By Jeph Ajobaju, Chief Copy Editor
FirstBank was the first of Nigeria’s 22 banks to issue 10 million Automated Teller Machine (ATM) cards in 2017 to consolidate its leader board status in a competitive industry where players must adapt to survive.
Banks worldwide now rely heavily on technology to retain old customers and attract new ones and must produce innovative products, especially digital offerings, to keep up with customers’ preference for virtual transactions as well as make profits.
As e-banking has grown, however, so has the threat of e-banking fraud in this age of mobile phone theft, identity theft, hacking, phishing, and other forms of cybercrime aimed at stealing people’s money from a virtual purse or bank vault.
In response, FirstBank leverages all of its 127 years of experience to build a robust firewall that protects its customers against identity theft or actual stealing of their savings or financial transactions.
Dangers of digital banking lurk worldwide
Despite the risks involved, digital banking is expanding worldwide, seen as the future of savings and payments, with fintechs slogging above their weight to go head to head with traditional banks to expand the financial space.
Identity theft also occurs everywhere along with bank fraud, all made easy on digital platforms. Africa, an emerging market, is not immune. Developed economies with high tech content are not.
Before the coronavirus pandemic struck, and open-ended life and living in March 2020, and grounded social and economic activities, millions were already migrating to the convenience of digital financial transactions.
Then the pandemic raised the numbers.
Lockdowns have since increased online shopping in nearly all countries which have in turn ratcheted up digital payments as people stuck at home cannot get out to pay for goods and services with physical cash.
Digital banking fraud has also increased. Because millions of more people now provide personal data to access goods and services, creating a much wider field for cybercriminals to operate.
Initiatives taken by FirstBank
FirstBank’s cashless transaction drive has more than 10 million people on its USSD Quick Banking service through its renowned *894# Banking code and over 4.5 million on the FirstMobile platform.
The impressive growth reflects the trust the general public and customers have both in FirstBank itself and in its digital banking platform, based on a solid image built over a century.
Users of Unstructured Supplementary Service Data (USSD) form 40.66 per cent of the bank’s total 30 million customers served across all platforms through more than 750 business locations and more than 100,000 Banking Agents nationwide.
FirstBank says it has resolved to protect its customers from cybercrime, a commitment reiterated over decades, and implemented through robust electronic banking infrastructure.
This has ensured the security of its customers’ accounts anywhere they are.
FirstBank sends emails to its customers, warning: “Don’t reveal your online banking password, token response, card number or ATM pin to anyone.
“We will never request these secret details from you. Report suspicious calls to 07080625000, 014485500 or email abuse@firstbanknigeria.com”.
If a customer’s mobile phone is stolen or there is an attempted cyber-attack on his or her bank account or email, they can take the first step to ‘Post No Debit’ or have their account(s) blocked.
This is activated remotely by dialling *894*911# from any phone number.
The bank is also educating its customers through campaigns on social media – Instagram, Facebook, Twitter, et cetera – via videos, animations et cetera.
Some are in the video links below
· https://fb.watch/7u8xpyRR-t/
· https://fb.watch/7u8Dz6NcOy/
· https://fb.watch/7u8H8j9IFX/
FirstBank has also held several information security webinars to ensure people are well ahead in protecting themselves against cyber fraud.
On April 16, the bank held a webinar to sensitise individuals and businesses with useful information on being protected in the digital age with a topic on “Staying Protected Amidst the Pandemic Chaos”.
The digital age is influenced by information technology which has optimised the way individuals and businesses carry out activities in an environment marred by crime such as identity theft and internet fraud, among many others, which pose risks.
Participants at the webinar were equipped with vital information that would ensure they make informed decisions, thereby promoting their safety while staying protected against possible risks and malicious attacks.
FirstBank Group Chief Executive Officer, Adesola Adeduntan, reiterated that “the world as a global village is associated with not just benefits but also risks of cyber attack.
“For individuals, businesses and governments to make the best out of the digital and online opportunities, they need to be deliberate in protecting themselves against cyber security threats.
“In today’s digital age, which the pandemic has accelerated the embrace, cyber-attacks are occurring at an alarming rate across the world.
“As such, no individual, business or government entity with a digital and online presence is immune to cyber-attacks; and the financial, physical and legal implications of an attack can be significantly upsetting.
The webinar provided a viable opportunity to keep abreast of trends pivotal to promoting safety in a world driven by information technology.
These enlightenment campaigns benefit both customers and the general public and are integral to reinforcing the bank’s consistency of informing the two demographics on the need to be scam smart and alert.
In a global village driven by electronic banking and business activities, it remains the collective responsibility of everyone to combat the menace of cyber fraud.
At its own end, FirstBank has been investing in and promoting electronic banking through many FIRSTS. They include
· The first to introduce ATM in 1991 at its headquarters at Marina, Lagos
· The first to be granted Information Security Management System (ISMS) Certification in 2010, the world’s highest accreditation for information protection and security by the International Standards Organisation (ISO)
· The first to launch cash deposit ATM in 2011
· The first to achieve an e-payment volume of 100 million monthly
transactions in December 2015 and May 2016, verified by Interswitch
· The first to issue 10 million ATM cards in 2017
· The first to launch FastTrack ATM in 2020, a Next-Generation ATM devoid of physical contact with the machine, called the Touchless Solution.
· The first to provide financial services in 99 per cent of Nigeria’s 774 local government areas through more than 750 business locations and more than 86,300 Banking Agents to serve its over 30 million customers.
These initiatives have seen the bank through the years while being quick to reinvent itself, irrespective of its age and unprecedented role of being woven into the fabric of society for over 127 years and still counting.
FirstBank has expanded its electronic banking architecture for the safety of the accounts of its customers and to ensure their ease and convenience of doing all transactions, regardless of where they are in the world.
FirstBank template of digital banking
The template of digital banking offered by FirstBank includes FirstMobile, FirstOnline, and *894# Banking.
1. FirstMobile
FirstMobile is FirstBank’s mobile banking application developed to provide a number of banking services to customers via their internet-connected devices.
The bank promises that FirstMobile is secure, easy to use, and provides access to a customer’s account any day, anytime and anywhere.
To bank on the go on mobile devices, download FirstMobile from Google Play Store, IOS or https://www.firstbanknigeria.com/getfirstmobile.
Target Market
· All bank account holders with Verve and NMC debit card
Unique Selling Tips
· Fast and convenient transactional banking
· Quick and easy bill payment
· Lifestyle solutions which make banking exciting
· Easy to use
· Time saving
· Secure access to your account anytime and anywhere
Features
· My accounts
· Transfers
– Self-linked account
– Other FirstBank accounts
– Other bank accounts
– Saved beneficiary
· Pay bills
· Buy airtime (self and others)
· QR payment
· Card Services
ü Credit cards – view real-time card balances, fund card, block card and view statement
ü Debit card enablement for usage abroad
ü Debit card request – Expression Card, Verve Card and MasterCard
· Self-Services
ü Cheque management – confirm cheque and stop cheque
ü Beneficiary management
ü Generate receipt – transfer and bills payment
· Loan
· Lifestyle – events and shows, flight booking, news and cinema ticket
· Account settings
– Change mPIN
– Change nickname
– Token synchronisation
– Share app
– Change transaction PIN
– Reset transaction PIN
– Reset security questions and answers
– Account on and off switch
2. FirstOnline
FirstOnline provides unrestricted and secure access to your account anytime and anywhere through any internet-enabled device.
FirstBank says this platform has classy features, an impeccable user experience, and is convenient and easy to use.
Target Market
· All retail/individual customers
· SMEs
· All corporate customers
Unique Selling Tips
· Platform stability
· Highly secured and friendly to use
· Financial workflow
· Online real-time account monitoring facility
· Allows 24/7 access to account
· Image and phrase security feature
Features
· Funds transfer (intra and inter)
– Self-linked account
– Other FirstBank accounts
– Other bank accounts
· Download statement
· Bills payment
· Buy airtime (self and others)
· Bulk payments such as salary schedule upload and processing
· Register complaints
· Card management – request and block card
· Token management – request, deactivation and synchronisation
· Beneficiary management – view beneficiary, add beneficiary, delete beneficiary
· Multiple transfers with a single token – view beneficiary, add beneficiary, delete beneficiary
· Recurrent payment – initiate standing orders
· Approval workflow
· Cheque services – confirm cheque and stop cheque
· Paypal registration, et cetera
FirstOnline Enrolment Process
1. Retail Customers
· Self-Registration
– Provide card PAN and PIN to trigger an OTP to your telephone number
– Enter OTP and enter preferred User ID to enrol on the platform
· In-Branch Registration
– Visit any FirstBank branch to complete Online Banking enrolment
form
2. Corporate Customers
· In-Branch Registration
– Visit any FirstBank branch to complete the Corporate Online Banking enrolment form
– Upon enrolment, login details (User ID and Password) are sent in two separate mails to your e-mail on Finacle
3. 894 Banking
Features
• Airtime recharge self – *894*Amount#
• Airtime recharge third party – *894*Amount*PhoneNumber#
• Funds transfer – *894*amount*AccountNumber#
• Data vending self – *894*2#
• Data vending third party – *894*2*PhoneNumber#
• Account opening, enrollment and PIN reset – *894*0#
• Balance enquiry – *894*00#
• Mini statement – *894*AccountNumber#
• Account number enquiry – *894#
• BVN enquiry – *894#
• Self-Opt-Out – *894*911#
• First Advance
• Merchant payments – *894*Merchant ID*Amount
Quick, Convenient, Secure, Easy
On its website – https://www.firstbanknigeria.com/personal/ways-to-bank/ussd/ – FirstBank pitches its USSD code 894 as a quick, convenient, secure and easy way to perform your banking transactions.
It says with the code, one can transfer money, check balance, buy airtime, pay bills and do lots more anytime and anywhere, using any type of phone without the need for internet connectivity or data.
Customers can also dial *894# and get access to Quick Banking services in a menu-based layout without having to dial the codes.
When dialled, two options are displayed for the customer to choose from:
· Quick Banking – Follow prompts to access the listed services for FirstBank account holders ONLY.
· FirstMonie – For electronic wallet-based transactions. This product is available to both account holders and non-account holders.
“Once you have a FirstBank account with a linked debit card, a phone number profiled for SMS alert and a mobile phone, you are just one dial away from enjoying the unbeatable 894 experience.
“Simply dial *894*0# to get started!”, the bank says.
Answers to frequently asked questions
FirstBank also provides on the website the following answers to frequently asked questions (FAQs):
What is 894?
894 is a quick, convenient, secure and easy way to perform your banking transactions (transfer money, check balance, buy airtime, pay bills and lots more) anytime and anywhere, using any type of phone without internet (data).
Who can use this service?
All individual account holders with phone numbers enrolled on the bank’s SMS alert platform.
Joint, corporate, and multiple signatory accounts are not eligible for this service.
What services are available on 894?
You can transfer money, buy airtime for yourself and others, check your account balances, make purchases, pay your bills, open accounts, and lots more.
Can I use the service on more than one of my accounts?
Yes, you can.
How do I enroll for 894 services?
If you have an existing FirstBank debit card(s) linked to your account(s):
· Simply dial *894*0#
· A list of masked debit card numbers linked to your account is displayed
· Select your preferred debit card
· Enter the 4-digit Personal Identification Number (PIN) for the selected debit card
· Create a new 5-digit PIN
· Your number is now LIVE on the FirstBank USSD Quick Banking Service
Is this service available on all mobile networks?
Yes, all subscribers of Airtel, MTN, Globacom, and 9mobile networks can use and enjoy the services.
How secure is the 894 Mobile Banking?
894 is secure as it requires registration and PIN authentication on all your banking transactions.
Who do I contact for support or enquiries?
Please call 0700FIRSTCONTACT (0700-34778-2668228), or email firstcontact@firstbanknigeria.com
You may also visit the nearest FirstBank branch.
Online banking fraud occurs worldwide
Identity theft occurs everywhere along with bank fraud, all made easy on digital platforms. Africa, an emerging market, is not immune. The case of Nigeria is cited below.
Nor are developed economies, like the United Kingdom, Japan, Australia, and the United States, as reports published below illustrate.
UK – digital banking fraud up 22%
Victims of authorised push payments (APP) fraud in the UK lost £479 million in 2020, as criminals used the pandemic to target people online, Finextra reports.
The APP fraud losses documented by UK Finance are up 5 per cent on the previous year, with the number of cases increasing by 22 per cent to almost 150,000 in 2020.
Banks were able to return £206.9 million of the losses from APP fraud to victims, over three quarters more than the sum returned in 2019.
Impersonation scam cases, in which criminals impersonate trusted organisations to trick victims into handing over their money, almost doubled to 39,364 cases in 2020, the largest increase of all scam types.
During the pandemic, criminals sent fraudulent emails claiming to offer government support to those impacted by the pandemic and scam text messages requesting payments to book a Covid-19 vaccine.
They also impersonated delivery companies to exploit the rise in online shopping.
To capitalise on the increase in online activity during the pandemic, UK Finance has also seen the emergence of criminals openly advertising fraud and scam services for sale online, including template phishing websites and custom-built scam apps that replicate real banking apps.
UK Finance is calling for fraud to be included in the scope of the government’s Online Safety Bill.
This would ensure that online platforms such as social media firms, search engines and dating websites take action to address vulnerabilities in their systems that are being exploited by criminals to commit fraud.
Katy Worobec, managing director of economic crime at UK Finance, says: “We are seeing a worrying rise in online and technology-enabled scams that evade banks’ advanced security systems and use digital platforms to target victims directly, tricking them into giving away their money or information.
“We urge the government to use the upcoming Online Safety Bill to ensure online platforms take action to protect customers by taking down scam adverts on search engines, removing fake profiles on online dating websites and tackling fraudulent content on social media.”
On the upside, contactless card fraud losses fell by 22 per cent to £16 million, the first annual fall since this data started being collected in 2013.
This is likely to be related to lockdown restrictions limiting opportunities for criminals to commit contactless fraud using lost and stolen cards.
UK – true life story of an e-bank fraud
The BBC reported on March 24 how a con artist rang a Briton, Emmeline Hartley, claiming to be from Barclays and told her to transfer money to a new bank account as her current one was at risk.
She said she was “scammed out of every penny I had” and shared her story on Twitter to try to stop others falling victim to bank fraudsters.
Harley, 28, a drama student at the University of Birmingham, moved £1,000 out of her account after a man claiming to be from Barclays called.
The number appeared to be genuine, but it was a spoof. The bank agreed to fully reimburse her.
Her story was retweeted thousands of times and others shared their experiences in response to her post.
“I am usually very good at not falling for scams but this one caught me off-guard at a pretty vulnerable time in my life,” Hartley said.
“I thought I had done my due diligence but it was not enough.”
Hartley said she had been taken in by a text message scam on March 20 which claimed she owed payment to Royal Mail for a package to be delivered.
As her birthday was coming up and she was in a hurry, she said she had thought nothing of it and entered her bank details.
The following day, a man called her and told her someone had tried to set up direct debits in her account to other firms.
The con artist told her she needed a new bank account as entering her details to the text had put her online banking at risk.
He persuaded her to transfer the £1,000 – all her savings – to the new account and Hartley said she had only fully realised she was being scammed when he had asked her to transfer her overdraft.
When it did not work, she said she had broken down in tears and he had hung up.
“It was down to circumstances, I was panicked and angry at falling for the Royal Mail scam and I have always trusted Barclays,” she said.
“This guy was plausible, professional and understanding and I just fell for it.”
Hartley said Barclays had started an investigation into what had happened but she felt the bank’s online app could have more warnings to try to stop such a scam.
She said her bank had called her on March 23 and told her they would be reimbursing her in full.
A spokesperson for Barclays told the BBC: “No genuine bank would message you to transfer money to a ‘safe account’ – we advise any customers to ignore anyone who asks to do this, whether it’s by phone, email or any other method.”
Since sharing her story on Twitter on March 21, hundreds of people have commented, with many sharing their own stories of similar bank scams, the BBC adds.
Japan – digital banking fraud costs 1.13b yen
A total of 1.13 billion yen ($10.29 million) was lost through damages caused by online banking fraud in Japan in 2020. This figure was less than half of the damages recorded in 2019, according to Statistica in a report on April 9, 2021.
The amount of money lost due to online banking fraud in Japan decreased between 2016 and 2018 due to improved security measures at financial institutions.
However, a surge in the number of online banking fraud cases was detected in 2019, with many cases being related to SMS messages and e-mails that impersonated trusted institutions and led customers to phishing websites.
Next to cases involving institutions such as banks, there were also cases confirmed in which victims were led to phishing websites via messages impersonating home delivery services and online shopping services.
In some instances, fraudulent apps were installed on smartphones. Next to fraudulent remittances, methods involving crypto-assets, electronic money, and the charging of prepaid cards were also confirmed.
The overwhelming majority of victims in 2019 were individual persons.
As the internet has become increasingly important in people’s daily lives and the spread of smartphones has made mobile internet access highly convenient, crimes using the internet have become a major challenge for Japanese law enforcers.
The number of cleared cyber crime cases gradually increased since the mid-2010s. Crimes involving financial damages include a variety of offences, such as violations of copyright law, frauds, and ransomware.
According to a survey, quoted by Statistica, a large proportion of Japanese companies have experienced damage of some sort due to cyber crimes, which also presents a market opportunity for companies offering protection measures.
Australia – online fraud nicks $455m
iTnews reports that a marked shift to mobile-based online and tap purchases for credit and debit transactions by consumers could finally be forcing down Australia’s stubbornly high online fraud rates with the latest payment fraud statistics showing a marginal drop to $455 million for the 2018-2019 financial year.
Annual numbers released by AusPayNet on December 18, 2020, show the key measure nudged down for only the second time since statistics started being kept – but only by a paltry 5 per cent, compared to $479 million in the previous period.
A fall in online card fraud rates had been widely expected in the banking and payments industry after banks were put on notice by the Reserve Bank of Australia that another sanction would come their way unless they took immediate measures to force down the number.
A real worry for issuing banks and card schemes like Mastercard, Visa and American Express is that regulations governing card fraud liability could be quickly changed to stop them from shifting fraud losses back to merchants.
At current levels, that would amount to a string of around $100 million each for the Big Four, a chunk of cash sizeable enough to card heads very nervous about already diminishing margins.
US – online fraud attempts rise 25%
CNBC reports that from identity theft to phishing attempts, the number of digital fraud attempts in the U.S. is up 25.07 per cent in the first four months of 2021, compared to the last four months of 2020.
The broadcaster cites a new report from TransUnion, which found that when looking at specific industries, digital fraud attacks against financial services companies increased 109 per cent in the U.S. during that same period.
Globally, fraud attempts in this industry were up 149 per cent.
TransUnion defines digital fraud as any online scams or fraudulent transactions.
That includes schemes where fraudsters attempt to steal personal information through social media networks and online sites and phishing attempts, which occur when cybercriminals send fake emails to you that either attempt to retrieve personal information or infect a device with malware.
“Part of the reason why we’re still seeing an uptick is that, globally, we’re opening up more, businesses are opening up more.
“You can dine now in person and people are more comfortable shopping in person,” says Melissa Gaddis, senior director of customer success and part of the global fraud solutions team at TransUnion.
“Even though businesses are opening up more, many people remain more comfortable transacting online and businesses are maintaining a higher online presence which means that digital fraud will continue to be higher.”
Financial services companies like banks and investment companies are particularly attractive targets because there are “big dollars there,” Gaddis says.
People have been doing more online transactions since the pandemic hit and cybercriminals know it, so they’re attempting to cash in.
Fraudsters who have been successful (or think they’ve been successful) at gaining someone’s personal information are taking it to the next level by trying to obtain credit cards or take over bank accounts, Gaddis says.
Beyond financial services, TransUnion found that the travel industry saw the second-highest level of digital fraud attempts at the beginning of this year – up 25 per cent globally.
Gaddis says this is because the number of transactions within the travel industry dropped dramatically during the pandemic and is now starting to bounce back.
“It’s definitely on the uptick and that just gives an open field for fraudsters to try to monetize those as well,” Gaddis tells CNBC.
While it is, to some extent, a business’s responsibility to ensure customers are protected from fraud, Gaddis says customers should also be responsible as well.
That includes signing up for and using protections such as two-factor authentication, which generally requires users to not only enter a password but also confirm their identity by entering a code texted or emailed to them.
Using strong, different passwords for each account also helps. If it’s a struggle to remember all the passwords, consider getting a password manager like Dashlane (free limited version, unlimited password plan is $4.99 a month).
These programs automatically generate unique, secure passwords for all your accounts and remember them for you.
“While it absolutely is the responsibility of the business to protect the assets and protect the consumer, I think consumers also can do some things on their side to add a layer of protection for themselves,” Gaddis says.
These fraud attempts are not likely to decrease anytime soon, she adds. “I do believe there is going to be a permanent shift to businesses having more digital transactions.”
That means cybercriminals will continue their attacks.
In all of 2020, consumers in the US lost $56 billion to identity fraud, with about 49 million consumers falling victim, according to a report by CNBC which quoted the 2021 Identity Fraud Study by Javelin Strategy & Research released on March 23.
About $13 billion in losses were due to what Javelin calls “traditional identity fraud,” where cybercriminals steal personally identifiable information and use it for their own gains, such as through data breaches.
But the bulk of the losses last year, $43 billion, stemmed from identity theft scams where criminals interact directly with consumers to steal their information through methods such as robocalls and phishing emails.
Victims of these scams lost $1,100 on average, according to Javelin.
“Identity fraud has evolved and now reflects the lengths criminals will take to directly target consumers in order to steal their personally identifiable information,” says John Buzzard, a lead fraud and security analyst with Javelin Strategy & Research.
Because the Covid-19 pandemic changed the way people shopped and transferred money, many criminals targeted digital wallets and peer-to-peer payment methods such as Apple Pay and Zelle.
About 18 million victims fell prey to scams through these digital payment methods last year, Javelin found, per CNBC.
“The culture of fraud is clearly shifting. The pandemic has created so many more points of vulnerability for families and businesses,” says Paige Schaffer, CEO of global identity and cyber protection services at Generali Global Assistance.
Nigeria – surge in online banking fraud
Tellimer Research cites a report from the Nigeria Inter-Bank Settlement System (NIBSS) in February which shows that the number of fraud attempts in digital banking in 9M 20 grew by 186 per cent year-on-year (yoy), to 46,126 cases.
This was driven mainly by increased attempts via mobile (330 per cent yoy), online (173 per cent yoy) and Point of Sale (POS) machines (215 per cent yoy).
The Central Bank of Nigeria (CBN) has been rolling out several directives since 2012 to promote the adoption of digital banking and improve financial inclusion – the latest fraud data highlights the risk associated with this push.
The total amount lost to online fraud during the period was N5.2 billion, with a 93 per cent success rate.
The alarming rise in fraud attempts coincides with the Covid-induced shift to digital banking in Nigeria as lockdown measures disabled physical banking operations.
The NIBSS report noted that 56 per cent of all reported fraud attempts were carried out using “social engineering” techniques – the psychological manipulation of people to gain confidential information.
A common example of this in Nigeria is receiving emails from fraudsters pretending to be banking personnel. Bank customers who did not have two-factor authentication systems set up were the next big target at 19 per cent.
Growing adoption of e-payment channels
The total N5.2 billion lost to fraud is relatively small, making up just 1 per cent of total 9M 20 net profit for commercial banks and 0.03 per cent of customer deposits.
But the worry lies in the cyber security risk it poses to banks as more customers adopt their digital banking platforms and the long-term consequences for earnings.
In terms of the growing adoption of e-payment channels, in 2020 the banking industry witnessed
· a 303 per cent yoy expansion in the volume of transfers using mobile phones
· a 50 per cent yoy growth in POS transactions
· a 77 per cent increase in the volume of online transactions done through the NIBSS instant payment platform
Excluding the impact of reduced e-banking charges by the CBN in 2020, these growing metrics have been positive for most of the banks Tellimer Research covers.
Among those banks that provided disclosures Tellimer Research on their e-banking operations in 9M 20,
· Access Bank recorded an average growth of 41 per cent in transaction volumes from its e-banking channels (USSD, ATM, Mobile and Web)
· FBNH recorded a 29 per cent yoy growth (Mobile and USSD), while transactions grew by 82 per cent yoy (mobile, Web and USSD) for FCMB.
As Nigeria’s rate of financial inclusion grows and more customers embrace digital payments, the growing incidence of fraud poses a great risk to the growth numbers our coverage banks are currently recording as well as customers faith in the integrity of their digital products.
With scammers pretending to be bank officials the major means of carrying out fraud, banks will no doubt need to ramp up security to protect customer’s confidence in their digital products as well as raise awareness.
In addition to the risk on volumes, revenues from digital channels for Nigerian banks are also at risk, if the rapid growth in fraud is not curtailed.
This is particularly important for banks that are focused on boosting retail transactions and growing fee income to support earnings, as they navigate a lower yield environment that has pressured net interest margins.
Among the banks that Tellimer Research covers, Access (44 per cent), FBNH (39 per cent) and UBA (33 per cent) have the highest contribution of digital income to their fee income, while GTB and Zenith have signalled their commitment to continue growing digital income lines.