Zenith, Access Bank, GTB, 7 others reap big from e-banking fees

Access Bank, GTB and Zenith Bank are among ten Nigerian banks that made immense profits from account maintenance and e-banking transactions fees in 2020, according to analyses of the banks reports.

The other banks are First bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa, and First City Monument Bank.

The banks it was gathered made a whopping N265.96 billion from these transactions alone in 2020. Breakdown shows the banks made N79.55 billion from account maintenance fees and N186.41 billion from electronic banking fees.

Of the banks under review, Zenith Bank made the most from account maintenance with N21.99 billion while Wema made the least with N1.25 billion.

Access bank raked in the most from electronic banking with N52.20 billion while Fidelity Bank made the least with N2.46 billion.

In 2020, First Bank made N12.80 billion from account maintenance, and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance charge and handling commission and N52.20 billion from channels and other e-business income.

According to Access Bank, channels and other e-business incomes include revenues from electronic channels, card products and related services.

GT Bank made N10.57 billion from account maintenance charges and N9.28 billion from e-business income.

Zenith Bank made N21.99 billion from account maintenance fees and N25.56 billion from fees on electronic products. FCMB made N3.58 billion from account maintenance and N8.61 billion from electronics fees and commissions.

Fidelity Bank made N2.8 billion from accounts maintenance charges and N2.46 billion from commission on e-banking activities.

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