The electronic banking systems was meant to favour customers and make banking more convenient and less stressful for the masses, but today it is the banks that are enjoy this service more as they have had significant increase from fees they charge customers for use of their various electronic banking services like transaction alerts, Automatic Teller Machine (ATM) services and money transfers among others.
In 2016 alone the banks have earned over N150 billion and this figure is expected to hit N200 billion at the end of 2017, no thanks to increased charges by the regulatory agency the CBN.
According report gathered online, the organized labour and civil society group have declared the e-transaction charges as not only outrageous, but also a corporate extortion, pleading with the Central Bank of Nigeria, CBN and other regulatory agencies in the financial sector to intervene before it gets out of hand, but these same regulators are the ones pushing the bottom.
Because of the juicy opportunities in the area of electronic banking and the massive inflow of the populace to the banking system, most bank have move their focus from interest income transaction and interest income businesses, especially credit creation to non-interest income services. And as more and more bank customers buy into these services the bank shareholders will continue to smile to the banks to collect their dividend of electronic banking.
Yes, bank customers and other stakeholders are not happy with the banks taking undue advantage of customers to make excessive profit on a service they are supposed to render at no extra cost, but for the banks owners that is the way to go now if they really want to remain in business in current economic quagmire. you need to be part owner of the banks to get back your money from them by investing in their stocks.
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