Nigeria’s leading deposit money banks processed a combined N570.17 trillion in electronic transactions in 2025, underscoring the rapid expansion of digital banking services despite growing competition from fintech companies across the country.
The transaction volume, recorded by Zenith Bank, United Bank for Africa (UBA), GTCO, and First Holdco, represented a significant increase from the N477.05 trillion reported in 2024, reflecting stronger customer adoption of digital payment channels including mobile banking, internet banking, PoS services, ATMs, USSD platforms, and agency banking networks.
The four financial institutions also generated a combined N468.94 billion in electronic banking income during the 2025 financial year, highlighting the increasing contribution of digital channels to banking sector revenue growth.
Brandspur Banking News Desk reports that Zenith Bank emerged as the industry leader in total electronic transaction value after processing N225.28 trillion in 2025, marking a strong increase from the N170.19 trillion recorded in the previous year.
The bank’s mobile banking platform posted remarkable growth, with transaction value rising to N104.14 trillion from N57.4 trillion in 2024, while internet banking transactions climbed to N70.52 trillion from N47.2 trillion.
Industry analysts attributed the growth to Zenith Bank’s sustained investment in digital infrastructure, customer experience improvement, and the expansion of electronic payment solutions across retail and corporate banking segments.
United Bank for Africa followed with N169.6 trillion in electronic transaction value during the review period, driven by increased activity on its mobile and internet banking platforms.
The bank’s internet banking transactions rose to N69.53 trillion, while mobile banking transactions expanded to N51.65 trillion as more customers embraced digital financial services across its African operations.
UBA stated that strategic technology investments and innovation initiatives contributed significantly to the performance of its digital channels, citing products such as PAPSS-enabled cross-border payments on its Leo chatbot platform and enhanced USSD-based financial services.
The bank also disclosed that it ended 2025 with more than 45 million customers, over 430,000 active PoS terminals, more than 33 million cards issued, and approximately 44.8 million digital banking users.
GTCO recorded N90.9 trillion in electronic transactions during the year, representing a notable increase from the previous year’s performance.
A major driver of GTCO’s digital growth was its Pay-With-Transfer solution, which recorded massive growth in transaction value as customers increasingly adopted instant account-based payment options for faster and more convenient transactions.
First Holdco also posted strong digital banking performance, processing N84.39 trillion in electronic transaction value during the year.
According to the company, transactions handled through its mobile and internet banking platforms rose significantly as customers continued shifting toward digital payment and self-service banking channels.
Financial sector experts say the sustained growth in electronic transactions reflects Nigeria’s accelerating transition toward a cashless economy, driven by increased smartphone penetration, financial inclusion initiatives, and changing consumer payment behaviour.
The development also highlights how traditional banks are intensifying digital innovation efforts to retain market share and compete effectively against rapidly expanding fintech operators within Nigeria’s financial services industry.
