UBA Digital Banking Income Soars 91.10% to N253 billion
United Bank for Africa (UBA) Plc efforts to reach customers digitally continues to magnify, fending off competitions from platforms that are using technology to render such services.
The Bank’s investments in state-of-the-art technology continue to yield expected results, evident in the huge boost of its digital banking income, which grew 91.9 percent year-on-year to N253.0 billion in 2024, from N131.80 billion as at December 2023.
It is important to note that E-banking income accounts for 40 percent of the total fees and commission income, underpinned by the lender’s sustained emphasis on technology-led innovation and best customer experience.
Banks are taking their digital banking services to another level as UBA’s digital banking income is 28 percent of gross revenue.
“These gains have enabled us to optimize net earnings amid the accelerating inflationary pressure, currency devaluation, and increased regulatory-induced cost,’ said the Bank.
“Digital banking adoption continues to drive our digital banking transaction volumes and revenues,” said the Bank.
The digital banking market has been growing with alacrity with the influx of innovating fintech companies who use the latest technology to make banking service easy for their customers.
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Of course, the proliferation of smartphones, laptops, and electronic tables have made online banking a piece of cake.
Despite the market thriving, it is still in its embryonic stage as it is expected to continue to expand due to a favorable demographic. For instance, over half of a population of 200 million are below the age of 18, and these kids will be needing a bank account.
Between 2014 and 2019, Nigeria’s bustling fintech scene raised more than $600 million in funding, attracting 25 percent ($122 million) of the $491.6 million raised by African tech startups in 2019 alone—second only to Kenya, which attracted $149 million, according to a recent report by McKinsey and Company.
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