Nigerian banks have earned about N225 billion from Automated Teller Machine (ATM) withdrawals and other electronic banking charges, according to a new industry report.

The figure reflects growing revenue generated from digital financial transactions, including ATM withdrawals, transfer fees, mobile banking, and online payment services.

The report noted that the increase is largely driven by the rising adoption of cashless banking platforms, as more customers rely on electronic channels for everyday financial activities.

ATM withdrawal charges remain one of the most common fees affecting customers, especially those who exceed their monthly free transaction limits.

Industry analysts say banks are benefiting from the rapid expansion of digital banking services, even as customers continue to express concerns about the rising cost of transactions.

Consumer advocates have urged greater transparency in fee structures, calling on financial institutions to ensure charges remain fair and clearly communicated to users.

Banks, however, argue that the fees help cover infrastructure costs, including network maintenance, cybersecurity, and service upgrades required to support growing digital transactions.

The report also highlighted that the Central Bank’s cashless policy continues to push more Nigerians toward electronic banking channels, further boosting transaction volumes.

Despite the revenue growth, experts say balancing profitability with customer affordability remains a key challenge for the banking sector.

The development underscores the growing importance of digital finance in Nigeria’s economy and the increasing reliance on electronic payment systems.