Customers of nine leading commercial banks paid a total of N154 billion in fees for using electronic banking services in the first half of 2023.

This figure represents a significant increase of 16.7 percent when compared to the N131.97 billion paid during the same period in 2022.

The banks that generated these electronic banking fees include Guaranty Trust Bank, which earned N21.2 billion, Access Bank with N43.9 billion, Zenith Bank at N22.27 billion, United Bank for Africa Plc recording N51.07 billion, Stanbic IBTC with N2.14 billion, First City Monument Bank at N7.4 billion, Unity Bank with N1.96 billion, Fidelity Bank at N1.85 billion, and Wema Bank generating N3.13 billion.

Electronic Banking encompasses a range of services that enable banking transactions through electronic payment channels such as internet banking, mobile banking, Automated Teller Machines (ATMs), and Point of Sale (PoS) terminals, among others.

The increase in electronic banking fees and commissions indicates the growing adoption of electronic payment channels among Nigerians.

According to data from the Nigerian Interbank Settlement System (NIBSS) for the first quarter of 2023, the volume of e-payment transactions saw a remarkable YoY growth of 209 percent, reaching 4.7 billion transactions, up from 1.52 billion in the same period in 2022. The value of e-payment transactions also increased by 48 percent YoY, reaching N137.52 trillion in the first quarter of 2023, compared to N92.85 trillion in the first quarter of 2022.

During the first half of 2023, the nine banks collectively earned N66.7 billion from account maintenance fees and commission income. This represents a 14.7 percent YoY increase when compared to the N57.5 billion recorded during the same period in 2022 (H1'22).