Nigerian Banks Generate N495bn from E-Banking, Outshining Fintechs
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First Bank, Sterling Bank, Stanbic IBTC, and five other Nigerian banks generated a total of N495.57 billion from electronic banking charges, account maintenance fees, and other levies in 2023, marking a 36% increase compared to the previous year. The major drivers of this revenue were electronic banking income and foreign currency service fees. The banks that contributed to this revenue include FBN Holdings Plc, IBTC Holdings Plc, Fidelity Bank Plc, FCMB Group Plc, Wema Bank Plc, Sterling Financial Holdings Company Plc, and Jaiz Bank Plc. Despite competition from fintech firms, which often waive charges on fund transfers, the Nigerian banks saw a notable rise in revenue from fees and commissions, driven by the expansion of their customer base. The banks have only disclosed unaudited financ...
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