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Izy OKU
3 weeks ago
Overview
Nine banks rake N922.5bn in fees as customers decry rising charges
SOME of Nigeria’s largest commercial banks earned a combined N922.5 billion ($589 million) from net fees and commission charges in 2024, marking a 60 percent jump from the prior year despite rising public frustration over surging transaction costs and service failures.
The earnings, compiled from full-year financial statements of nine deposit money banks, rose from N576.1 billion in 2023, underscoring the sector’s growing reliance on non-interest income amid a volatile macroeconomic environment.
Zenith Bank led the cohort with N206.87 billion in net fee and commission income, an 89.3 percent increase from N109.31 billion in 2023. The bank attributed the growth to charges on electronic products, account servicing fees, foreign transactions, and loan syndication services, according to its financial statement.
https://newspointnigeria.com/nine-banks-rake-n922-5bn-in-fees-as-customers-decry-rising-charges/
