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  • Nigerian Banks Record ₦265bn in Revenue From e-Business

    Nigerian Banks Record ₦265bn in Revenue From e-Business

    When compared with the total sum of ₦213.204 billion recorded in 2022, the banks’ revenue earned from e-business during the same period in 2023 increased by 24.42%.

    Income from e-business is earned from electronic channels, card products, and related services which include mobile applications, USSD channels, automated teller machines (ATMs), agency banking, internet banking, and point of sales (POS) payments.

    The recent figures have indicated steady growth in e-business income for Nigerian financial institutions as banks have progressed to tap the benefits that come with adapting to digital economy.

    This comes amid the shift in customer interest from traditional banking methods to the increasing popularity of mobile and online banking in Nigeria. This has, in turn, led to a corresponding increase in banks’ revenue as more customers have turned to these channels to access financial services.

    According to the report, Access Holdings Plc with earnings of ₦70.350 billion, and United Bank for Africa Plc (UBA) with an e-business income of ₦61.161 billion emerged the top two earners during the period in review.

    Access Holdings’ income grew by 42.41% from ₦49.399 billion generated in 2022 while UBA’s profit also witnessed a growth of 33.77% compared to ₦45.720 billion recorded in the previous year.

    Other banks that made profits in e-business revenue include Guaranty Trust Holding Company PLC (GTCO Holdings) with an e-business income of ₦30.906 billion. This amount indicated an increase of 14.7%, compared to ₦26.945 billion generated in 2022.

    First Bank of Nigeria Limited reported an e-business income of ₦48.789 billion. The bank’s e-business income grew by 18% from ₦39.977 billion recorded in 2022.

    Zenith Bank Plc’s income of ₦33.551 billion from e-business during the period indicated a decrease of 7.5% when compared with the sum of ₦36.069 billion recorded in the previous year.

    It is interesting to note that the five banks mentioned above recorded a combined sum of ₦244.757 billion and represents 92.26% of the total sum of ₦265.269 billion generated in the first nine months of 2023.

    Other banks include;

    Sterling Financial Holdings – ₦6.304 billion

    Wema Bank – ₦5.207 billion

    Stanbic IBTC- ₦3.242 billion

    Fidelity Bank- ₦2.848 billion

    Unity Bank-₦2.215 billion

    Jaiz Bank- ₦696 million

  • The Top 5 Best Performing Banks in Nigeria in 2022

    The Top 5 Best Performing Banks in Nigeria in 2022

    The research is courtesy Nairalytics, an arm of Nairamterics

    It shows the net revenue of banks against, their gross profit tax expenditure, and operating expenses

    A new report has shown, which of the thirteen Nigerian banks recorded the highest revenues in the first half of 2022.

    According to Nairalytics, the research department of Nairametrics, the thirteen Nigerian banks listed on the Nigeria Exchange raked in N501.13 billion net profit in the first half of 2022.

    This revenue is 13% more than last year’s, within the same period in review. This revenue is also despite the economic issues that have plagued Nigeria in the past few months since the year began, including, high inflation rates, devaluation of the naira, and an increased interest rate.

    These banks managed to do well despite compromises such as reducing working hours to minimize operating costs.

    Below is a list of five of the best performing banks this year thus far, according to Nairametrics;

    Zenith Bank: Zenith Bank is the best performing bank this year, recording a net revenue of N111.41 billion. Its gross profit is N404.76 billion. Both numbers denote an increase for the bank from last year’s performance.

    Last year, the bank experienced a 5% increase in its net profit, within the period in review, which came in at N106.12 billion. Also in its gross, it experienced a 17.1%increase. Its cost of operation grew by 26.8% year-on-year to N123.78 billion, while personnel expenses increased by 5.7% to N39.74 billion.

    Tax expenses for this bank rose by 69.9% from N10.94 billion to N18.59 billion.

    Access Bank: Following behind is Access Bank which had a revenue of N88.74 billion. The bank grew by 2.1% in profit margins this year compared to its last year’s revenue of N86.94 billion in the same six months.

    Its gross margins grew significantly by 31.4%. The bank experienced a surge in its operating expenses including, personnel expenses increasing by 33.9% to N58.27 billion while other operating expenses surged by 40.2% year-on-year to N176.71 billion.

    Guarantee Trust Holding: Coming in third is Guarantee Trust Holding, which had a revenue of N77.58 billion. This bank unlike the previous two banks mentioned experienced a decline of 2.3% in its bottom line. Last year, Guarantee Trust Holding raked in N79.42 billion within the first six months.

    This decline could be a result of the surge in the bank’s operating cost, which was N63.57 billion, 17% higher than the N54.34 billion it expended in the same period last year.

    Tax expenses also increased by 88.3% to N25.69 billion in the period under review.

    United Bank of Africa (UBA): This bank recorded N70.33 billion in net revenue in the first half of 2022. Unlike GTA, the bank saw a significant increase in its profit margin compared to the same period in 2021. UBA had a 16.1% increase, shooting from N60.58 billion in 2021 to N70.33 billion in 2022.

    Personnel expenses surged by 22.7% to N52.29 billion, and other operating expenses increased by 22.6% to N96.57 billion.

    Tax expenses for this bank in the first half of the year fell by 1.2% to N15.42 billion when compared to last year, in the period under review.

    First Bank of Nigeria: At number 5 is one of Nigeria’s premier banks, First Bank. This bank made N56.6 billion in the first half of 2022. Of all the banks listed here, First Bank experienced the most growth from last year to this year. In the first half of 2021, the bank made N38.09 billion compared to its 56.6 billion this year, a 48.6% increase in retrospect.

    As for personnel expenses the bank spent N55.31 billion, an increase of 7.9% when compared to last year. Operating expenses jumped by 32.7% to N116.78 billion.

  • 5 Funding Opportunities Available to African Women

    5 Funding Opportunities Available to African Women

    The disparity between men and women in Africa fails to reflect the relevance of female participation in economic activities. With the growth of female representation in different sectors, it has become apparent that women have a lot to offer in the struggle to grow and sustain the African economy.

    Unfortunately, said representation is still at a level that is relatively unremarkable. More than ever, women’s empowerment is critical. Women of all ages need to be encouraged as much as their male counterparts. One way to do this would be through funding and business grants.

    A business grant is a debt-free capital option available to entrepreneurs and startups. These grants can be used to fund and scale business ventures, and are typically granted to an individual or group of individuals by some form of participation.

    Africa boasts numerous funding opportunities, both from foreign and local organizations. Some of these fundings are exclusively available to women to grow female-owned businesses in Africa. Below are some business grants available to African women;

    She Leads Africa Accelerator Grant: One of the most prolific funding programs for young women in Africa, She Leads Africa is an organization committed to aiding ambitious young women to reach their goals. Founded in Nigeria SLA, has over 700,000 women across Africa on its platform. Its Accelerator Grant is offered annually to female entrepreneurs between the ages of 18-35. It offers N2 million in investment capital to young enterprising ladies. The program lasts for 6 months, It promises to raise your profile and give you access to great business minds in Africa.

    Access Bank’s Womenpreneur Pitch-a-ton Africa: This initiative is available to women entrepreneurs across the nine African countries where Access Bank operates. These include Nigeria, Ghana, Rwanda, Zambia, Sierra Leone, Gambia, Kenya, Mozambique, South Africa, and Congo, practically every African country where Access bank can be found. It has a 3 months duration where there would be pitching and a mini MBA training program that is put together in collaboration with the International Finance Corporation. Successful applicants stand the chance of winning a grant anywhere from N5 million to N500,000.

    Miss Africa Seed Grants for African Women in Tech Business: This grant is courtesy of the Del York Creative Academy and promises to award $5000 to its winner, while $1000 is granted to the finalists. This grant was created to support African women in computer science or STEM fields. The NGO projects eligible for grant funding also include; hackathons and coding boot camps for girls, early incubation of female tech entrepreneurs, and programming and app development programs. 3 winners are selected. The first prize goes home with $5000, while the second and third prizes go home with $1000 each. The program takes place for 6 weeks.

    African Women Development Fund: This funding program is a pan-African program geared toward female-led NGOs which are taking charge of social justice movements, female right, and security. To qualify for a grant, certain criteria have to meet, including a minimum of 3 years of running the organization, must be a female-led NGO, and must have a structured organizational hierarchy. Since its inception in the year 2000, AWDF has awarded grants of US$59 million to over 1,300 women’s organizations in 47 countries in Africa and the Middle East.

    US African Development Foundation (USADF) Accelerate Africa Entrepreneurship Challenge 2022: The aim of this challenge is to bolster job creation in Africa, particularly for the youth and women.

    The US African Development Foundation has been set up to invest in Micro, Small, and Mid-sized enterprises (MSMEs). To be eligible to receive a grant, candidates’ businesses must procure a concise solution to a problem plaguing the African economy and have a sustainability metric. Successful applicants will receive anywhere from $50,000 to $250,000 from USADF Access to support technical assistance and governance. The intent of this initiative is to empower youths and women to teach them how to apply business solutions to social problems and create sustainable employment across Africa. Addressing the needs of underserved and at-risk communities and/or market demand. Define market opportunities and supply chain linkages for youth and women-owned MSMEs.

     

  • Access Bank gains N5 billion from digital lending in the first six months of 2021

    Access Bank gains N5 billion from digital lending in the first six months of 2021

    Access Bank’s digital lending revenue has increased from N1 billion in the first half of 2019 to N5 billion in the first half of 2021, indicative of a growing appetite and increased adoption of digital lending.

    The transaction value grew from N17 billion in 2019 H1 to N68 billion in 2021 H1, indicative of a 99% increase in the value of loans issued by Access bank to her customers.

    Nigeria has seen a significant increase in electronic-driven banking due to rising mobile phone usage and viral social media, which has resulted in colossal data consumption and expenditure across many channels.

    The banking industry is also benefiting greatly from the surge in mobile phone use, with easy-to-use banking applications that are safe and function similarly to social networking apps.

    As a result of its merger with Diamond Bank, Access Bank has positioned itself to benefit from digital gains. Diamond Bank was a leading tech-focused commercial bank, a significant draw for Access Bank when deciding on the merger.

    The bank’s deposits had increased to N7.7 trillion, up from around N3.5 trillion when the merger was initially announced in 2018. The revenue base is perhaps the most critical driver of its e-business Income development.

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