This picture taken on January 29, 2016 in Lagos shows 1000 naira banknotes, Nigeria’s currency. Nigeria’s central bank governor, Godwin Emefiele, on January 26 dismissed calls to devalue the naira in his monetary policy committee statement. Instead he chose to continue propping up the currency at 197-199 naira to the dollar and maintain foreign-exchange restrictions. As a result, the naira on the black market is hovering around a record low of 305, fuelling complaints from domestic and foreign businesses who can’t access dollars required for imports. / AFP / PIUS UTOMI EKPEI (Photo credit should read PIUS UTOMI EKPEI/AFP/Getty Images)

Customers Pay N45.9b As Account Maintenance Fees

Findings from the fees and commission data has shown that customers of leading commercial   banks in Nigeria paid N45.9 billion as account maintenance fees in the first half of the year (H1’22). 

This represents a 26 per cent year-on-year (YoY) rise when compared to N36.29 billion paid in the corresponding period of 2021.

The data contained in the H1 ’22 Financial Statements of the banks showed that net fees and commission income of the nine banks rose YoY   by 21 percent to N246.77 billion in H1’22 from N203.51 billion in H1’21.

The data also showed that fees paid for electronic banking services rose by 21 per cent YoY to N86.52 billion in H1’22 from N71.38 billion in H1’21.

The rise in electronic banking services fees indicates that more Nigerians are embracing the cashless policy of the Central Bank of Nigeria (CBN).  

Data released by the Nigeria Inter-Bank Settlement Systems (NIBSS) revealed that transactions worth N33.2 trillion were performed electronically in August through the NIBSS Instant Payment Platform (NIP) bringing the total value of e-payment deals in the last 8 months to N238.7 trillion.

According to NIBSS, the data showed that the August 2022 record came as an all-time high e-payments value recorded in a month since the deployment of the platform.

Compared to the N29.3 trillion recorded in July, the August figure showed a 13.3 per cent  month-on-month growth.

YoY, the e-payment value increased by 50 per cent    compared to N22.1 trillion recorded in August last year.

NIBSS noted that the value of e-payment recorded was a reflection of the increase in the volume of deals within the month.

The NIP volume rose to 448 million in August, showing a 10.6 percent increase over 405 million recorded in July.

Kehinde Ogunyale

Reporting on the data-driven economy, and investigations.

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