FirstBank, Ecobank, 5 others make N60bn from e-banking charges

The increase in the electronic banking fees is significant in the overall fees

Seven banks listed on the floor of Nigeria Exchange (NGX) which have so far released their half year (H1:2021) results, have made N60 billion from electronic banking fees.

Analysis of their unaudited financial statements show that the amount is 13.9 percent or N7.3bn higher than the N52.7bn the same banks made in the first half of 2020.

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Electronic banking revenue is generated through various digital transactions utilised by the banks’ customers, which include fees and commissions from apps usage to commission from Automatic Teller Machines (ATM), USSD channels, internet banking, Point of Sale (POS) terminals and agency banking.

The increase in the electronic banking fees is significant in the overall fees and commissions of the banks as the seven banks recorded N203bn more than the N161bn they got in 2020 from fees and commissions, representing about 30% increase.

First Bank was the biggest earner in this category with N28.8bn compared to the N27.7bn recorded iH1 2020, an increase of N1.1bn or 3.8%.

Ecobank was second with N14.5bn as against N12bn recorded in 2020 with N2.5bn or 17.2% increase.

Sterling Bank grossed N3.6bn improving from N2.5bn in 2020, an upward rise of N1.1bn or 44%.

First City Monument Bank (FCMB) recorded N6.7bn growing by N2.4bn and 36% from N4.3bn realised in 2020.

Union Bank recorded N3.5bn in its electronic banking revenue. The bank recorded a dip of N100,000 or 12.9% as it made N3.6bn in the first half of 2020.

Unity Bank got N1.5bn rising by N300,000 or 20% from N1.2bn in 2020 while Wema Bank earned N1.2bn in the first half of 2021 increasing by N100,000 or 8.3% from its N1.1bn earning last year.