Additionally, the total net fees and commission income of the eight banks increased by 81.6 percent YoY to N341.71 billion in Q1’24 from N188.14 billion in Q1’23.
By Johnson Atoukudu
Customers of eight commercial banks paid N119.3 billion in service charges for electronic business (e-biz) transactions in the first quarter of 2024 (Q1’24), marking a 65 percent increase from N72.22 billion in Q1’23.
The eight banks include Guaranty Trust Bank (GTB) with N11.26 billion, Zenith Bank with N19.9 billion, Access Bank with N33.28 billion, Fidelity Bank with N1.31 billion, Stanbic IBTC with N1.07 billion, United Bank for Africa (UBA) with N44.35 billion, FCMB Group with N5.08 billion, and Wema Bank with N3.01 billion.
Their Q1’24 financial statements also show that account maintenance fees paid by customers increased by 18.6 percent year-on-year (YoY) to N60.6 billion from N51.09 billion in Q1’23. Zenith Bank led in account maintenance fees, collecting N16.89 billion, followed by Access Bank with N13.8 billion, and GTB with N9.4 billion. Other banks’ fees include UBA with N9.34 billion, Fidelity Bank with N4.94 billion, FCMB Group with N2.73 billion, Stanbic IBTC with N1.5 billion, and Wema Bank with N1.46 billion.
Additionally, the total net fees and commission income of the eight banks increased by 81.6 percent YoY to N341.71 billion in Q1’24 from N188.14 billion in Q1’23.
According to Nigerian Interbank Settlement System (NIBSS) data, the value of electronic payment transactions grew by 89 percent YoY to N257.73 trillion in Q1’24 from N136.2 trillion in Q1’23. The volume of electronic payment transactions also grew by 8.3 percent YoY to 2.98 billion in Q1’24 from 2.75 billion in Q1’23.
NIBSS Industry Bank Account data for Q1’24 showed that the number of active bank accounts reached 219.64 million as of March 2024.
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