Zenith Bank Tops as 12 Nigerian Banks Take Over N109bn From Customers’ Accounts as Maintenance Charge in 2022

Zenith Bank Tops as 12 Nigerian Banks Take Over N109bn From Customers’ Accounts as Maintenance Charge in 2022

  • In 2022, customers of Nigerian banks received a whopping N109 billion debit alert
  • Banks explained that the debited amount was for the maintenance of customers' accounts
  • Account maintenance charges remain an important avenue banks use to generate revenue

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Account maintenance charges collected from customers' accounts generated N109.31 billion in revenue for twelve Nigerian banks between January and September 2022.

The amount generated in 2022 is an increase by 17% from N93.46 billion during the same time in 2021.

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

Nigeria banks account maintanance
Nigerian banks make huge revenue from maintaining customers account Photo credit: Pius Utomi Ekpei
Source: Getty Images

A maintenance charge may be deducted either monthly or annually from an account holder's balance by a bank.

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Zenith Bank, Access Holdings, GTCO, FBN Holdings, UBA, FCMB, Fidelity Bank, Stanbic IBTC, Sterling Bank, Union Bank, Wema Bank, and Unity Bank are among the financial institutions examined.

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Analysis revealed that Zenith Bank has the biggest consumer debit for account maintenance.

After GTCO, First Bank, and United Bank for Africa, Access Bank came in second place.Breakdown of account maintenance income by bank in 2022

Zenith Bank

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

The bank recorded that account maintenance revenue increased to N28.14 billion in the nine months of 2022, 16.3% from N24.2 billion in the nine months of 2021.

Access Bank

Access Bank came in second with N18.7 billion in account maintenance fees, a 15.4% increase from N16.2 billion in the nine months of 2021.

Guaranty Trust Holding Corporation (GTco)

Guaranty Trust Holding Company ranked third with account maintenance fees of N15.9 billion, a 22% increase from N13.02 billion in September 2021.

First Bank

FBN Holdings’ account maintenance income amounted to N13.15 billion from N11.74 billion, indicating 12% increase year on year.

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UBA’s account maintenance fee collection stood at N9.64 billion in the nine months of 2022, a 35.6% increase from N7.11 billion in the nine months of 2021.

The other banks in the top 10

  • FCMB- N4.96 billion
  • Fidelity Bank- N3.56 billion
  • Stanbic IBTC Holdings- N3.55 billion
  • Sterling Bank- N2.94 billion
  • Union Bank- N2.15 billion
  • Unity Bank- N1.13 billion
  • Wema Bank- N1.98 billion

Nigerians react as video shows man spraying bundles of new naira notes at party

Meanwhile, Nigerians have reacted to a video showing a bundle of new naira notes sprayed at a party.

The video is coming at a time many Nigerians remain unsure of their fate after the January 31, 2023 deadline.

The Central Bank of Nigeria has reaffirmed that the deadline for depositing old currency will not be extended.

Source: Legit.ng

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