Nigerian banks earned a combined N209.18bn from account maintenance charges in the first quarter of 2026, representing a 14.07 per cent increase from the N183.37bn recorded in the corresponding period of 2025, an analysis of the unaudited financial statements of 11 listed lenders by The PUNCH has shown.
The review also showed that total fee and commission income rose to N984.47bn in Q1 2026 from N866.30bn in Q1 2025, indicating a 13.64 per cent year-on-year increase.
The figures, drawn from the results of 11 of the 13 banks listed on the Nigerian Exchange, exclude FCMB Group and Unity Bank, which had yet to publish their unaudited first-quarter financial statements.
Account maintenance fees are regulated charges applicable only to current accounts, according to the Central Bank of Nigeria’s Guide to Charges by Banks and Other Financial Institutions. The fee replaced the former Commission on Turnover and is intended to enable banks to recover the cost of operating active transactional accounts.
An analysis of the banks’ earnings showed that Zenith Bank generated the highest account maintenance income at N25.07bn, followed by Ecobank Transnational Incorporated with N118.06bn recorded under cash management and related fees, which serves as the closest disclosed equivalent. Access Holdings posted N16.68bn, Guaranty Trust Holding Company earned N15.12bn, while United Bank for Africa generated N13.26bn.
In terms of total fee and commission income, Ecobank led the pack with N237.80bn, followed by Access Holdings with N205.03bn, UBA with N124.07bn, First Holdco with N96.12bn and Zenith Bank with N84.79bn.
Among lenders that disclosed account maintenance income separately, GTCO recorded the fastest growth, with charges rising by 42.15 per cent from N10.63bn to N15.12bn.
Sterling Financial Holdings followed with a 38.31 per cent increase to N2.38bn, while Wema Bank’s account maintenance earnings rose by 31.30 per cent to N3bn. Zenith Bank posted a 30.81 per cent increase to N25.07bn and UBA recorded a 27.65 per cent rise to N13.26bn.
For total fee and commission income, Zenith Bank recorded the strongest growth at 41.43 per cent, followed by Fidelity Bank at 39.70 per cent, Sterling Financial Holdings at 33.25 per cent, Stanbic IBTC Holdings at 30.37 per cent and First Holdco at 23.67 per cent.
However, not all lenders recorded growth in account maintenance income. Fidelity Bank’s earnings from the line declined by 2.52 per cent to N3.24bn from N3.33bn, while Stanbic IBTC’s account transaction fees, its closest equivalent to account maintenance charges, fell by 4.98 per cent to N1.91bn from N2.01bn.
The PUNCH also found mixed performance across other fee-generating lines.
Access Holdings grew fee and commission income by 17.5 per cent to N205.03bn, driven by credit-related fees, bills and letters of credit, and e-business income. Account maintenance income rose modestly by 4.1 per cent to N16.68bn.
Ecobank’s fee and commission income increased by 7.72 per cent to N237.80bn, supported by brokerage fees, portfolio management fees and cash management-related charges, which accounted for almost half of total fee income.
Fidelity Bank recorded a 39.7 per cent increase in fee and commission income to N33.28bn, largely driven by ATM charges, Fidelity Connect commissions and letters of credit fees. Account maintenance charges declined despite the strong overall growth.
