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

Rumours of new political prophecy debunked as Christ Embassy refutes social media reports; no official statement issued on 2027 poll

Reports claiming that Pastor Chris Oyakhilome of Christ Embassy recently delivered a prophecy concerning Nigeria’s 2027 general elections have been dismissed by the church. The clarification comes after viral social media posts suggested the popular Lagos-based cleric made a fresh prediction about the country’s political future.

The rumour began circulating online in early June, with several platforms alleging that Pastor Oyakhilome warned of major changes or upheaval ahead of the next electoral cycle. However, checks by this reporter reveal there is no record or video evidence of any such recent prophecy made by the pastor at any public service or official church event in Lagos or elsewhere.

Background checks show that similar claims have appeared around major elections in previous years, often attributed to prominent religious leaders to stir debate among political stakeholders and followers. In this latest case, neither Christ Embassy nor Pastor Oyakhilome has released any statement regarding the forthcoming polls. Attempts to trace the source of the purported prophecy led only to unsigned graphics and unverifiable audio clips circulating on Facebook and WhatsApp.

A senior church official, who asked not to be named because he was not authorised to speak publicly, confirmed that “Pastor Chris has not made any recent statements about the 2027 election.” He added that members should disregard unverified messages shared online. No response has been issued by Nigeria’s electoral body, INEC, regarding the viral reports linking religious figures with electoral predictions.

With political activities expected to intensify towards the end of 2026, observers caution Nigerians to be wary of false information spread for political or personal gain. The spread of unsubstantiated claims can increase tensions ahead of major national events.

Source: https://www.premiumtimesng.com/news/top-news/887830-factcheck-did-pastor-chris-recently-prophesy-about-the-2027-election-what-we-found.html

MAN urges urgent action on electricity, credit and naira stability, noting limited relief despite new industrial policies

The Manufacturers Association of Nigeria (MAN) has stated that major economic reforms introduced by President Bola Tinubu’s administration have not yet translated into lower production costs or stable conditions for manufacturers in Lagos and across the country. The association made this known on Saturday, highlighting ongoing challenges with energy supply, high borrowing costs and persistent foreign exchange pressures three years into the current government.

Despite a raft of interventions, including a ₦200 billion Presidential Intervention Fund for industry and the unveiling of a ten-year Nigeria Industrial Policy aimed at boosting manufacturing’s share of GDP by 2030, manufacturers say the benefits are yet to be felt on factory floors. MAN Director General Segun Ajayi-Kadir welcomed initiatives such as withholding tax exemptions, reduced company income tax rates, and expanded VAT deductibility under the 2025 Tax Reform Act. He also acknowledged the local value addition legislation and Naira-for-Crude policy which have provided some support for downstream petrochemical firms.

However, Ajayi-Kadir noted that widespread depreciation of the naira since forex liberalisation has sharply increased the cost of importing machinery, raw materials and other critical inputs. “Margins are being squeezed and prices are rising across industries,” he said. Manufacturers also face surging energy bills due to continued grid instability—despite several tariff hikes—and many companies remain reliant on diesel and gas generators that further push up operating expenses.

Access to credit has tightened as the Central Bank repeatedly raised interest rates in response to inflationary pressures. Many firms considering expansion now find borrowing costs prohibitive. While MAN described recent reforms as necessary groundwork for industrial recovery, Ajayi-Kadir said: “Stabilisation and real sector growth are not the same destination. We need to see promised improvements in power supply, procurement enforcement, credit access and local content before these reforms can deliver real industrial growth.”

As Tinubu’s administration enters its fourth year, manufacturers are calling on government to move beyond policy announcements to address practical obstacles in energy supply, financing and implementation of local content rules. MAN maintained that only when these issues are resolved will the intended benefits of recent reforms materialise for Nigeria’s manufacturing sector.

Source: https://www.pulse.ng/story/man-says-tinubu-reforms-not-yet-helping-manufacturers-2026061512204059465