As Nigerians continue to groan under excessive bank charges deducted from their accounts, Zenith, UBA, Access banks and six others made N59.596 billion from these charges, including electronic banking fees, National Daily has gathered.


From the banks half year results for 2017, United Bank for Africa, Stanbic IBTC, Access Bank, Guaranty Trust Bank, Zenith Bank, FBN Holdings, Diamond and Fidelity Banks had jointly made N34.849 billion through electronic banking charges, although it was less than N76.155 billion which they made through the same channel in the first half of 2016.

With the exception of Zenith Bank which recorded a rise in income from electronic banking fees, the other banks had significant declines in the income from electronic channels. There was also a decline in what the banks made through account maintenance charges.

In the first half of the year, eight banks made N24.747 billion, a reduction in the charges compared to N28.368 billion that was made in the first six months of 2016. Of the banks, Zenith Bank stood out in what it made from account maintenance charges while UBA, despite the substantial decline in electronic banking fees income still recorded the highest figure.

UBA which recorded the highest income from electronic transactions saw a 45.9 per cent decline from N18.085 which it made in the comparable period of 2016 to N9.781 billion. GTB which saw a 61.4 per cent decline from N17.263 billion it made in 2016, followed UBA with an income flow of N6.668 billion from electronic banking charges.

FBN Holdings also saw a decline from N10.59 billion which it made in 2016 from electronic banking charges recording an income flow of N6.53 billion, while Zenith Bank recorded a 168 per cent in income flow from electronic transactions in the first six months of the year making N5.386 billion as against N2.008 which it made in the comparable period of 2016.

Zenith Bank also made N8.32 billion from account maintenance charges in the first half of the year compared to N8.92 billion which it made in the H1 period of 2016. GTB increased it income flow from account maintenance charges from N3.89 billion to N4.87 billion.

The Central Bank of Nigeria (CBN), earlier in the year had reviewed the Guide to Bank charges cutting down what customers pay for electronic bank transactions although it retained the account maintenance fee which banks started charging after the phasing out of commission on turnover in 2016.

The apex bank in the revised guideline cut the charges on internet banking transactions to N50 from N100 and Real Time Gross Settlement (RTGS) to N500 from N700. It however increased charges on card maintenance fees from N100 annually to N600 annually.

SOURCE: https://brandspurng.com/nine-banks-make-n59-6bn-from-maintenance-charges-in-6-months/

Banks still make huge profits from hidden charges. Unfortunately, they don't reward their customers with credit facilities.

Na wa o

Where is EFCC? This is extortion by style. Things never done in the other climes.

I didn't even bother to check the names of the banks in the post, off course Diamond Bank must be there.
Diamond Bank charges me for nothing, no notification at all on the money the deduct but the account keep decreasing daily. This bank don't fear God at all.

Yet, with poor services

Banks are the real thieves. They will always pretend they're helping you but in real sense, it's the other way round. Pull out your money and watch the bank fold.

Make I see any bank customer care wey no go pamper me...

Not Good enough

Legal Thieves.

Codedly, they'll be removing N5, N20, etc.... Them no dey give person interest on top savings account again sef

I just knew that UBA would be part of them. I get 3-4 card maintenance debit alerts monthly.
If you call customer care, your credit would finish before they pick it up, be like say them get collabo with telcos. And if you do mistake to visit the banking hall, you would spend no less than an hour before you're attended to, precious time in which you could have made 10x the value of what you're fighting for.
A lesson I have learnt, its not every kobo you should fight for, if you wanna live long, let go of some change once in a while. ......at least until govt wakes up to their responsibilities, corruption would remain our friend

Ok

Banks ripping Nigerians off as usual

That was how GTBank removed almost 200 Naira from my account, thus bringing down my account balance to N1,999,935.

Can you just imagine

OLE!

That's the reason I hate fiat with passion. I only deal on banks when I need money instantly, I either keep my cash at home or in Bleep

Corporate Extortion

have u blame APC today?

Emefiele keep enriching his goons in the banking industry while Nigerians groan with incessant bank charges

Always robbing their customers since time immemorial. End time profit

Ok

People who wouldn't make heaven in no particular order.
Bankers, Lawyers, Accountants, Police, Military Personnel, Politicians, Pastors (at least most of them) , Building Developers in fact every body but me

I know GTB will be there....even for receiving money and email from them sef dem go charge u!

madrid is behind Barcelona with how many points?

This is unfair. We will not take it.






As if we have any choice.

Hmm. That's cool money without stress.

I must own a bank in this Nigeria

Naija Banks with their crude way of making money, all these monthly 100 naira deductions na money multiplied by millions of customers, choi these institutions have finished us

N o n s e n s e

Firstbank of Nigeria ehn.. every month they'll always deduct card maintenance fee plus vat.. if u do a transfer and its not going through they'll still deduct charges plus vat.. If they reverse ur transaction they'll never reverse the commission and vat.. Thieves!

Awon eleribu sombori!

The charges is too much.... The compulsory stamp duty charges on each deposit is crazy.... How do SME grow?

BunbleBee:
madrid is behind Barcelona with how many points?

Are u sure you are OK?