Banks earn N172bn from maintenance, transaction charges in six months

Nigerian banks earned N172 billion in revenue from account maintenance and electronic transaction fees charged to their customers in the first half of this year.

First Bank, United Bank of Africa, Access Bank, Zenith Bank, First Bank of Nigeria, Fidelity Bank, First City Monument Bank (FCMB), Union Bank, Stanbic IBTC Bank, Unity Bank, and Sterling Bank all profited from the charges, which appeared to be minor at the time.

The breakdown showed that banks realized N48.5 billion from account maintenance while N126 billion was on electronic transaction charges.

For account maintenance for which the banks charged N1 for every N1,000.00 debit transaction, Ripples Nigeria gathered that Zenith Bank generated N14.47 billion between January and June.

This was followed by Access Bank with its customers paying N10.85 billion for account maintenance.

First Bank also made N7.95 billion from its customers, while UBA realized N5.4 billion for the same service.

Sterling Bank made N1.34 billion While FCMB removed N2.2 billion during the six months period.

Stanbic Bank and Union Bank customers paid N2.54 billion and N1.03 billion for the service respectively.

Wema Bank and Unity Bank made N943.3 million and N850.8 million respectively from their customers for maintaining their accounts.

Fidelity in the first quarter reported N899 million as revenue generation from account maintenance but was yet to report its second-quarter result.

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Electronic charges

The 10 banks generated N124 billion from electronic transaction charges.

Access bank made N29.9 billion up from N21.8 billion recorded in the same period of 2020.

This was followed by UBA’s N29.6 billion, another significant increase from N17.9 billion posted in the first half of 2020.

First Bank generated N28.81 billion in H1 2021, up from N21.71 billion realized in the same period of 2020.

Zenith Bank and FCMB recorded N17 billion and N6.6 billion during the period.

Sterling Bank, and Union Bank also generated N3.59 billion and N3.54 billion respectively.

Stanbic IBTC electronic charges on customers earned the tier 2 bank N1.61 billion while Unity Bank made N1.57 billion in the first half of the year.

On the other hand, Wema Bank made N1.21 billion while Fidelity Bank earned N743 million in just three months.

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