Zenith, Access Bank, GTB, 7 others profit greatly from online banking fees – Blueprint Newspapers Limited
Access Bank, GTB and Zenith Bank are among ten Nigerian banks that have made huge profits from online banking and account maintenance fees in 2020, according to analyzes of banks’ reports.
The other banks are First Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa and First City Monument Bank.
The banks it brought together made a whopping N 265.96 billion from these transactions alone in 2020. The breakdown shows that banks made 79.55 billion naira from account maintenance fees and 186.41 billion. billion naira through electronic banking fees.
Among the banks examined, Zenith Bank got the most out of bookkeeping with Naira 21.99 billion while Wema did the least with Naira 1.25 billion.
Access Bank collected the most from electronic banking with N52.20 billion while Fidelity Bank did the least with N2.46 billion.
In 2020, First Bank earned N12.80 billion from account maintenance and N48.68 billion from electronic banking fees. Access Bank made N14.54 billion from account maintenance fees and management fees and N52.20 billion from channels and other e-commerce revenues.
According to Access Bank, e-commerce channels and other revenue includes revenue from electronic channels, card products and related services.
GT Bank made 10.57 billion naira from account maintenance fees and 9.28 billion naira from e-commerce income.
Zenith Bank made 21.99 billion naira from account maintenance fees and 25.56 billion naira from fees on electronic products. FCMB made 3.58 billion naira from account maintenance and 8.61 billion naira from electronic fees and commissions.
Fidelity Bank made 2.8 billion naira from account maintenance fees and 2.46 billion naira from commissions on online banking activities.