Customers of Access, Zenith, GTB, 9 Others Pay N154 Billion For Electronic Transactions
- Nine banks in Nigeria have charged their customers N152 billion for the use of electronic banking channels in H1 2023
- The amount is 16.7% increase from the N131.97 billion the banks earned in the same period last year
- The bank charges are from various payment channels such as ATM, PoS, Internet Banking and Mobile Banking
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Nine leading Nigerian banks have charged their customers about N154 billion for electronic transactions in the first half of 2023.
The report is courtesy of the banks’ financial statements, which revealed that the amount represents a 16.7% yearly rise compared to the N131.97 billion earned in 2022.
Source: Getty Images
Banks with the highest earnings from electronic transactions
- GTB - N21.2 Billion
- Access Bank - N43.9 billion
- Zenith Bank - N22.27 billion
- UBA - N51.07 billion
- Stanbic IBTC- N2.14 billion
- FCMB - N7.4 billion
- Unity Bank - N1.96 billion
- Fidelity Bank - N1.85 billion
- Wema Bank - N3.13 billion
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Vanguard reports that electronic banking enables banking transactions via electronic payment channels like Internet Banking, Mobile Banking, ATMs, and PoS.
The rise in electronic banking costs and commissions shows that adopting electronic banking channels among Nigerians is robust enough for the banks.
Data from the Nigerian Interbank Settlement System (NIBSS) revealed that e-payment transactions for the first quarter of 2023 rose by 209% yearly to N4.7 billion from N1.52 billion in the first quarter of 2022.
E-payment transaction values soared by 48% to N137.52 trillion in the first quarter of 2023 from N92.85 trillion in the first quarter of 2022.
In the first half of 2022, about nine banks generated N66.7 billion from account maintenance and commission, representing a 14.7% yearly rise compared to the N57.5 billion recorded in 2022.
Nigerian banks with the highest account maintenance fees in H1 2023
- Zenith - N21.02 billion
- Access Bank - N13.36 billion
- GTBank - N10.5 billion
- UBA - N9.6 billion
- FCMB - N3.85 billion
- Fidelity Bank - N3.4 billion
- Stanbic IBTC - N2.64 billion
- Wema Bank - N1.63 billion
- Unity Bank N742.6 million
UBA recorded the highest growth in the period under review, with N9.6 billion, representing 47.6% from the N6.2 billion recorded in the year before.
The banks’ net fees and commission income for the period under review grew yearly by 20.7% to N44.47 billion in the first half of 2023.
CBN debits banks for failing to meet the CRR threshold
Legit.ng earlier reported that for failing to meet the 32.5% Cash Reserve Ratio (CRR) threshold, the Central Bank of Nigeria (CBN) debited about 10 banks N1.62 trillion in the first six months of 2023.
Zenith Bank, UBA, GTBank, FBN Holdings, FCMB, Fidelity, and Stanbic IBTC Holding were among the banks debited by the apex bank.
Others were Wema Bank, Sterling, and Unity banks.
CRR is the minimum amount commercial and merchant banks are expected to keep with the CBN from customer deposits.
Access Bank, Zenith, First Bank, and 6 others emerge as Nigeria's biggest banks by assets worth N90.4trn.
Legit.ng also reported earlier that Nigeria houses some of the biggest banks in Africa and boasts a robust financial services sector in Africa.
These banks employ a mix of traditional and innovative banking practices to adapt to the dynamic financial environment in the country.
These leading banks have extended their services across the African continent and beyond.
Source: Legit.ng
