E-Financial
Zenith Bank, 6 Others Rake in N244Bn in Fees, Commissions
Some 7 deposit money banks (DMBs) have reportedly raked in a total of N244.15 billion as fees and commission income in the first six months of this year.
This is against the N208.38 billion that the lenders reported for the corresponding period of 2017.
Newtelegraph reported that generally, Nigerian banks derive their fees and commission income from account maintenance fees, Automated Teller Machine (ATM) charges, fees from other electronic banking channels, letters of credit commission, remittances fees, card-based fees, fees from brokerage commission and financial advisory fees, among others.
The seven lenders’ H1 2018 results reviewed by Newtelegraph were those of Ecobank Transnational Incorporated (ETI), FBN Holdings (First Bank of Nigeria Limited), Zenith Bank and Guaranty Trust Bank (GTB).
Others are mid-sized DMBs – Stanbic IBTC, First City Monument Bank (FCMB) and Diamond Bank. Specifically, ETI’s H1 2018 results show that its net fees and commission income increased by 11.30 per cent to N67.12 billion in the period under review, from N60.3 billion in the comparative period of last year.
The pan-African lender was followed by Zenith Bank, which reported that its fees and commission income rose by 23.72 per cent in the first half of this year, to N46.71 billion, from N37.75 billion reported for the comparative period in 2017.
Stanbic IBTC recorded a 32.30 per cent increase in fees and commission income to N37.14 billion in the first half of 2018 from N28.807 billion it reported in the corresponding period of last year.
First Bank of Nigeria also reported growth in its fees and commission income for H1 2018 as the Tier 1 lender reportedly earned N35.05 billion for the period, which represents a 13.59 per cent increase over the N30.86 billion it posted for the comparative period last year.
Similarly, another Tier 1 bank, GTB, reported a 13.89 per cent increase in its fees and commission income for H1 2018 to N25.910 billion from N22.749 billion in the corresponding period of 2017.
FCMB and Diamond Bank also posted higher figures of fees and commission income for H1 2018 compared with what they reported last year.
However, while FCMB recorded a 37.47 per cent increase to N13.011 billion from N9.466 billion, Diamond Bank’s went up by N24 million to N19.208 billion from N19.184 billion in 2017.
Significantly, a review of these lenders’ 2017 full year results also show remarkable growth in their fees and commission income for last year compared with 2016.
Thus, ETI again recorded the highest fees and commission of N143.799 billion in 2017, up from the N124.759 billion it made the previous year. Zenith Bank posted fees and commission income of N90.143 billion in 2017 compared with the N68.444 billion the previous year.
FBN Holdings reported fees and commission income of N74.453 billion in 2017 higher than the N71.360 billion it recorded in 2016. Also, Stanbic IBTC reported net fees and commission of N59.089 billion in 2017, up from N52.154 billion the previous year; GTBank posted N42.922 billion as fees and commission income in 2017, up from the N39.403 billion it attained in 2016; FCMB reported fees and commission income of N21.630 billion, higher than N17.683 billion in 2016 while Diamond Bank earned N37.068 billion from fees and commission last year compared with the N41.432 billion it got the previous year. Interestingly, while DMBs are raking in billions in fees and commission income and using it to make up for the loss of revenue due to declining Treasury bill yields, the development is making bank customers very unhappy.
The bank customers accuse DMBs of frequently deducting illegal and excess charges from their accounts even when they (customers) never carried out such transactions. In fact, a bank fee that customers are particularly angry about is the reintroduced Commission on Turnover (CoT) fee now known as Current Account Maintenance (CAM) fee.
The Central Bank of Nigeria (CBN) had, in 2013, commenced the phased reduction of CoT, which terminated with the zero CoT charge in 2016. But in a circular to banks that year, the apex bank replaced the CoT with CAM, but subject to a maximum of N1 per N1,000 mille. However, financial analysts point out that many bank customers usually do not thoroughly scrutinise their account statements, thus giving DMBs the opportunity to make illegal deductions from such accounts.
The Senate on Wednesday adopted the harmonised conference committee report on the four tax reform bills.
The resolution of the Senate followed its consideration and approval of the recommendations of the conference committee of both chambers set up to harmonize the Bills.
The Chairman of the Senate Committee on Finance and leader of the Senate delegation in the conference committee, Senator Mohammed Sani Musa, presented the report.
The four tax reforms Bills which were transmitted to the National Assembly in November last year by President Bola Ahmed Tinubu include: The Joint Revenue Board (Establishment) Bill, 2025 (SB. 583); Nigeria Revenue Service (Establishment) Bill, 2025 (SB. 584); Nigeria Tax Administration Bill, 2025 (SB. 585); and Nigeria Tax Bill, 2025 (SB. 586).
In recognition of its exceptional contributions to innovative financial solutions for Micro, Small, and Medium Enterprises (MSMEs), Fidelity Bank Plc has been awarded the 2025 Development Bank of Nigeria (DBN) Innovation Award in the Deposit Money Bank (DMB) category.
This prestigious accolade celebrates Fidelity Bank’s commitment to addressing the unique challenges faced by MSMEs, a vital segment in Nigeria’s economic growth.
Dr. Nneka Onyeali-Ikpe, MD/CEO of Fidelity Bank Plc, commented on the award, reaffirming the bank’s dedication to empowering Nigerian entrepreneurs: “At Fidelity Bank, innovation is at the heart of our strategy to support MSMEs.
“This recognition underscores our commitment to developing scalable, inclusive, and technology-driven financial solutions that create positive outcomes for our nation’s entrepreneurs. We are honored to receive the DBN award and dedicate it to our loyal customers for their continued support.”
The award was presented at the 2025 Service Ambassadors’ Awards ceremony in Lagos, themed ‘Enhancing Partnership for MSME Resilience and Growth.’ Tony Okpanachi, Managing Director of DBN, emphasized the importance of financial institutions in transforming unbankable ideas into viable businesses through advisory services.
“You, our partners, are acknowledged and celebrated for your outreach to entrepreneurs and businesses seeking to scale. We appreciate you for your role in converting unbankable ideas into bankable businesses,” Okpanachi stated.
He noted that the award aims to recognize partners who make a significant impact, focusing on storytelling and the positive changes they bring to Nigeria.
This award joins a series of landmark initiatives by Fidelity Bank aimed at supporting MSMEs. Earlier in May, the bank signed a Memorandum of Understanding (MOU) with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to facilitate the expansion of Nigerian MSMEs across Africa.
Additionally, Fidelity Bank launched the Fidelity SME Hub in Gbagada, Lagos—a multifunctional facility equipped with training halls, meeting rooms, networking spaces, and studios for music, photography, and content production.
This hub is designed to foster innovation, collaboration, and capacity-building, essential elements for strengthening Nigeria’s SME ecosystem and driving economic growth.
Ranked among the best banks in Nigeria, Fidelity Bank Plc is a full-fledged Commercial Deposit Money Bank serving over 9.1 million customers through digital banking channels, its 255 business offices in Nigeria and United Kingdom subsidiary, FidBank UK Limited.
The Bank is the recipient of multiple local and international Awards, including the 2024 Excellence in Digital Transformation & MSME Banking Award by BusinessDay Banks and Financial Institutions (BAFI) Awards; the 2024 Most Innovative Mobile Banking Application award for its Fidelity Mobile App by Global Business Outlook, and the 2024 Most Innovative Investment Banking Service Provider award by Global Brands Magazine.
Additionally, the Bank was recognized as the Best Bank for SMEs in Nigeria by the Euromoney Awards for Excellence and as the Export Financing Bank of the Year by the BusinessDay Banks and Financial Institutions (BAFI) Awards.
United Bank for Africa (UBA) Plc, Africa’s Global Bank, has launched a new feature called Advance Top-Up on its USSD banking platform *919#, which is designed to provide instant access to airtime and data for its customers especially when they are out of call credit or disconnected from the internet.
The new feature which was unveiled at the UBA head office in Marina recently, allows customers to borrow airtime or data directly from their mobile devices, offering a fast, dependable solution.
Shamsideen Fashola, group head, Retail and Digital Banking, UBA, who spoke during the official launch, described the feature as a timely addition to the bank’s digital offerings and a testament to the its customer-first approach.
“At UBA, we are constantly looking for ways to make banking and everyday services more accessible for our customers. With the launch of Advance Top-Up on our USSD platform, *919#, we are giving our customers the power to stay connected without interruption, regardless of time, location, or airtime balance,” Shamsideen said.
UBA’s Advance Top-Up which is now live on *919#, joins a wide range of services on the platform, which include airtime and data purchases, money transfers to UBA and other banks, account balance checks, card blocking and freezing, online transaction controls, bill payments, and more.
Fashola emphasised the simplicity and convenience of the solution, adding that “You don’t need to download an app or visit a data centre. Just dial *919#, follow the prompt, and you’re immediately connected. It’s simple, fast, and reliable.”
Alero Ladipo, Bank’s Group Head, Marketing and Corporate Communication, added that the feature was developed based on real feedback from customers and their evolving needs.
“Our users asked for a way to stay connected when they have no airtime, and as always, we have come up with a quick solution, right there on their phones, instantly, with no fuss, and no need for internet connectivity. Whether for emergency communications or business continuity, *919# puts instant connectivity in every customer’s hands,” she explained.
She explained that only recently, the bank unveiled its newly improved Point of Sale (POS) Terminal as well as the UBA MONI App to redefine the digital payment landscape and empower small and Medium Scale Enterprises across Africa.
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