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According to data showing the revenue earned by Deposit Money Banks (DMBs), a total of seven Nigerian banks generated ₦495.57 billion from e-banking charges, and account maintenance fees, among other charges in the 2023 financial year.

7 Nigerian banks with increased e-banking income | Pulse Nigeria

Solomon Ekanem

<h2>Nigerian banks have further solidified their stake in the digital banking landscape by increasing their electronic banking annual income by over 30% in 12 months.</h2>

<p>According to data showing the revenue earned by Deposit Money Banks (DMBs), a total of seven Nigerian banks generated ₦495.57 billion from e-banking charges, and account maintenance fees, among other charges in the 2023 financial year.</p>

<p>This figure indicates an increase of 36%&nbsp;from ₦365.11 billion earned in the 2022 financial year.</p>

<p>The seven banks are; FBN Holdings Plc, Stanbic IBTC Holdings Plc, Fidelity Bank Plc, FCMB Group Plc, Wema Bank Plc, Sterling Financial Holdings Company Plc and Jaiz Bank Plc.</p>

<h3><strong>1. FBN Holdings PLC</strong></h3>

<p>FBN Holdings in the period under review earned ₦66.04 billion from Electronic banking fees, ₦204.9 billion from fees and commission and also generated ₦22.08 billion from account maintenance in 2023.</p>

<h3><strong>2. Stanbic IBTC Holdings</strong></h3>

<p>Stanbic IBTC reported ₦117.84 billion income from bank fees and commissions representing a 23% growth from ₦96.07 billion reported in 2022.</p>

<p>FCMB Group earned ₦60.78 billion from fees and commissions as seen in the bank’s 2023 unaudited results and accounts. The figure indicated an increase of 38% from ₦44 billion earned in 2022.</p>

<h3><strong>4. Fidelity Bank</strong></h3>

<p>Fidelity Bank reported an income of ₦44.91 billion from fees and commissions in 2023, a growth of 44% from ₦31.15 billion reported in 2022.</p>

<h3><strong>5. Sterling Bank</strong></h3>

<p>Sterling Bank fees and commission increased by 17.6%&nbsp;from ₦22.28 billion recorded in 2022 to ₦26.32 billion in 2023.</p>

<p>Wema Bank’s fees and commission grew by 51.5% from ₦16.59 billion declared in 2022 to ₦25.14 billion in 2023.</p>

<p>Jaiz Bank declared an income of ₦2.34 billion from fees and commissions in 2023. This showed a growth of 43% from ₦1.64 billion reported in 2022.</p>

<p>Experts have attributed the growth in the e-banking sector of the economy to CBN’s Naira redesign policy which forced many Nigerians to turn to electronic forms of payment. This also led to a spike in the volume of cashless transactions in the country.</p>

<p>The CBN in its <em>Payments Vision 2025</em> document, has predicted a drop in the use of cash for transactions in the country by 2025.</p>

Seven Nigerian banks payed N144.99 million as fine to regulators in 2018 [Investorsking]

7 Nigerian banks with increased e-banking income

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