Data from 11 Nigerian banks in H1 2024 reveals that 10 of them experienced profit growth, showcasing resilience in the sector. Leading the way is GTCO with a remarkable ₦905.6 billion profit, representing a 223% YoY increase.
Zenith Bank follows closely with ₦578 billion, reflecting 98% growth. Jaiz Bank, while having the smallest profit at ₦11.28 billion, posted a strong 199% rise. UBA saw a decline, with its profit being 16% lower than in H1 2023.
Over the years, merchants on agency banking platforms have played an important role in bringing the banking system closer to people. They also played a key role during Nigeria's cash crunch in Q1 2023. Despite their importance, there have been reports of people using them to commit fraud, prompting the government's recent decision to have all POS agents registered with the Corporate Affairs Commission. As of March 2024, 2.69 million POS terminals had been deployed, including those used as payment options.