The figures were disclosed in the banks’ audited financial statements for the year ended December 31, 2025, filed with the Nigerian Exchange (NGX).

The earnings underscore the growing importance of digital banking channels as a major revenue stream, driven by increased adoption of mobile banking, USSD services, card payments and online transfers.

A breakdown of the data shows that Zenith Bank recorded N91.95 billion in account maintenance fees in 2025, representing a 26.1 per cent increase from N72.93 billion in 2024. Its electronic banking income rose to N89.13 billion, up 11.3 per cent year-on-year.

Similarly, GTCO posted N37.92 billion in account maintenance income, reflecting a 16.1 per cent increase from N32.66 billion in the previous year. Its e-business revenue climbed to N64.72 billion, up 14.4 per cent from N56.56 billion in 2024.

Combined, the two banks earned N129.87 billion from account maintenance charges and N153.85 billion from electronic banking transactions.

Industry analysts say the strong growth reflects deeper financial inclusion and a shift in customer behaviour toward digital banking platforms, as users increasingly favour faster and more convenient transaction methods.

The expansion of fee-based income has also provided a buffer against interest rate fluctuations, reinforcing profitability in a high-inflation environment.

Both banks have continued to invest in financial technology infrastructure to enhance service delivery and unlock new revenue streams.

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The banks—Zenith Bank, Guaranty Trust Holding Company (GTCO), Stanbic IBTC, United Bank for Africa (UBA), and Wema Bank—significantly ramped up spending compared with the previous year, with some doubling their outlays.

Zenith Bank led the pack, allocating N49.88 billion, more than twice its N23.09 billion spend in H1 2024. GTCO followed closely with N37.76 billion, slightly above the N36.60 billion recorded last year, while Stanbic IBTC increased its IT investments to N23.74 billion from N15.86 billion. UBA maintained near-flat spending at N6.72 billion, while Wema Bank posted the sharpest jump, committing N8.65 billion compared with just N1.13 billion a year ago, largely to support its ALAT digital platform.

Access Holdings, which topped the 2024 IT spend league with N93.1 billion, is yet to release its half-year results for 2025. Other financial groups such as First HoldCo and Sterling Holdings released H1 reports without disclosing their technology expenses.

The surge in IT spending is driven by the rapid expansion of cashless transactions, partly accelerated by the Central Bank of Nigeria’s (CBN) naira redesign policy and cash withdrawal limits introduced in late 2022. Nigerian banks spent N518.5 billion on IT in 2024, more than double the N248 billion spent in 2023.

Analysts say the new investments are targeted at improving operational efficiency, customer experience, and digital security. However, concerns remain over the adequacy of cybersecurity defenses. According to the Nigeria Inter-Bank Settlement System (NIBSS), banks lost N52.26 billion to fraud in 2024, a 195% increase over the previous year.

Industry experts warn that while banks are moving in the right direction, cybercriminals are evolving even faster. “The evolution of cloud and AI is moving very quickly. This means that bad actors can do things at a rate that is quite high. So, banks need to keep investing,” said Nonso Magulike, Executive Director of Bitscape.

Similarly, Dipo Alabede, CEO of mobile payments firm Clane, stressed that digital infrastructure is key to competitiveness in the payment space but cautioned that current levels of investment may still be inadequate given the rising threat of phishing, ransomware, and data breaches.

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TECH DIGEST- The Nigerian banking system is undergoing a period of transition and adaptation. Several major Nigerian banks have been undergoing core banking system migrations, leading to temporary service disruptions and customer inconveniences. This process involves transitioning to new and more advanced software systems, which can sometimes cause technical difficulties.

Guaranty Trust Bank (GTB) has recently delayed the reopening of its branches and digital banking channels due to issues related to its migration to a new Finacle Core Banking Application. Other banks, such as Sterling Bank and, Access Bank, Zenith Bank, have also experienced similar disruptions during their system upgrades, which might still occur. It’s all to strengthen the cybersecurity of the bank to reduce the rates of frauds and scams.

Cybersecurity is the practice of protecting systems, networks, and programs from digital attacks. These cyberattacks are usually aimed at accessing, changing, or destroying sensitive information; extorting money from users through ransomware; or interrupting normal business processes. Implementing effective cybersecurity measures is particularly challenging today because there are more devices than people, and attackers are becoming more innovative.

Cybersecurity remains a significant concern for Nigerian banks. The increasing reliance on digital banking has made these institutions vulnerable to cyberattacks, including phishing scams, malware, and unauthorized access. Banks invest heavily in security measures to protect customer data and prevent financial losses.

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TECHDIGEST – The Nigeria Data Protection Commission (NDPC) says it is investigating three banks, a university and other suspects over alleged data breach.

A data breach is an unauthorised access to confidential information.

The commission listed Zenith, Fidelity, Guarantee Trust Banks, Babcock University, Leadway Insurance, etc., for the interaction.

NDPC national commissioner Vincent Olatunji disclosed this in a statement on Thursday.

Mr Olatunji said the investigation came following complaints from data subjects. He explained that with the new Nigerian Data Protection Act (NDPA), the commission had been empowered with a legal framework to address issues of citizens’ data breaches.

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“In the last few weeks, the NDPC has received complaints bordering on unlawful data processing, unauthorised access to personal data and violation of data subjects’ rights,” stated the NDPC chief. “Under Part 10 of the newly signed NDPA 2023, a data controller with a turnover of N200 billion yearly may pay as high as N2 billion, which represents two per cent of the gross revenue.”

He added, “Not only that, offenders also risk up to one-year jail term. We are currently investigating Guarantee Trust Bank, Fidelity, Unity, Zenith banks, Leadway Insurance and Babcock University, among others, for data breach.”

According to him, many micro-finance banks have yet to align their operations with data privacy and protection requirements.

He further revealed that loaning organisations would face the law with the new mandate of the Federal Competition and Consumer Protection Commission.
Mr Olatunji said the mandate required loan organisations to seek compliance and clearance from NDPC before approving online lenders.

“The commission is investigating over 400 complaints in the online lending sector. Soko Loan is already working on a comeback to the digital lending market, but yet to be approved,” said the commissioner.

He, however, said that the commission was engaging in sensitisation exercises to ensure that data controllers understood the implications of a data breach.

According to the national commissioner, the NDPC prioritises awareness more than the scorched earth enforcement process.

(NAN)

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TECHDIGEST – The Nigeria Data Protection Bureau has opened an investigation into allegations of data breach by two Nigeria Banks, namely GT Bank and Zenith Bank. This investigations were triggered by allegations of unlawful disclosure of banking records to a third party and unlawful access and processing of personal data.

According to the directive of the National Commissioner and CEO, NDPB, Dr. Vincent Olatunji, the investigation covers the data governance practice of the banks in all their branches in Nigeria and extends to all third parties carrying out data processing activities. The Bureau notes with concern that many data privacy and protection regulations and best practices are hardly implemented down the organizational strata of major data controllers in Nigeria.
Similarly, the Bureau enjoins organizations to heed the Federal Government circulars and general compliance notice directing them to send the names of their Data Protection Officers/Contacts to the Bureau.

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There are reports by Nigeria Inter Bank Settlement System (NIBSS) which indicated that within 9 months of 2020, fraudsters attempted 46,126 attacks and they were successful in 41,979 occasion representing 91% of the time! This level of vulnerability to data breach is unacceptable and it can only be addressed through foolproof data security and data privacy measures by data controllers/data processors in the industry.

The National Commissioner enjoins all financial institution to emulate the example of the Central Bank of Nigeria in compliance with the Nigeria Data Protection Regulation (NDPR) 2019 and in creating a robust data governance system.

The National Privacy Week is an opportunity for all organizations to set their records straight on how they handle the data of citizens. Enforcement measures will be taken against wilful violators of privacy rights forthwith.

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