Bank customers paid N138 billion as electronic payment charges in 2016 to the top ten banks in the country. This represented 26 per cent increase when compared to the N109.1 billion paid to the banks in 2015.
The charges, as stipulated in the Guide to Bank Charges of the Central Bank of Nigeria (CBN) include: ATM card issuance, replacement and renewal charges; Hardware token and soft token issuance charges; ATM withdrawal charges; Funds transfer charges; bulk payments such as salary; and SMS alerts.
Commenting on this development, President, Bank Customers Association of Nigeria (BCAN), Mr. Oju Ogubunka said that: “The hiked cost will impact negatively on wider adoption of e-payments in the country. Banks, at the detriment of consumers, will further enrich themselves. Non e-payment channels that are cheaper are likely to witness higher patronage with some obvious implications.”
Meanwhile, the phenomenal growth in e-payment transactions recorded in March was reversed in April, with 11 per cent decline. The decline was driven by slow down in Mobile, Instant transfer,
and Electronic funds transfer transactions.