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In the first half of the year (H1’22), customers of the top commercial banks in Nigeria paid account maintenance fees totaling N45.9 billion. This marks a 26% year-over-year (YoY) increase over the N36.29 billion paid during the same time in 2021.

According to information from the banks’ H1 ’22 financial statements regarding fees and commissions, the nine banks’ net fees and commission income increased YoY by 21% to N246.77 billion in H1 ’22 from N203.51 billion in H1 ’21. 

The statistics also revealed a 21% YoY increase in fees for electronic banking services, from N71.38 billion in H1 of 21 to N86.52 billion in H1 of 22.

Fees for electronic banking services are increasing, which suggests that more Nigerians are adopting the Central Bank of Nigeria’s cashless policy (CBN). 

The NIBSS Instant Payment Platform (NIP), according to data supplied by the Nigerian Inter-Bank Settlement Systems (NIBSS), processed transactions totaling N33.2 trillion in August, raising the total value of e-payment transactions over the previous eight months to N238.7 trillion.

The data, according to NIBSS, indicated that the August 2022 milestone came as the highest e-payments value ever recorded in a month since the platform’s launch. 

The N30.3 trillion number for August showed a gain of 13.3% month over month compared to the N29.3 trillion recorded in July.

YoY, the amount of e-payments jumped by 50% from the N22.1 trillion recorded in August of last year. 

The value of recorded e-payments, according to NIBSS, increased along with the number of transactions throughout the month.

In August, the NIP volume increased to 448 million, a 10.6% rise from the 405 million registered in July.



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