•As 9 banks rake in N74bn from electronic banking in Q1 2023
By Chinwendu Obienyi
In its bid to foster efficient payment and settlement system, the Central Bank of Nigeria (CBN) at the weekend, released the list of certified cheque printers in the country.
In a circular dated May 4, 2023, signed by its Director of Banking Services Department, Sam Okejere, the bank said the move was part of its mandate to ensure an efficient payment and settlement system, adding that it carried out the programme in partnership with MICR Technical Implementation Committee (MTIC) and directed it to all Deposit Money Banks (DMBs) nationwide.
The apex bank noted that it conducted the re-accreditation of cheque printers and cheques personalisers in line with valid accreditation licenses. The names of the licensed printers include; Superflux International Limited, Tripple Gee and Company Plc, Yaliam Press Limited and Marvelous Mike Press Limited.
On the other hand, the seven banks acting as personalisers include; Zenith Bank, Ecobank, Stanbic IBTC, First Bank Limited, Keystone Bank Limited, Wema Bank and Providus Bank. According to the apex bank, all the cheque printers and the personalisers have been notified.
Meanwhile, 9 banks quoted on the Nigerian Exchange Limited (NGX) raked in over N74 billion from various electronic transactions in the first three months (Q1) of 2023, representing a 15.3 per cent increase from N64.35 billion recorded in Q1 2022.
Commercial banks in Nigeria have resorted to earning income from digital channels such as mobile apps, USSD channels, and online banking, targeting Nigerians. The banks include; Access Holdings Plc, Zenith Bank, Guaranty Trust Holding Company, FCMB, Union Bank, Wema Bank, Stanbic IBTC Holdings, and Fidelity Bank Plc.
This is coming after efforts at increasing revenue from digital channels have been supported heavily by the CBN through initiatives such as BVN, POS, naira redesign and other banking policies driving financial inclusion.
For instance, UBA’s electronic banking income stood at N20.93 billion in the first quarter of 2023, a 38.5 per cent increase from N15.11 billion in the first quarter of 2022. The bank’s account maintenance fee rose to N5.35 billion, up 36.5 percent from N3.92 billion. Fees and commission income increased to N52.19 billion, 24 percent increase from N42.1 billion in the reviewed period.
Access Holdings’ channels and other e-business income rose to N20.66 billion in the first quarter of 2023, up 2.6 percent from N20.13 billion in the first quarter of 2022. Account maintenance charge and handling commission grew marginally by 9 percent to N6.58 billion from N6.04 billion. Access Holdings’ fee and commission increased by 9 percent to N61.26 billion in the first quarter of 2023 from N56.3 billion in the first quarter of 2022 while Zenith Bank’s fees on electronic products stood at N12.08 billion in the first quarter of 2023, 18.3 percent drop from N14.78 billion in the first quarter of 2022.
The bank’s account maintenance fee amounted to N10.19 billion, 10 percent increase from N9.27 billion. Net income on fees and commission grew marginally by 2 percent to N34.15 billion from N33.49 billion in the reviewed period.