Top 12 Nigerian Banks With Highest Account Maintenance Income as Customers Get Over N72bn Debits

Top 12 Nigerian Banks With Highest Account Maintenance Income as Customers Get Over N72bn Debits

  • Nigerian banks, in the first six months of 2023, removed over N76 billion from account maintenance charges
  • Zenith Bank, Access Holdings, GTCO, FBN Holdings, and UBA recorded the highest account maintenance revenue
  • Over the years, Account maintenance charges remain one of the most important means banks generate income

11 Nigerian banks collectively generated a total sum of N72.72 billion in revenue from account maintenance charges in the first half of 2023.

This indicates a 7.44% increase compared to the N67.690 billion the banks earned from the corresponding period in 2022.

Nigerian banks
Top 12 Nigerian Banks With Highest Account Maintenance Income as Customers Get Over N72bn Debits
Source: UGC

The figures were obtained from the half-year financial statements of the banks submitted on the Nigerian Exchange.

The surveyed banks include Zenith Bank, Access Holdings, GTCO (Guaranty Trust Holding Company), UBA (United Bank for Africa), First Bank, FCMB (First City Monument Bank), Stanbic IBTC, Sterling Holding Company, Fidelity Bank, Wema Bank, and Unity Bank.

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Union Bank has yet to release its half-year statement at the time of writing.

A bank may deduct a maintenance charge monthly or annually from an account holder's balance.

What is account maintenance charge?

Account maintenance charges are fees charged to current accounts. One naira on every N1,000 in respect of all customer-induced debit transactions is charged on these accounts.

Thus, the current account maintenance fee (CAMF) should be charged at a negotiable rate but subject to a maximum of N1 per mile when a customer initiates a transfer out of their account.

Breakdown of banks' account maintenance income

Analysis by shows that Zenith Bank, Access Holdings, GTCO, and UBA recorded the highest income from account maintenance charges among the banks surveyed.

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The four banks collectively generated N54.504 billion in income from the charges.

Zenith Bank – N21.02 billion

Zenith Bank recorded the highest account maintenance charges as customers paid over N21.02 billion in six months of 2023

This represents a 6.32% increase compared to N19.77 billion in the first half of 2022.

Access- N13.363 billion

Access Holdings, the parent company of Access Bank, comes in second with Account Maintenance revenue of N13.363 billion in 2023.

This is a 10.97% increase from N12.04 billion in 2022.

GTCO – N10.481 billion

Guaranty Trust Holding Company, the parent company of GTbank, recorded N10.481 billion in income from account maintenance between January and June 2023.

This is 11.08% improvement from N9.44 billion reported in 2022.

UBA – N9.64 billion

UBA generated N9.64 billion from account maintenance income in the six months of 2023.

This represents a 46.11% increase compared to N6.595 billion recorded in the corresponding period of 2022.

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Other banks account maintenance income 2023

1Zenith BankN21.02 billion
2Access BankN13.363 billion
3GTCON10.481 billion
4UBAN9.64 billion
5First BankN5.19 billion
6FCMBN3.85 billion
7Stanbic IBTCN2.643 billion
8Sterling BankN2.392 billion
9Fidelity BankN1.769 billion
10Wema BankN1.636 billion
11Unity BankN745 million

Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends

Meanwhile, in another report, reported that Nigeria's Stock market investors had bumper harvests from their investments.

United Bank for Africa (UBA), Guarantee Trust Holdings, Zenith Bank, and Access Bank Holdings paid N236.43 billion dividend payout in 2022.

While Zenith Bank and GTCo recorded the most attractive dividend-paying stocks in the banking industry.


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