- All customer-initiated debit transactions incur account maintenance fees, which are collected by the bank at the time of the transaction
- Account Maintenance Fee is charged on current accounts exclusively for customer-initiated debit transactions to third parties and debit transfers
- The Bank Customers Association of Nigeria (BCAN) has requested Nigeria's Central Bank (CBN) to reconsider and investigate account maintenance costs
Six banks collected N64.27 billion from maintaining clients' current accounts from January to September 2021, a 40.6 percent increase from the N45.7 billion recorded in the first nine months of 2020.
The six banks are Access Bank Plc, Zenith Bank Plc, United Bank for Africa, Guaranty Trust Holding Company Plc, Sterling Bank Plc, and Union Bank of Nigeria Plc.
According to the ThisDay report, the banks actively participated in non-banking operations to increase profit during the time under review.
Breakdown of how much each bank made
Access Bank, in particular, increased its current account maintenance charge and handling commission by 51% to N16.22 billion in nine months of 2021 from N10.75 billion in nine months of 2020.
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While Zenith Bank recorded a 42 percent growth in current account maintenance to N24.2 billion, up from N17.05 billion in the previous nine months of 2020.
Further analysis indicated that UBA recorded a 22% rise in current account maintenance to N7.12 billion in the first nine months of 2021, up from N5.85 billion in the same period in 2020.
Legit.ng had earlier reported how banks 10 banks remove N48.5 billion from Customers' Accounts as charges for maintenance in six months.
The Central Bank of Nigeria (CBN) stated in its guide to charges by banks, other financial and non-financial institutions effective January 1, 2020, that "Current Account Maintenance Fee (CAMF) is applicable to current accounts only in respect of customer-induced debit transactions to third parties and debit transfer." Deposits into a customer's account at a different bank."
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The apex bank clarified that CAMF does not apply to savings accounts, emphasizing that they are negotiable up to a limit of N1 per mille.
EFCC tells Nigerian banks to Query their customers’ Sources of income
In a recent report, Nigerian banks have been urged to screen their potential customers to ensure that they are not recipients of slush funds.
EFCC boss, Abdulrasheed Bawa, tasked the banks to be more prudent and watchful when engaging new customers.
The financial institutions were also warned that where there are established cases of institutional complicity in the fraud, they will face the consequences.