E-Banking Fees Soar to N154 Billion in First Half of 2023 Amid Rising Adoption. This represents a significant 16.7 percent increase compared to the N131.97 billion reported in the same period last year (H1’22).
The banks involved include Guaranty Trust Bank, which collected N21.2 billion; Access Bank with N43.9 billion; Zenith Bank at N22.27 billion; United Bank for Africa Plc with N51.07 billion; Stanbic IBTC at N2.14 billion; First City Monument Bank with N7.4 billion; Unity Bank collecting N1.96 billion; Fidelity Bank at N1.85 billion; and Wema Bank with N3.13 billion.
E-banking services, which are becoming more popular among Nigerians, encompass various electronic channels like internet banking, mobile banking, Automated Teller Machines (ATMs), and Point of Sale (PoS) terminals.
Data from the Nigerian Interbank Settlement System (NIBSS) for Q1’23 further supports this trend, showing a 209 percent year-on-year surge in the volume of e-payment transactions—from 1.52 billion in Q1’22 to 4.7 billion.
Simultaneously, the value of these transactions increased by 48 percent to N137.52 trillion in Q1’23, up from N92.85 trillion in Q1’2and commission income during H1’23, marking a 14.7 percent increase from the N57.5 billion recorded in H1’22. Among them, Zenith Bank led with N21.02 billion, followed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), and United Bank of Africa (UBA) with N9.6 billion.
Notably, UBA saw the highest year-on-year growth in this category at 47.6 percent, earning N9.6 billion in H1’23 compared to N6.5 billion in H1’22.
significant increase, growing by 20.7 percent year-on-year to reach N448.47 billion in H1’23, up from N371.43 billion in H1’22.
These rising fees highlight the increasing reliance and adoption of electronic banking services by Nigerians.
In conclusion, the surge in e-banking fees to N154 billion in the first half of 2023 is a clear testament to the rapidly growing adoption of electronic banking services in Nigeria. Lastly, as more customers embrace the convenience and efficiency offered by digital transactions, the banking sector is experiencing a significant transformation.