Nigerian Biggest Banks Remove N57bn From Customers’ Accounts As Charges for Maintenance in Six Months

Nigerian Biggest Banks Remove N57bn From Customers’ Accounts As Charges for Maintenance in Six Months

  • In the first six months of 2022, Nigerian bank customers received a N57 billion debit alert from
  • Commercial banks explain that the debited amount is for the maintenance customers' accounts.
  • Account maintenance charges remain one of the most important avenues banks make money

Five Nigerian banks have made a total of N57 billion from account maintenance charged on their customers’ accounts from January to June 2022

The revenue was obtained in the banks’ second-quarter financial statements submitted to the Nigerian Exchange.

A bank charges a maintenance fee, which could be deducted monthly or annually from a holder’s account.

Bank with the highest maintenance fee
Zenith bank leads in list of banks with highest account maintenance fee Credit: @zenith
Source: UGC

The institutions whose financial reports were assessed are First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and Zenith Bank.

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Report shows of the ten commercial banks between January to June, Zenith Bank recorded the highest debit for account maintenance from customers.

Access Bank came in second, followed by GTCO, First Bank and United Bank for Africa.

Breakdown of account maintenance income by bank

Zenith Bank

When compared to its tier-1 peers, Zenith Bank had the highest account maintenance fee.

The bank recorded an account maintenance fee of N19.8 billion for the period ending June 2022, an increase of 23.7 percent from N16 billion in June 2021.

Access Bank

Access Bank came in second with N12 billion in account maintenance fees, a 9% increase from N11 billion in the first half of last year.

Guaranty Trust Holding Corporation (GTco)

Guaranty Trust Holding Company ranked third with account maintenance fees of N9.4 billion in the first half of 2022, a 20.5 per cent increase from N7.8 billion in the first half of 2021.

First Bank

First Bank ranked fourth with account maintenance fees of N9.1 billion in the first half of 2022 compared with N8 billion realised in the comparable period of 2021.

UBA

United Bank for Africa(UBA) recorded N6.6 billion as account maintenance fees between January and June 2022, up from N5.4 billion in the first half of last year.

Babaginda's son-in-law new owner of Polaris Bank

Meanwhile, Legit.ng has revealed the name of the man behind the purchase of Polaris bank.

Details showed that Lawan Auwal Abdullahiis used its Strategic Capital Investment Limited company to buy the bank.

The Central bank of Nigeria revealed a deal worth N1.4 trillion was struck with Anwal; however, his initial deposit is N50 billion

Source: Legit.ng

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