Zenith, UBA, GTCO, and First Holdco Process N570tn in Electronic Transactions
Four major Nigerian banks processed approximately N570.17 trillion in electronic transactions in 2025, despite increasing competition from fintech companies. Zenith Bank Plc led the sector in digital transactions, followed closely by United Bank for Africa Plc, driven mainly by mobile and internet banking services. Guaranty Trust Holding Company Plc and First Holdco Plc also recorded strong growth as more customers adopted digital payment and transfer platforms.
Strong Growth in Digital Banking
The figure, generated by four major Deposit Money Banks, represents nearly a 20% increase compared to the N477.05 trillion recorded in 2024. Transactions were processed through channels such as mobile banking, internet banking, Point of Sale (PoS), Automated Teller Machines (ATMs), USSD services, and agency banking platforms. The banks also earned about N468.94 billion from electronic banking operations during the year, reflecting a 4.2% rise from the N449.94 billion reported in 2024.
Zenith Bank Leads Digital Banking Race
Financial documents reviewed by THISDAY showed that Zenith Bank Plc emerged as the biggest player in electronic transactions among the banks reviewed. Zenith Bank processed N225.28 trillion in electronic transactions in 2025, representing a strong 32.4% increase from the N170.19 trillion recorded in 2024. The bank’s growing digital adoption was largely driven by significant increases in mobile and internet banking activities. Its mobile banking transactions rose sharply to N104.14 trillion in 2025, compared to N57.4 trillion in the previous year, while internet banking transactions climbed to N70.52 trillion from N47.2 trillion. The bank, which reportedly had 36.7 million customers and over 30 million cards issued in 2025, has continued to invest heavily in technology to improve efficiency and expand digital banking services.
UBA Also Records Strong Growth
UBA also recorded strong growth across its digital platforms. The bank generated N169.6 trillion in electronic transactions in 2025, up from N151.6 trillion in 2024. Internet banking contributed a major share of the transactions, accounting for nearly 41% of the total value processed. UBA’s internet banking transactions increased to N69.53 trillion from N61.9 trillion, while mobile banking transactions rose to N51.65 trillion from N44.2 trillion recorded a year earlier. The bank also expanded its digital footprint significantly, ending 2025 with more than 45 million customers, over 430,000 active PoS terminals, 2,209 ATMs, more than 33 million issued cards, and about 44.8 million digital banking customers.
GTCO’s Pay-With-Transfer Records Explosive Growth
Guaranty Trust Holding Company Plc recorded N90.9 trillion in electronic transaction value in 2025, representing nearly 10% growth from the N82.68 trillion posted in 2024. A major driver of the growth was the company’s “Pay With Transfer” service, which witnessed an extraordinary surge during the year. The platform processed N10.4 trillion in 2025, compared to just N131.5 billion in 2024. According to GTCO, the increase reflected stronger customer confidence, higher transaction values, and wider adoption of transfer-based payment solutions because of their speed and convenience.
First HoldCo Expands Digital Revenue Streams
First Holdco Plc also reported impressive growth from its digital banking operations. The company processed transactions valued at N84.39 trillion in 2025, representing a 16.2% increase from N72.59 trillion recorded in the previous year. The group disclosed that transactions conducted through its mobile and internet banking platforms rose to N79.2 trillion in 2025, up from N66.71 trillion in 2024. The strong performance across the banking sector highlights the growing dependence of customers on digital financial services, even as fintech companies continue to intensify competition within Nigeria’s payment ecosystem.
