10 Banks Debit Customers Over N1trn For E-Banking, ATM Charges, Account Maintenance

• Commercial banks record huge revenue from electronic transactions, which include ATMS, USSD, among others
• The growth aligns with ongoing efforts by the Central Bank of Nigeria (CBN) to promote financial inclusion
• United Bank for Africa (UBA), Access Bank, and Zenith Bank lead the earnings table for e-banking

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

Ten leading Nigerian banks raked in a combined N1.01 trillion from account maintenance fees, electronic banking charges, and digital transaction services in 2024.

The figure is a significant increase from N688.64 billion recorded in 2023.

Electronic banking income represents income taken on transactions processed via electronic channels such as ATM, point-of-sale (PoS), mobile banking, USSD platforms, as well as credit and debit card transactions.

The 10 banks surveyed are Access Holdings, First City Monument Bank, Fidelity Bank, First Bank, Guaranty Trust Holding Company(GTCO), Stanbic IBTC, Sterling Bank, United Bank for Africa, Wema Bank, and Zenith Bank.

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Analysis of the banks' performance

Legit.ng analysis showed that United Bank for Africa (UBA), Access Bank, and Zenith Bank topped the earnings chart, accounting for more than 47% of the total digital income, according to a review of financial statements by the banks.

Account maintenance fee revenue for all the banks stood at N282.26 billion.

Below is a detailed breakdown of each bank’s performance for 2024 and 2023 comparisons:

Access Holdings

In 2024, Access Holdings' e-business and account-related income jumped 78.5% year-on-year to N238.39 billion, driven by a 459.1% surge in channels and other e-business income to N178.61 billion, even as account maintenance charges fell 41.2% to N59.78 billion.

FCMB

FCMB recorded a 4.4% increase in income from account maintenance and electronic fees to N27.55 billion, with account maintenance charges rising 59.9% to N13.90 billion, while electronic fees dropped 22.9% to N13.65 billion.

Fidelity Bank

Fidelity Bank recorded an account maintenance revenue of N12.94 billion in 2024, while commissions on e-banking fell 50.7% to N4.20 billion. ATM charges more than doubled, up 164% to N9.60 billion.

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First Bank

First Bank’s income from electronic banking and account maintenance climbed 28.2% year-on-year to N113.74 billion, buoyed by a 15.7% growth in electronic banking income to N76.78 billion and a 65.6% jump in account maintenance charges to N36.96 billion.

GTCO

GTCO posted a 60.7% rise in total income to N125.74 billion, lifted by growth in account maintenance (N32.06 billion), e-business income (N56.56 billion), and ancillary charges (N37.12 billion).

Stanbic IBTC

Electronic banking earnings declined slightly by 1.3% to N4.36 billion, while account maintenance fees surged 53.5% to N10.39 billion.

Card-based commissions also grew 53.6% to N5.84 billion.

Sterling Bank

Stanbic IBTC saw a 37.4% increase in combined earnings from electronic banking, account maintenance, and card commissions to N20.59 billion, with account maintenance in 2024 up to N10.39 billion previous year.

Sterling Bank e-revenue is expected to drop as the bank announces free transfers.

UBA

UBA recorded a strong 83.1% increase in electronic income to N266.85 billion, driven by an 88.1% leap in electronic banking income to N236.31 billion and a 51.6% rise in account maintenance charges to N30.54 billion.

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Wema Bank

Wema's account maintenance income climbed 86.3% to N7.36 billion, while digital product fees almost doubled, growing 91.5% to N14.07 billion.

Zenith Bank

Zenith Bank’s total income from account maintenance and electronic product fees surged 54.5% to N152.98 billion, with account maintenance hitting N72.93 billion and electronic product fees reaching N80.05 billion.

CBN approved bank charges

Earlier, Legit.ng provided a breakdown of all CBN-approved charges for savings and current accounts.

The report also showed the various amounts attached to each of the charges for commercial banks.

There are sanctions for banks that fail to abide by the CBN guidelines.

Source: Legit.ng