Customers were charged N715bn by banks for electronic transactions.
In the first nine months of 2022, 11 banks charged their clients N714.61bn in electronic fees and other charges.
According to the banks’ nine-month financial reports, this is a 16.92% increase over the N611.21bn in revenue the banks received from this source during the same time in 2021.
Zenith Bank Plc, Sterling Bank Plc and Subsidiary, Stanbic IBTC Holdings Plc, Wema Bank Plc, Fidelity Bank Plc, and Union Bank of Nigeria Plc were some of the banks mentioned.
Others were Access Holdings Plc, First Bank of Nigeria Holdings Plc, Unity Bank Plc, United Bank for Africa Plc, and Guaranty Trust Holding Company and Subsidiary Companies.
Credit-related fees and commissions, account maintenance costs, corporate finance fees, e-business revenue, asset management fees, and commission on foreign exchange trades were all included in the fees and commissions.
A few more included account services, maintenance and administrative banking fees; commission on contact points; shared service costs; revenue from financial guarantee contracts provided; and transfer-related fees.
UBA earned the highest money from fees and commissions among the banks (N138.08 billion), while Unity Bank made the least (N5.34 billion). Fees and commissions brought in N117.90 billion for Zenith Bank Plc, N12.02 billion for Wema Bank, N25.04 billion for Fidelity, N72.47 billion for Stanbic IBTC, N12.65 billion for Union, N19.84 billion for Sterling, N133.49 billion for Access, N66.94 billion for GTCO, and N110.84 billion for FBN.
The provision of services to consumers transacting on the group’s alternative channels platform and on the numerous debit and credit cards provided for these payments is subject to fees and commissions expenditures, according to Access Bank.
They are charged to the organization for services provided on platforms for online banking, mobile banking, and online shopping, it said. The revenue from cards (both domestic and international cards), online purchases, and bill payments with fees and commissions are the lines of income that correspond to these costs.
