incorporated. Five of the groups recorded growth in the selected fee categories, while three reported declines.

Access Holdings was the largest contributor, generating ₦172.92 billion, or 33.1% of the combined total. Its channels and other e-business income rose 14.3% from ₦151.35 billion. Ecobank ranked second with ₦115.93 billion in card management fees, although that figure fell from ₦125.11 billion a year earlier.

Zenith Bank earned ₦77.17 billion from electronic product fees, up 30.7% from ₦59.06 billion. First HoldCo recorded ₦73.16 billion, a rise of 6.3%. Guaranty Trust Holding Company’s e-business income rose 40.6% to ₦60.81 billion from ₦43.25 billion, the fastest growth among the eight groups. Wema Bank reported ₦10.54 billion, Sterling Financial Holdings ₦8.26 billion and Stanbic IBTC Holdings ₦3.01 billion.

Excluding Ecobank, whose disclosure covers card management fees across its multinational operations, the other seven groups earned ₦405.86 billion, up 13.6% from ₦357.37 billion. Access Holdings recorded the largest absolute increase, of ₦21.57 billion, followed by Zenith Bank with ₦18.11 billion and Guaranty Trust Holding Company with ₦17.56 billion.

Growth was uneven. Wema Bank’s electronic product fees fell 56.8% to ₦10.54 billion from ₦24.42 billion, even though its total fee and commission income rose 28.4% to ₦55.14 billion. Stanbic IBTC’s electronic banking income declined 12.6% to ₦3.01 billion, although its net fee and commission revenue rose 26.5% to ₦218.30 billion. Ecobank’s card management fees fell 7.3%, a drop of about ₦9.18 billion.

Access Holdings’ Group Chief Executive Officer, Innocent Ike, has pointed to growth in net fee and commission income as one of the factors supporting the group’s core earnings. Its e-banking expenses fell to ₦98.49 billion from ₦110.57 billion over the period, even as channel income rose. First HoldCo’s management has also highlighted transaction-led revenue, although its electronic banking fees grew by a more modest 6.3%.