Connect with us

News

HOW ACCESS BANK GAINS N5BN FROM DIGITAL LENDING IN H1 2021

Published

on

 

The digital lending revenue of Access Bank 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.

According to the Bank, 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.

 

Advertisement

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.

Advertisement

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.

USSD transactions saw an uptick of 62% in H1 2021 with N1,155 billion as compared to the N713 billion in H1 2020.

Advertisement

Mobile & internet transaction value increased by 67% from N9,822 billion in H1 2020 to N16,390 billion in H1 2021.

ATM transaction value increased by 26% to N1,044 billion H1 2021 from H1 2020, N829 billion.

POS transaction value decreased by 17 % to N301 billion H1 2021 from H1 2020, N362 billion.

Access Bank earned a total of N29.9 billion from its Channels and E-Business Income in 2020, up 37% from the same time in 2019.

Advertisement

The Bank’s E-Business Income hit a new high of N21.8 billion at the time.

Tier-1 Banks, often known as FUGAZ (First Bank, UBA, GT Bank, Access Bank, and Zenith Bank), topped the list of biggest earners in Nigerian Banks’ e-business revenues in 2020 raking in a total of N216.52 billion.

 

 

Advertisement

 

Advertisement

News18 hours ago

Breaking: Unknown gunmen raid Abuja supermarket , cart away money, phones,others (video)

News2 days ago

Breaking: Tinubu Gives Aisha Buhari, Joke Silva, MKO Abiola’s Daughter, Abike Dabiri, Others Fresh Appointments [Full List]

News2 days ago

Breaking: Tinubu’s Aide Reveals Current Health Status Of APC Presidential Candidate

Jobs2 days ago

Npower News Today Saturday 01 October, 2022 Batch C 1 & 2 | NASIMS News | NEXIT News and N – Power Job Recruitment

Entertainment1 day ago

Toyin Lawani’s semi-nude Independence day photos go viral(photos)

Politics2 days ago

Tinubu Camp Reacts To Picture Of APC Presidential Flagbearer Which Raises Fresh Concerns About His Health(Photo)

News2 days ago

Breaking: Missing Top INEC Staff Found Dead In Anambra(Photo)

Education2 days ago

University of Tokyo Scholarship 2023 in Japan (Fully Funded)

News1 day ago

#Obidients Shut Down Lagos With 4-Million-Man March For Peter Obi (Photos And Video) 

News2 days ago

60 Happy New Month Messages October 2022 For Mum, Brother/Sisters

News2 days ago

Independence Anniversary: Nigerians make shocking revelations

Entertainment1 day ago

Nollywood: Omotola Ekeinde Speaks On Genevieve’s Alleged Mental Health, Confirms Family’s Relocation To US

Nigeria
News2 days ago

Happy Independence Day Nigeria 2022: Messages, Wishes And Quotes

News1 day ago

Nigeria Better Under British Colonialists Than Present ‘Colonial Masters’ – Adeyanju

News2 days ago

2023: Tinubu’s absence causes panic among supporters

Also Read...