Business

Seven Banks Rake In N403.6bn From Fees, Commissions

Published

4 years ago

November 22, 2021

Seven deposit money banks in Nigeria generated the sum of N403.6 billion in nine months from fees and commissions, financial statements of the banks for the third quarter of this year have revealed.
This amount is 24.7 per cent higher than the N303.9 billion recorded in the same period of 2020 by the banks.
The banks are Access Bank Plc, Zenith Bank Plc, Stanbic IBTC Holdings Plc, Guaranty Trust Bank Limited, United Bank of Africa Plc, Fidelity Bank Plc and Union Bank of Nigeria Plc.
The N403.6bn was arrived at after aggregating the net fee and commission income.
Fees and commissions account for a significant percentage of non-interest income for banks, and represent income from account maintenance fees, electronic banking fees, and other credit-related commissions.
Net fee and commission income is the actual revenue generated from these charges after expenses incurred from providing the services have been deducted.
Access Bank raked in a total of N88.9 billion as against N71.8 billion generated during the same period in 2020.
The bank’s financial report also showed that it made N16.2 billion from account maintenance and handling commission, and the sum of N46.3 billion from channels and other e-business fees.
During the review period, Zenith Bank made N65.1 billion from fees and commissions, 47.2 per cent higher than the N44.2 billion generated in the corresponding period of the previous year.
The bank made N24.2 billion from current account maintenance and N23.9 billion from fees on electronic products.
UBA generated N110.9 billion, N25.9 billion higher than the N85bn made in the nine-month period of 2020. It made N7.1 billion from account maintenance charges and N41.9bn from e-business fees.
Stanbic’s net fee and commission revenue of N60.9 billion rose by 13.1 per cent from the N52.9 billion generated in the corresponding period of 2020.
Account maintenance fees accounted for N3.7 billion while electronic banking charges accounted for N2.5 billion of the total fees and commission income.
According to the financial statement of GTB, N51.8 billion was generated between January and September from fees and commissions, a N19.1billion jump from the revenue recorded in the same period of 2020.
The bank disclosed that the sum of N13.1 billion was generated from account maintenance fees while e-business fees produced N15.6 billion.
Union Bank raked in N10.3 billion from fees and commission in the period under review. Account maintenance fees accounted for N1.7 billion while electronic bank charges contributed N6.7 billion.
Fidelity Bank generated a total of N15.7 billion in the three quarters, rising by N5.6 billion in the same period a year earlier.
The bank made N2.8 billion from accountant maintenance fees and N6.7 billion from e-business fees.
On January 1, 2020, the apex bank ushered in a new regime for bank charges. The changes to its guidelines mostly affected things like card maintenance fees, charge for hardware tokens and the amount that can be paid for electronic transfers.
In a circular dated December 20, 2019, the CBN placed N2,500 as the maximum cost for a hardware token.
It also said that bills payment including bills payment through other e-channels should cost a maximum of N500, and gave a range of costs for electronic funds transfer.

Business

Agency Gives Insight Into Its Inspection, Monitoring Operations

Published

9 hours ago

January 12, 2026

The Tide

The Director, South South Zone National Agency for Food Drug Administration and Control (NAFDAC), Pharmacist Chujwuma P.Oligbu has said its thorough implementation of its core mandate of monitoring has no link with witch-hunting or fault finding as perceived at some quarters.

Oligbu, made this known when he spoke as as guest at the maiden Rivers state Supermarkets stakeholders’ Seminar/Workshop in Port Harcourt recently.

Rather, he said they were mere opportunities for education, correction and continuous improvement.

The Agency’s South South Boss, noted that Supermarket operators who maintain transparent records, cooperate during inspections, and promptly address identified gaps demonstrate professionalism and commitment to public health standard.

He listed the deserving essence of supermarket operation to include the key aspects of supermarket operation that deserves emphasis is product sourcing.

“Supermarkets must ensure that all regulated products stocked on their shelves are duly registered with NAFDAC and sourced from legitimate manufacturers or distributors”, he said .

According to him, the presence of unregistered, expired, counterfeit, or improper labelled products undermines consumer confidence and poses serious health risks.

He pointed out that such has the likelihood of exposeing supermarket operators to legal sanctions that could damage their reputation and financial stability.

The NAFDAC Operator, further enlightened the participants that mere registration of a particular product with the Federal agency do not guarantee absolute consumption safety.

“Temperature control, cleanliness, pest control, stock rotation, and proper shelving are not optional practice; they are essential components of compliance”, he said.

The South South zonal director also told the operators of supermarket that their employees rotine training on the basis of the product they display for sale is of utmost importance.

In her presentation a Breast Milk Nutrition Expert , Professor Alice Nte of University of Port Harcourt Teaching Hospital (UPTH), was against the body’s prime attention to breast milk substitute or baby milk in supermarkets as well as its advertisement or promotion.

Nye jerked up the importance of mothers breast milk to the newborn baby and added that it help in fighting against childhood diseases, infections and combating cancer in breastfeeding mothers.

Meanwhile, NAFDAC Deputy Director, South – South Zone , Mrs. Riter Chujwuma educated the participants on the guidelines for global listing, and the need to adhere strictly to rules guiding global listing to avoid confiscation of their imported products.

By: King Onunwor

Business

BVN Enrolments Rise 6% To 67.8m In 2025 — NIBSS

Published

10 hours ago

January 12, 2026

The Tide

The Nigeria Inter-Bank Settlement System (NIBSS) has said that Bank Verification Number (BVN) enrolments rose by 6.8 per cent year-on-year to 67.8 million as at December 2025, up from 63.5 million recorded in the corresponding period of 2024.

In a statement published on its website, NIBSS attributed the growth to stronger policy enforcement by the Central Bank of Nigeria (CBN) and the expansion of diaspora enrolment initiatives.

According to the data, more than 4.3 million new BVNs were issued within the one-year period, underscoring the growing adoption of biometric identification as a prerequisite for accessing financial services in Nigeria.

NIBSS noted that the expansion reinforces the BVN system’s central role in Nigeria’s financial inclusion drive and digital identity framework.

Analysts linked the growth largely to regulatory measures by the CBN, particularly the directive to restrict or freeze bank accounts without both a BVN and National Identification Number (NIN), which took effect from April 2024.

The policy compelled many customers to regularise their biometric records to retain access to banking services.

Another major driver, the statement said, was the rollout of the Non-Resident Bank Verification Number (NRBVN) initiative, which allows Nigerians in the diaspora to obtain a BVN remotely without physical presence in the country.

The programme has been widely regarded as a milestone in integrating the diaspora into Nigeria’s formal financial system.

A five-year analysis by NIBSS showed consistent growth in BVN enrolments, rising from 51.9 million in 2021 to 56.0 million in 2022, 60.1 million in 2023, 63.5 million in 2024 and 67.8 million by December 2025. The steady increase reflects stronger compliance with biometric identity requirements and improved coverage of the national banking identity system.

However, NIBSS noted that BVN enrolments still lag the total number of active bank accounts, which exceeded 320 million as of March 2025.

The gap, it explained, is largely due to multiple bank accounts linked to single BVNs, as well as customers yet to complete enrolment, despite the progress recorded.

Business

AFAN Unveils Plans To Boost Food Production In 2026

Published

3 days ago

January 9, 2026

The Tide

The leadership of the All Farmers Association of Nigeria (AFAN) has set the tone for the new year with a renewed focus on food security, unity and long-term growth of the agricultural sector.

The association announced that its General Assembly of Farmers Congress will take place from January 15 to 17, 2026 at the Abuja Chamber of Commerce and Industries, along Lugbe Airport Road, in the Federal Capital Territory.

The gathering is expected to bring together farmers, policymakers, investors and development partners to shape a fresh direction for Nigerian agriculture.

In a New Year address to members and stakeholders, AFAN president, Dr Farouk Rabiu Mudi, said the congress would provide a strategic forum for reviewing past challenges and outlining practical solutions for the future.

He explained that the event would serve as a rallying point for innovation, collaboration and economic renewal within the sector.

Mudi commended farmers across the country for their determination and hard work, despite years of insecurity, climate-related pressures and economic uncertainty.

According to him, their resilience has kept food production alive and positioned agriculture as a stabilising force in the national economy.

He noted that AFAN intends to build on this strength by resetting agribusiness operations to improve productivity and sustainability.

The AFAN leader appealed to government institutions, private investors and development organisations to deepen their engagement with the association.

He stressed the need for collective action to confront persistent issues such as insecurity in farming communities, climate impacts and market instability.

He also urged members to put aside internal disputes and personal interests, encouraging cooperation and shared responsibility in pursuit of national development.

Mudi outlined key priorities that include increasing food output, expanding support for farmers at the grassroots and strengthening local manufacturing through partnerships with both domestic and international investors adding that reducing dependence on imports remains critical to protecting the economy and creating jobs.

He stated that the upcoming congress will feature the launch of AFAN’s twenty-five-year agricultural mechanisation roadmap, alongside the announcement of new partnerships designed to accelerate growth across the value chain.

Participants, he said wi also have opportunities for networking and knowledge exchange aimed at transforming agriculture into a more competitive and technology-driven sector.

As part of its modernisation drive, AFAN is further encouraging members nationwide to enrol for the newly introduced Digital ID Card.

Mudi said the initiative will improve transparency, ensure proper farmer identification and make it easier to access support programmes and services.

Reaffirming the association’s long-term goal, he said the vision of national food sufficiency by 2030 remains achievable if unity and collaboration are sustained.

He expressed optimism that with collective effort, Nigeria’s agricultural sector can overcome its challenges and deliver a more secure and prosperous future.

Lady Usendi