See more as 10 banks earn over N1trn from e-banking, ATM charges

• Commercial banks grounds immense gross from physics transactions, which see ATMs, USSD, among others
• The maturation aligns with ongoing efforts by the Central Bank of Nigeria (CBN) to beforehand fiscal inclusion
• United Bank for Africa (UBA), Access Bank, and Zenith Bank pb the net array for e-banking

Legit.ng writer Dave Ibemere has implicit a decennary of concern journalism acquisition with in-depth cognition of the Nigerian economy, stocks, and wide marketplace trends.

Ten starring Nigerian banks raked successful a combined N1.01 trillion from relationship attraction fees, physics banking charges, and integer transaction services successful 2024.

The fig is simply a important summation from N688.64 cardinal recorded successful 2023.

Nigerian banks marque wealth from physics transactions Photo credit: Bloomberg/contributor
Source: Getty Images

Electronic banking income represents income taken connected transactions processed via physics channels specified arsenic ATM, point-of-sale (PoS), mobile banking, USSD platforms, arsenic good arsenic recognition and debit paper 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.

Analysis of the banks' performance

Legit.ng investigation showed that United Bank for Africa (UBA), Access Bank, and Zenith Bank topped the net chart, accounting for much than 47% of the full integer income, according to a reappraisal of fiscal statements by the banks.

Account attraction interest gross for each the banks stood astatine N282.26 billion.

Below is simply a elaborate breakdown of each bank’s show 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 successful channels and different e-business income to N178.61 billion, adjacent arsenic relationship attraction charges fell 41.2% to N59.78 billion.

FCMB

FCMB recorded a 4.4% summation successful income from relationship attraction and physics fees to N27.55 billion, with relationship attraction charges rising 59.9% to N13.90 billion, portion physics fees dropped 22.9% to N13.65 billion.

Fidelity Bank

Fidelity Bank recorded an relationship attraction gross of N12.94 cardinal successful 2024, portion commissions connected e-banking fell 50.7% to N4.20 billion. ATM charges much than doubled, up 164% to N9.60 billion.

USSD complaint for slope transaction is N6.98 Photo credit: nurphoto
Source: Getty Images

First Bank

First Bank’s income from physics banking and relationship attraction climbed 28.2% year-on-year to N113.74 billion, buoyed by a 15.7% maturation successful physics banking income to N76.78 cardinal and a 65.6% leap successful relationship attraction charges to N36.96 billion.

GTCO

GTCO posted a 60.7% emergence successful full income to N125.74 billion, lifted by maturation successful relationship attraction (N32.06 billion), e-business income (N56.56 billion), and ancillary charges (N37.12 billion).

Stanbic IBTC

Electronic banking net declined somewhat by 1.3% to N4.36 billion, portion relationship attraction fees surged 53.5% to N10.39 billion.

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

Sterling Bank

Stanbic IBTC saw a 37.4% summation successful combined net from physics banking, relationship maintenance, and paper commissions to N20.59 billion, with relationship attraction successful 2024 up to N10.39 cardinal erstwhile year.

UBA

UBA recorded a beardown 83.1% summation successful physics income to N266.85 billion, driven by an 88.1% leap successful physics banking income to N236.31 cardinal and a 51.6% emergence successful relationship attraction charges to N30.54 billion.

Wema Bank

Wema's relationship attraction income climbed 86.3% to N7.36 billion, portion integer merchandise fees astir doubled, increasing 91.5% to N14.07 billion.

Zenith Bank

Zenith Bank’s full income from relationship attraction and physics merchandise fees surged 54.5% to N152.98 billion, with relationship attraction hitting N72.93 cardinal and physics merchandise fees reaching N80.05 billion.

CBN approved slope charges

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

The study besides showed the assorted amounts attached to each of the charges for commercialized banks.

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

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Source: Legit.ng