Top banks in Nigeria have reported a rise in income from fees they charge customers for use of their various electronic banking services, including transaction alerts, Automatic Teller Machine (ATM) services and money transfers among others.
The top 10 banks earned N138 billion as at end of 2016. Total industry figure is expected to be over N160 billion.
Reacting to the development, the organized labour declared the e-transaction charges as a fraud, asking the Central Bank of Nigeria (CBN) and other regulatory agencies in the financial sector to intervene by preventing banks from further extorting customers, despite the harsh economic realities.
