FirstHoldCo Plc generated ₦76.56 billion from electronic banking fees and funds transfer charges in the first half of 2026, highlighting how digital transaction channels are becoming a significant and growing revenue line for one of Nigeria’s largest financial groups.
The figures sit within a broader non-interest income performance of ₦497.1 billion for the period, which the group said was supported by strong results across electronic banking, trade services, brokerage, funds transfer, and other transaction-led businesses.
Electronic banking fees and funds transfer charges together account for a meaningful share of that income, reflecting the growing volume of digital transactions flowing through First Bank’s platforms.
The numbers come from FirstHoldCo’s H1 2026 results, which showed gross earnings of ₦1.93 trillion, a 16.7% year-on-year increase, and profit before tax climbing 83.5% to ₦653.5 billion. Operating income grew 25.8% to ₦1.38 trillion. The group described the performance as marking a defining shift from recovery and repositioning to disciplined growth.
For context, electronic banking fees cover charges generated when customers use digital channels. Mobile apps, internet banking, USSD, and card transactions. Funds transfer fees are earned each time money moves between accounts or banks. As more Nigerians shift their banking activity to digital platforms, both lines tend to grow in tandem with transaction volumes.
How technology and digital banking supported FirstHoldCo’s H1 2026 performance
What makes the digital channel contribution notable is where it sits within the group’s broader earnings story. FirstHoldCo has been working through a comprehensive balance sheet cleanup over the past year, addressing legacy asset quality issues, reducing non-performing loan exposures, and strengthening its capital position.
Impairment charges declined 37.4% year-on-year in H1 2026, while pre-provision operating profit increased 42.2%, showing that the underlying business is generating more income before provisions are set aside.
The group also recorded approximately ₦91.9 billion in recoveries during the first half, demonstrating continued success in extracting value from legacy exposures.
Cost efficiency also improved, with the cost-to-income ratio falling to 44.2% from 50.5% in H1 2025. The group attributed part of this improvement to ongoing investments in technology and operational productivity, the same infrastructure that supports its electronic banking and digital transaction volumes.
For a bank of First Bank‘s size and history, the growing contribution of digital channels to non-interest income is a sign that its technology investments are translating into real revenue. As transaction volumes on digital platforms continue to rise across Nigeria, those fee lines are positioned to grow further.
See also: How ₦60 Billion in ‘Electronic purse’ deposits vanished from First Bank without an audit note
Technext Newsletter
Get the best of Africa’s daily tech to your inbox – first thing every morning.
Join the community now!
