Nigerian banks made N224.69 billion from electronic banking services and ATM/card fees in the first quarter of 2026. This is a significant rise of about 12.56 percent compared to N199.61 billion during the same time in 2025. This increase shows how banks are working hard to promote more digital banking and online payment options.

The analysis revealed that income from electronic banking and ATM fees grew by N25.06 billion year-over-year, moving from N199.61 billion in early 2025 to N224.67 billion in early 2026. Specifically, revenue from electronic banking and online activities went up by 11.57 percent, reaching N177.97 billion, which is an increase from N159.52 billion the year before.

Moreover, income from ATM and card management fees surged by 16.48 percent to N46.70 billion, compared to N40.09 billion in early 2025. This rise in digital banking revenue is part of a bigger trend, as total fees and commissions collected by the 11 banks also increased by 13.64 percent, hitting N984.47 billion, up from N866.30 billion. Account maintenance fees saw a 14.07 percent rise, climbing to N209.18 billion from N183.37 billion.

Among the banks, Access Holdings led the way, earning N55.71 billion from e-banking services in early 2026, while UBA followed closely with N46.93 billion. Ecobank earned N35.53 billion from card management fees, GTCO made N21.90 billion from their online services, and Zenith Bank generated N21.54 billion from electronic product fees.

Recently, several banks revealed their earnings from digital banking services, and the results were a mixed bag of ups and downs. First Holdco raked in N20.75 billion, Wema Bank earned N6.10 billion, and Fidelity Bank brought in N8.81 billion from ATM fees and online banking commissions. Stanbic IBTC added N4.33 billion from card-related fees and online banking charges, while Sterling Financial Holdings reported N2.89 billion, and Jaiz Bank chipped in N187.05 million.

Among these banks, Fidelity Bank really shone with remarkable growth in their digital banking income. Their earnings from ATM fees and online banking skyrocketed by nearly 165%, hitting N8.81 billion, up from N3.08 billion last year. This massive jump was largely due to a significant increase in ATM fees, which surged by over 240%.

GTCO also performed well, with a 68.64% boost in income from online services, totaling N21.90 billion, compared to N12.99 billion previously. Stanbic IBTC experienced a 52.8% rise in income from card-related services, reaching N4.33 billion, and Zenith Bank’s fees from digital products jumped by almost 59% to N21.54 billion.

On the flip side, some banks saw a decline in their digital banking earnings. Wema Bank faced the largest drop, with their online service fees plummeting by more than 50%, falling to N6.10 billion from N12.37 billion. Stanbic IBTC also had a 20.57% decrease in electronic banking fees, totaling N865 million, while UBA’s online banking income dipped slightly by 1.91% to N46.93 billion. Ecobank also experienced a minor decline of 1.52%, with card management fees totaling N35.53 billion.

In conclusion, the results highlight a strong demand for digital banking services at some banks, while others are grappling with challenges in this evolving market.

A recent study revealed that digital banking channels have significantly contributed to the increase in banks’ fee income. At Access Holdings, e-banking income represented 27.2% of their total fee income, amounting to N205.03 billion. GTCO indicated that 27.27% of their fee income originated from e-business services, totaling N21.90 billion out of N80.31 billion. In contrast, UBA’s electronic banking income constituted 37.82% of its revenue, which is N124.07 billion, making it the largest source of fee income.

First Holdco generated 21.59% from electronic banking, Zenith Bank reported 25.4%, and Ecobank’s card management fees accounted for 14.94%. Wema Bank recorded 35.08% from electronic product fees, despite experiencing a decline this quarter. Stanbic IBTC earned 5.21% from card-based commissions and electronic banking, while Sterling Financial Holdings noted 17.13% from e-business fees.

The increase in digital banking income aligns with the improving economic conditions, as indicated by the growth in Nigeria’s private sector and the Stanbic IBTC Purchasing Managers’ Index climbing to 54.1 in May 2026. The ongoing reforms by the Central Bank of Nigeria are also paving the way for sustained growth in the banking sector.

The African Development Bank’s Africa Economic Outlook 2026 report highlights that digitalisation is reducing business registration costs and facilitating formal economic participation. Countries with greater use of digital public services achieve better domestic revenue mobilisation and lower levels of informality.

Digital platforms enhance taxpayer registration, improve transaction traceability, and strengthen compliance, allowing governments to capture unregistered economic activities without raising tax rates. Additionally, digitalisation boosts administrative efficiency, reduces leakages, and expands the tax base.

Crucially, it promotes economic inclusion by giving informal businesses access to digital payments and financial services, helping small enterprises build credit histories and access financial products. This transition aids the growth of micro, small, and medium-sized enterprises and supports their move from the informal to the formal economy. The rise of e-banking and digital channels reflects the increasing reliance on electronic payment systems in Africa.