• Latest
  • Trending
UBA records 85.9% surge in e-transaction revenue, hits N284.7 billion in 2024

UBA records 85.9% surge in e-transaction revenue, hits N284.7 billion in 2024

March 30, 2025
South African investment giant raises caution on Bitcoin ETF risks

South African investment giant raises caution on Bitcoin ETF risks

September 26, 2025
OpenAI’s ChatGPT Pulse now available for Pro users

OpenAI’s ChatGPT Pulse now available for Pro users

September 26, 2025
MSport 2025

MSport 2025: Nigeria’s #1 Sports Betting Site, Powered by Chelsea & BVB

September 25, 2025
MNT-Halan introduces Egypt’s first secure lending solution via Halan App

MNT-Halan introduces Egypt’s first secure lending solution via Halan App

September 25, 2025
Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

Visa, intella partner to boost MENA’s financial institutions with Arabic conversational AI

September 25, 2025
Airtel Africa invests in education with 100 scholarships and new tech hubs

Airtel Africa invests in education with 100 scholarships and new tech hubs

September 25, 2025
SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

SINOTRUK enters Libya with Aseel Auto as exclusive distributor in Benghazi

September 25, 2025
Tango Brook launches digital card for fuel management

Tango Brook launches digital card for fuel management

September 25, 2025
AI in Nigeria announces 3rd edition of InnovationAI

AI in Nigeria announces 3rd edition of InnovationAI

September 25, 2025
Interswitch Unveils Quickteller Travel to Transform African Travel Experience

Interswitch Unveils Quickteller Travel to Transform African Travel Experience

September 25, 2025
Your one-stop tech hub! Get the latest updates on AI, cybersecurity, fintech, and emerging technologies.
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Tech TV
    • General News
    • How To
    • Reviews
  • Cryptocurrency
  • Fintech
  • Startups
  • Ai
No Result
View All Result
Techpression
No Result
View All Result
Home Business Fintech

UBA records 85.9% surge in e-transaction revenue, hits N284.7 billion in 2024

Oluwatosin Adeyemi by Oluwatosin Adeyemi
March 30, 2025
147 3
0
UBA records 85.9% surge in e-transaction revenue, hits N284.7 billion in 2024

UBA records 85.9% surge in e-transaction revenue, hits N284.7 billion in 2024

465
SHARES
Share on FacebookShare on TwitterWhatsAppTelegram

According to its 2024 financial year report, United Bank for Africa (UBA) generated N284.7 billion from electronic business transactions.

Electronic transaction fees include earnings from ATM withdrawals, card transactions, interbank transfers, online and mobile banking services, SMS/email alerts, and merchant payments.

Read also: Commercial Bank of Ethiopia launches virtual and plastic cards with MasterCard

85.9% surge in e-transaction revenue

Compared to the N157.1 billion the bank recorded in 2023, this indicates an 85.9 percent increase in its e-transaction revenue.

RelatedPosts

UBA, Mastercard launch prepaid card to enhance financial inclusion

UBA trains over 3000 finance and banking professionals for leadership roles

UBA expands operations to France, joining tier-1 Nigerian banks in Europe

These figures were disclosed in the bank’s audited financial statement for the year that ended on December 31, 2024.

The breakdown of the 2024 e-transaction revenue is N236.3 billion from electronic banking income and N48.4 billion from funds transfer fees, up from N125.6 billion and N31.5 billion, respectively, in 2023.

In 2024, the bank spent N199.2 billion on electronic transactions, an increase from N107.1 billion in 2023.

Remittance revenue increases by 158%

In 2024, United Bank for Africa saw a 158 per cent increase in remittance fee revenue.

Banks charge remittance fees when handling cross-border money transfers, such as when businesses send money abroad or when Nigerians living abroad send money home.

Remittance fees for the top-tier lender brought in N39.91 billion, a significant increase over  N15.45 billion in 2023.

Read also: Moniepoint unveils MonieWorld to streamline UK-Nigeria money transfers

UBA’s pre-tax profit surges to ₦803.7 billion by 6%

In 2024, UBA reported a pre-tax profit of N803.7 billion, up 6 per cent from 2023’s N757.6 billion. The bank’s post-tax profit reached N766.5 billion, the highest level in its history, a 26.14 per cent increase. 

The bank proposed a final dividend of  N3.00 per share as part of its earnings announcement, increasing its total dividend payout from 2024 profits to over N170 billion.

Strong loan earnings and  N1.1 trillion from investment securities, such as treasury bills, were the main drivers of the  N1.5 trillion net interest income. Although it also caused cautious borrowing behaviour, Nigeria’s high interest rate environment helped to boost returns on government securities.

Due to increased funding costs, interest expenses nearly tripled, increasing by 128.18 per cent year over year to N839.2 billion.

Tags: UBA
Oluwatosin Adeyemi

Oluwatosin Adeyemi

Oluwatosin Adeyemi is a seasoned writer with 5+ years of experience. He holds a degree in Animal Science from Olabisi Onabanjo University. A hardworking and creative individual with a passion for teamwork and self-improvement.

No Result
View All Result

Quick Links

  • Tech News
  • Cryptocurrency
  • Fintech
  • Startups
  • Business

Follow Us:

  • facebook
  • instagram
  • Twitter(X)
  • Linkedin
  • YouTube
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2025 Techpression.com -Techpression Media Limited

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in .

No Result
View All Result
  • Home
  • Tech News
    • Africa Tech
    • Global Tech
    • Tech with Pelumy
    • Tech Careers
    • Reviews
    • How To
    • General News
  • Cryptocurrency
  • Business
  • Fintech
  • Startups
  • Featured
  • Ai
  • Tech TV

© 2025 Techpression.com -Techpression Media Limited

techpression.com
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

3rd Party Cookies

This website uses Google Analytics to collect anonymous information such as the number of visitors to the site, and the most popular pages.

Keeping this cookie enabled helps us to improve our website.