Zenith Bank generated a total of N80.05 billion from electronic banking transaction fees in the full year 2024.
This represents 54.51% growth in its e-business revenue when compared with the N51.8 billion recorded by the bank in 2023.
The figures were disclosed in the bank’s unaudited financial statement for the year ended December 31, 2024.
Electronic fees represent income from transactions such as ATM withdrawals and balance inquiries, debit and credit card transactions, and costs associated with online and mobile banking services such as transfers and bill payments.
Banks also earn from interbank transfers, SMS and email alerts, and merchant payment processing fees
The increase in electronic fees reported in Zenith Bank in 2024 is primarily attributed to the growing adoption of digital banking services and higher transaction volumes.
Foreign currency transaction
The bank generated N13.48 billion in foreign currency transaction fees in 2024. A breakdown of the bank’s unaudited financial statement shows a 221.72% increase from N4.19 billion recorded in 2023.
Foreign currency transactions involve the exchange of one currency for another in financial activities. These include international money transfers, cross-border payments, foreign exchange purchases, and transactions made using debit or credit cards in a different currency.
The bank generated N78.53 billion from foreign withdrawal fees in 2024, from the N19.72 billion recorded in 2023, representing a 298% year-on-year growth.
What you should know
Nairametrics reported that the tier-1 bank posted a record profit after tax of N1.03 trillion in its 2024 full-year financial results, marking a 52.5% increase from the N676.9 billion recorded in 2023.
- The bank also posted a pre-tax profit of N1.32 trillion, the highest in its history, representing a 66.6% year-on-year growth.
- The bank’s workforce grew by 15% in 2024, reaching 7,704 employees, up from 6,681 in 2023. Women now make up 53% of the workforce, an increase from the near-equal gender split of the previous year.
- The report also highlights a 7% rise in female representation on the board, with women now holding 36% of the 14 board seats, up from 29% in 2023.
However, top management roles remain predominantly male, with men occupying 68% of leadership positions.
