Business

Bank Customers Pay N154bn Fees For E-banking Services

Published

2 years ago

September 28, 2023

Customers of nine leading commercial banks paid N154 billion fee for using electronic banking services in the first half of the year (H1’23).

Details of the banks’ financial statements for H1’23 showed that the fee represents a 16.7 percent year-on-year (YoY) rise when compared to N131.97 billion paid in H1’22.

The banks are Guaranty Trust Bank which raked in N21.2 billion from the customers, Access Bank (N43.9), Zenith Bank (N22.27 billion), United Bank for Africa Plc (N51.07 billion), Stanbic IBTC (N2.14 billion), First City Monument Bank (N7.4 billion), Unity Bank (N1.96 billion), Fidelity Bank (N1.85 billion) and Wema Bank (N3.13 billion).

Electronic Banking is a service that enables banking transactions through electronic payment channels like internet banking, mobile banking, Automated Teller Machines (ATMs), Point of Sale (PoS) among others.

The rise in electronic banking fees and commission indicates that Nigerians’ adoption of electronic payment channels has continued to increase.

According to the Nigerian Interbank Settlement System (NIBSS) e-payment data for Q1’23 the volume of e-payment transactions grew YoY by 209 percent to 4.7 billion from 1.52 billion in Q1’22.

The value of e-payment transactions increased YoY by 48 percent to N137.52 trillion in Q1’23 from N92.85 trillion in Q1’22.

Meanwhile, in H1 ’23, the nine banks earned N66.7 billion from account maintenance fees and commission income, representing a 14.7 percent YoY rise when compared to N57.5 billion recorded in the corresponding period of 2022, H1’22.

In terms of highest account maintenance fees and commission income, Zenith Bank had the highest (N21.02 billion), followed by Access Bank (N13.36 billion), Guaranty Trust Bank (N10.5 billion), United Bank of Africa, UBA, (N9.6 billion), First City Monument Bank, FCMB, (N3.85 billion), Fidelity Bank (N3.4 billion), Stanbic IBTC (N2.64 billion), Wema Bank (N1.63 billion) and Unity Bank ( N742.6 million).

However, in terms of growth, UBA had the highest YoY growth of 47.6 percent at N9.6 billion in H1’23 from N6.5 billion in H1’22.

The cumulative net fees and commission income for the banks grew YoY by 20.7 percent to N448.47 billion in H1’23 from N371.43 billion in H1’22.

Related Topics:#Banks Bank Bank Customers

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Business

Naira Continues Gain Against US Dollar As Nigeria’s Foreign Reserves Climb To $45.57bn

Published

2 days ago

January 6, 2026

Editor

The Naira appreciated further against the United States Dollar at the official foreign exchange market, beginning the week on a good note.

Central Bank of Nigeria data showed that the Naira strengthened on Monday to N1,429.31 per dollar, up from N1,430.85 exchanged on Friday, 2 January 2026.

This means that the Naira gained N1.56 against the dollar on Monday when compared to N1,430.85 last week Friday.

At the black market, the Naira dropped by N5 to N1480 per dollar on Monday, down from N1475 traded Friday.

The development comes as the country’s external reserves rose to $45.57 billion as of Friday last week.

Business

NNPCL Reduces Fuel Price Again

Published

2 days ago

January 5, 2026

Editor

The Nigerian National Petroleum Company Limited, NNPCL, has again reduced its premium motor spirit price.

In Abuja, on Monday morning, it was gathered that NNPCL retail outlets have reduced their fuel price to N815 per liter, down from N835.

This means that the NNPCL filling stations cut their price by N20.

The fresh price has been implemented at NNPCL filling stations in Wuse Zone 6 and 4 Abuja, Keffi-Abuja Road, and Kubwa Expressway.

An NNPCL filling station attendant, who preferred anonymity, told DAILY POST that the new price was implemented on Sunday evening.

However, the N815 per liter is N79 higher than the N739 per liter sold at Dangote Refinery’s backed MRS filling stations nationwide.

DAILY POST recalls that NNPCL on December 19, 2025, cut its price of petrol by N80 to N835 amid a price war among players in the country’s oil downstream sector triggered by Dangote Refinery’s gantry price reduction to N699 per liter.

Business

NNPCL Announces Restoration Of Escravos-Lagos Pipeline

Published

1 week ago

December 30, 2025

Editor

The Nigerian National Petroleum Company Limited (NNPCL) has announced the complete restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State, following the recent explosion on the asset.

The chief corporate communications officer (CCCO) of the nation’s oil company, Andy Odeh, in a statement, said that the pipeline is fully operational, reiterating the company’s resilience and commitment to energy security.

“NNPC Limited is pleased to announce the successful restoration of the Escravos-Lagos Pipeline System (ELPS) in Warri, Delta State.

“Following the unexpected explosion on December 10, 2025, we immediately activated our emergency response, deployed coordinated containment measures, and worked tirelessly with multidisciplinary teams to ensure the damaged section was repaired, pressure-tested, and safely recommissioned.

“Today, the pipeline is fully operational, reaffirming our resilience and commitment to energy security. This achievement was made possible through the unwavering support of our host communities, the guidance of regulators, the vigilance of security agencies, and the dedication of our partners and staff.

“Together, we turned a challenging moment into a success story, restoring operations in record time while upholding the highest standards of safety and environmental stewardship.

“As we move forward, NNPC Limited remains steadfast in its pledge to protect our environment, safeguard our communities, and maintain the integrity and reliability of our assets. Thank you for your trust as we continue to power progress for Nigeria and beyond,” the statement read.