Customers criticise rising charges as Access Holdings, UBA, Ecobank top digital revenue earners amid shift to electronic transactions

Major Nigerian banks operating in Lagos and other cities generated nearly ₦225 billion from ATM, card management, and electronic banking charges between January and March 2026, leading to renewed complaints from customers over mounting transaction costs. The unaudited Q1 financial statements of 11 listed lenders revealed a sharp 12.56 percent rise in digital banking income compared to the same period last year.

The review shows that Access Holdings led the pack with ₦55.71 billion earned from e-banking channels, followed by United Bank for Africa (UBA) with ₦46.93 billion, and Ecobank with ₦35.53 billion from card management fees. Other banks such as GTCO and Zenith Bank also reported significant income, raking in ₦21.90 billion and ₦21.54 billion respectively through electronic products and services.

This surge comes at a time when more Nigerians are relying on digital platforms—mobile apps, USSD codes, debit cards, online transfers and ATMs—for daily transactions. However, many customers have questioned why they are made to pay multiple fees just to access their own funds as banks post record non-interest earnings. Income from ATM and card management alone rose to ₦46.70 billion in Q1 2026, up from ₦40.09 billion recorded in the first quarter of 2025.

A breakdown of the figures shows that electronic banking services accounted for a substantial ₦177.97 billion out of the total earnings for the quarter—reflecting how crucial these channels have become for bank profitability in Nigeria’s increasingly cashless economy. Despite this growth, public criticism has mounted over what many see as excessive deductions on routine transactions.

Not all banks recorded gains: Wema Bank saw digital product income fall by more than half year-on-year, while UBA and Ecobank reported slight declines in some segments despite their overall strong performance. Meanwhile, Fidelity Bank posted the fastest growth among peers—its digital banking revenue soared nearly 165 percent to ₦8.81 billion on the back of increased ATM use.

The Central Bank of Nigeria (CBN) has not issued fresh guidance on fee caps since its last directive on bank charges; however, consumer advocates argue that current levels are unsustainable for ordinary Nigerians facing economic pressures from inflation and naira volatility. As banks continue to prioritise digital expansion for non-interest revenue growth, stakeholders say the debate over fair access to financial services is unlikely to subside soon.

Source: https://www.pulse.ng/story/why-are-nigerians-paying-so-much-to-access-their-own-money-banks-earn-naira225bn-from-atm-e-banking-charges-in-three-months-2026061512452710592