The structure and institutions of economies and the increasingly interconnected global business landscape influence firms’ information system (IS) choices and performance. Our knowledge of IS business value has resulted from mainly a firm- centric perspective based on internal business processes, which is consistent with computing paradigms that dominated the pre-W3 eras. Although emerging works are now examining pieces of the Internet-era e-business value conundrum, our knowledge remains underdeveloped, and cross-country research on e-business capabilities are few. As a response, this research empirically examines the impact of environmental and firm contexts on e-business capability for improving performance. The TOE perspective underpins the conceptual development of this research. Results from the survey of 218 financial firms in Singapore and Nigeria reveal significant impact of environmental factors on the firm’s ability to derive value from e-business. The data also reveals significant differences between Singapore and Nigerian contextual factors, indicating location dynamics in advancing e-business capabilities for business performance.