Customers are Charged N715bn by Banks for Electronic Transactions, Among Others.

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In the first nine months of 2022, 11 banks charged their clients N714. 61bn in electronic fees and other charges. According to the banks’ nine-month financial reports, this is a 16. 92% increase over the N611.21bn in income the banks received from this source during the same time in 2021.

Zenith Bank Plc, Sterling Bank Plc and Subsidiary, Stanbic IBTC Holdings Plc, Wema Bank Plc, Fidelity Bank Plc, and Union Bank of Nigeria Plc were some of the banks mentioned. UBA made the highest money from fees and commissions among the banks (N138. 08 billion), while Unity Bank made the least (N5.34 billion).

On January 1, 2020, the Central Bank of Nigeria issued new regulations on bank fees. The new guidelines mainly affected the amount that may be charged for electronic transfers, hardware token costs, and card maintenance fees.

Banks were generating a lot of money through bank charges, Uju Ogubunka, the president of the Bank Customers Association of Nigeria, claimed.


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