A total of six Nigerian banks generated N534.32 billion from electronic-banking charges, account maintenance fees, among other charges imposed from customers in first quarter (Q1) ended March 2025.
This is an increase of 26.5per cent from N422.24bllion reported in first quarter ended March 2024.
The six big banks are: United Bank for Africa Plc (UBA), Access Holdings Plc, Guaranty Trust Holding Company Plc (GTCO), Zenith Bank Plc and FBN Holdings Plc.
These six big banks generated a significant increase from fees and commission on the backdrop of growth in customers’ base.
Nigerian banks are competing with Fintech companies such as, MoMo Payment Service Bank (MoMo PSB), Fintech subsidiary of MTN Nigeria. Airtel SmartCash, Opay, Palmpay, others that charges customers zero charges on fund transfer to another Fintech company or banks.
The breakdown showed that Access Holdings posted N174.48billion fee & commission income in Q1 2025, about 55 per cent increase over N112.4billion in Q1 2024, while UBA declared N124.07 billion fee & commission income in Q1 2025, representing an increase of about 9.2 per cent from N113.7 billion declared in Q1 2024.
As GTCO announced N79.06 billion fee & commission income in Q1 2025, up by 41.2 per cent from N55.99 billion in Q1 2024, Zenith Bank’s fee & commission income stood at N78.98billion in Q1 2025, about 0.98 per cent increase over N78.22billion declared in Q1 2024.
In addition, First Holdco announced N77.7 billion fee & commission income in Q1 2025, about 25.4 per cent hike over N62billion reported in Q1 2024.