7 Nigerian banks with increased e-banking income

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.

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.

This figure indicates an increase of 36% from ₦365.11 billion earned in the 2022 financial year.

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.

1. FBN Holdings PLC

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.

2. Stanbic IBTC Holdings

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

3. FCMB Group

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.

4. Fidelity Bank

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.

Fidelity Bank [OracleNews] Pulse Nigeria

5. Sterling Bank

Sterling Bank fees and commission increased by 17.6% from ₦22.28 billion recorded in 2022 to ₦26.32 billion in 2023.

6. Wema Bank.

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

7. Jaiz Bank

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.

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.

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