Access Bank Plc in its 2016 Half year results reported a whopping N18.7 billion income from its E-business and channels segment representing a 9 fold increase from the same period in 2015. This tops the N17 billion reported by GTB within the same period.
Access Bank’s E-busines Income segment is basically its card related businesses, electronic platforms and other related services. The bank makes money from this segment any time its customers use their debit or credit cards to purchase things online, transfer money to beneficiaries or make withdrawals in either local or foreign currency. The bank also makes money from purchases made on its online mobile apps and other platforms.
According to the bank, “the increase in channels and other E-business income is a result of rise in volume of card transactions.” This indicates a growing use of cards to consummate transactions within the financial sector. As opined in an earlier article, this is a growing segment for most commercial banks who have invested heavily over the years in ensuring that Nigerians rely more on card based transactions.
With COT basically eliminated banks now rely on their e-business segments to drive up other sources of revenues.