Wema Bank generated ₦7.14 billion from its electronic banking channels during the first half of 2026, underscoring the growing role of digital banking as a major revenue driver for Nigerian financial institutions.
According to the bank’s unaudited financial results for the six months ended June 30, 2026, income from electronic banking services accounted for nearly 20% of its ₦36.09 billion fee and commission income, making it one of the bank’s largest non-interest revenue sources.
The revenue was generated through digital services including the ALAT app, internet banking, USSD transactions, card payments, bill payments, and other electronic banking channels used daily by millions of customers.
Digital banking remains a key revenue stream
Although digital banking revenue declined from ₦20.93 billion recorded during the same period in 2025, electronic banking remained Wema Bank’s second-largest fee income source, behind management fees, which generated ₦10.76 billion.
Other fee income during the period included:
- Account maintenance fees: ₦7.07 billion
- Foreign exchange transaction fees: ₦3.77 billion
- Credit-related fees: ₦2.88 billion
- Other commissions and fees: ₦3.04 billion
The figures highlight how Nigerian banks continue to diversify their earnings beyond traditional lending by monetising digital financial services.
Lower technology costs despite strong digital operations
Wema Bank also reported a significant reduction in technology-related operating expenses.
Technology and alternative channel costs fell to ₦4.34 billion in H1 2026, compared to ₦8.65 billion during the same period last year representing almost a 50% decline.
Despite the lower spending, the bank maintained strong digital banking performance, suggesting improved operational efficiency while continuing to serve customers through its digital platforms.
Digital banking continues to shape Nigeria’s banking industry
The performance comes as Nigerian banks increasingly rely on digital channels to drive non-interest income.
With more customers adopting mobile banking, internet banking, USSD services, digital transfers, and cashless payments, banks are investing in technology while reducing dependence on physical branches.
For Wema Bank, the latest results reinforce the strategic importance of ALAT, its flagship digital banking platform, which has helped position the lender among Nigeria’s leading digital-first banks.
Although electronic banking income moderated from the exceptionally strong performance recorded in 2025, the bank continues to generate billions of naira from digital transactions, demonstrating the growing value of technology-enabled banking services in Nigeria’s financial sector.
