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Home Opinions Blurb

Access Bank’s E-Business Grows 9 Folds To N18.7 Billion In 6 Months

Nairametrics by Nairametrics
August 21, 2016
in Blurb
Analysis: GTB Is Now Raking In About N3 billion Monthly From E-business
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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.

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With COT basically eliminated banks now rely on their e-business segments to drive up other sources of revenues.

Tags: Access Bank Plc NewsANALYSISE-businessE-commerceE-paymentMobile Money
Nairametrics

Nairametrics

Nairametrics is Nigeria's top business news and financial analysis website. We focus on providing resources that help small businesses and retail investors make better investing decisions. Nairametrics is updated daily by a team of professionals. Post updated as "Nairametrics" are published by our Editorial Board.

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Comments 1

  1. dami says:
    August 22, 2016 at 8:23 pm

    You will not see this type of income repeat itself in H2 2016. They are largely mark up income on card transactions.

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