Banks Account Maintenance Charges Income Rise 14% to N209bn in 3 Months
- Nigerian banks charged account upkeep fees amounting to N209.18 billion in Q1 2026
- Zenith Bank, Access Holdings, GTCO, First Holdco, and UBA were the leading fee generators
- Total banking sector fee and commission income was up in double-digit growth
Legit.ng journalist Dave Ibemere has over a decade of experience in business journalism, with in-depth knowledge of the Nigerian economy, stocks, and general market trends.
Nigerian banks collectively generated a sum of N209.18 billion from account maintenance charges for the first quarter of 2026. This figure represents a 14.07 per cent increase from the N183.37 billion earned during the same period last year.
These figures were compiled based on unaudited financials of 11 listed banks on the Nigerian Exchange (NGX).
Source: Getty Images
An examination of the banks' unaudited financial results further revealed that total fee and commission income across the sector increased to N984.47 billion from N866.30 billion in Q1 2025, a 13.64% year-on-year growth.
Account maintenance charges, which are regulated by the Central Bank of Nigeria, apply to current accounts only.
Zenith Bank Plc: N25.07bn
On an individual basis, Zenith Bank Plc recorded the highest account maintenance income of N25.07 billion, consolidating its position as a strong contributor to fee-based income in the sector.
Ecobank: N237.80bn
Where applicable, Ecobank Transnational Incorporated recorded the highest overall fee and commission income of N237.80 billion, largely due to its cash management, brokerage and portfolio-related services.
Access Bank: N16.68 billion.
Access Holdings Plc's total fee and commission income was N205.03 billion, helped by credit-related fees, e-business, bills and letter of credit charges. Account maintenance fee income was N16.68 billion.
UBA: N13.26 billion
United Bank for Africa Plc had fee and commission income of N124.07 billion, bolstered by remittances, transaction-related charges, and custody services income. Account maintenance fees amounted to N13.26 billion.
Source: Getty Images
GTBank: N80.31bn
Guaranty Trust Holding Company Plc recorded N15.12 billion in account maintenance charges and total fee and commission income of N80.31 billion. The bank's account maintenance fee income grew 42.15% year-on-year.
First Holdco Plc: N10.46bn
First Holdco Plc recorded fee and commission income of N96.12 billion. Its account maintenance charge income recorded a 17.38% growth to N10.46 billion.
Fidelity Bank Plc: N3.24bn
Fidelity Bank Plc recorded total fee and commission income of N33.28 billion, largely driven by ATM fees, digital banking services, and trade finance income. Account maintenance income, however, fell 2.52% to N3.24 billion.
Stanbic IBTC: N83.14bn
Stanbic IBTC Holdings Plc posted total fee and commission income of N83.14 billion, driven by its asset management and brokerage income. Transactional fee income, however, fell 4.98%.
Sterling Bank: N16.88bn
Sterling Financial Holdings Company Plc was one of the strongest growth names, with 33.25% growth in fee income to N16.88 billion. Its account maintenance charges recorded a 38.31% increase to N2.38 billion.
Wema Bank Plc: N17.39bn
Wema Bank Plc recorded 30.57% decline in total fee and commission income to N17.39 billion. Its decline in income was primarily linked to weaker performance in its e-banking and FX-linked services.
However, account maintenance fee income was up 31.3% to N3 billion.
Jaiz Bank: N5.67bn
Jaiz Bank Plc recorded a 10.29% growth in its total fee and commission revenue to N5.67 billion. It did not, however, report account maintenance fees separately.
Reps move to protect customers
Earlier, Legit.ng reported that the House of Representatives has initiated plans to investigate charges of commercial banks on customers' accounts and plans to summon the CBN and major commercial banks to appear before the committee on banking regulations.
The move followed the adoption of a motion of urgent public importance sponsored by Tolani Shagaya, a lawmaker from Kwara State.
The motion, titled “Need to Curb Arbitrary Bank Charges and Protect Nigerian Customers,” stated that the deductions from customers' accounts by banks operating in Nigeria are arbitrary, excessive, and unexplained.
Source: Legit.ng
