About N138 billion Naira was deducted by top ten banks in the country as electronic payment charges in 2016. This is an increase of 26 per cent against the N109.1 billion Naira 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.

The banking industry enjoyed boom in epayment business in 2016. Statistics from the Central Bank of Nigeria (CBN) showed that the volume and value of epayment transactions in 2016 shot up by 132 per cent and 82 per cent respectively, to 942 million transactions worth N71 trillion. As a result the top ten banks were able to increase income from charges paid by customers on the e-payment transactions by 26 per cent to N137.9 billion in 2016, from N109.1 billion in 2015. The banks are Access Bank, Diamond Bank, FCMB, FBN Holdings, Fidelity Bank, GTBank, Stanbic IBTC, UBA, Union Bank and Zenith Bank. Analysis of the 2016 financial statements of the banks show that the e-payment income recorded by the banks accounted for 30 per cent of their total income from fees and commission of N467.4 billion in 2016.
source:http://naijaentrepreneur.com/2017/05/22/nigerian-banks-deducted-n138-billion-naira-from-customers-for-alerts-others-in-2016/

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