Bank customers cough out N45.9 billion as account maintenance fees in H1, 2022

H1 2021, account holders in new generation banks in the country coughed out N36.29 billion as payments for charges relating to account maintenance.

A different data also revealed that from January to December 2021, some new generation Nigerian banks raked in N69.35 billion for the same purpose while the sum of N49.69 billion was realized from the same services during the same period in 2020.

A report from the fees and commission data highlighting income from net fees and commission also showed that the banks raked in N246.77 billion in H1,2022. 

This figure represents a 21.25 percent increment from N203.52 Billion recorded in 2021.

Fees paid for services relating to electronic banking also increased from N71.38 billion in H1, 2021 to N86.52 billion in H1, 2022 signaling a 21.2 percent increase.

Recall e-transactions in Nigeria took a surge in August as data from the Nigeria Inter-Bank Settlement Systems (NIBSS) showed that from January to August 2022, transactions worth N238.7 trillion were performed electronically via the NIBSS Instant Payment Platform (NIP).

The value of e-transactions recorded in August alone was worth N33.2 trillion making it the highest all-time e-payment value since the deployment of the NIBS platform.

The increase in e-transactions has a direct effect on the surge in account maintenance fees paid by customers as the e-channels of the different banks have recently witnessed a lot of traffic due to customer preferences to use these virtual channels instead of visiting the bank branches for services.