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 Rises In Parallel Market

Published

7 hours ago

July 15, 2025

Editor

The naira today appreciated to N1,545 per dollar in the parallel market from N1,550 per dollar last weekend.
Likewise, the Naira appreciated to N1,528.65 per dollar in the Nigerian Foreign Exchange Market (NFEM).

Data published by the Central Bank of Nigeria, CBN, showed that the exchange rate for the naira fell to N1,528.65 per dollar from N1,532 per dollar last week Friday, indicating N3.35 appreciation for the naira.

Consequently, the margin between the parallel market and NFEM rate narrowed to N16.35 per dollar from N18 per dollar last weekend.

Business

SEC Raises Alarm Over Forsman & Bodenforms, Warns Investors

Published

7 hours ago

July 15, 2025

Editor

The Securities and Exchange Commission, SEC, yesterday, has warned the investing public over the activities of Forsman & Bodenforms Limited, saying the firm is not registered to operate in the capital market or to solicit for funds from the public.

The SEC, disclosed this on its website, stressing that its attention has been drawn to the activities of Forsman & Bodenforms Limited, which has been promoting its services in the social media.

The commission said: “The attention of the Securities and Exchange Commission has been drawn to the activities of Forsman & Bodenfors Ltd also known as F&B, which is paraded by its promoters as the Nigerian Branch of a Swedish advertising company bearing that name with obvious criminal intent. The promoters of this fraudulent Nigerian entity go about promising Nigerians automatic employment in the company as compensation for recruiting more members who are lured to pay various sums of money for various positions in the company.”

The commission noted that preliminary investigations reveal that Forsman & Bodenfors Ltd has been actively promoted on social media platforms and online forums, adding that its operations exhibit the typical indicators of a fraudulent (Ponzi) scheme.

“The Commission hereby informs the public that Forsman & Bodenfors Ltd is not registered by the Commission nor authorized to solicit funds from the public or to operate in any capacity in the Nigerian capital market.

“Accordingly, the public is advised to refrain from engaging with Forsman & Bodenfors Ltd or its representatives in respect of any business in the Nigerian capital market, as the potential risk of losing funds to the fraudulent promoters of the entity is very high.

“The investing public is further advised to verify the status of companies and entities offering investment opportunities on the Commission’s dedicated portal – http://www.sec.gov.ng/cmos, before transacting with them”.

Business

Naira Depreciates Against Dollar

Published

2 weeks ago

July 4, 2025

Editor

The Naira experienced a slight depreciation on Friday at the official market, trading at N1,528.56 to the dollar.

Data obtained from the website of the Central Bank of Nigeria (CBN) showed that the Naira lost N2.73.

This represents a 0.17 percent loss compared to the N1,525.82 recorded on Thursday.

The Naira, which opened the week on Monday with a gain of N9.52 against the dollar, held steady gains until Thursday.

On Wednesday, the local currency gained N3.42 against the dollar and received commendation from the International Monetary Fund (IMF).

The IMF, in its 2025 Article IV Consultation report on Nigeria, commended the CBN for its reforms to the foreign exchange market, which supported price discovery and liquidity.