Nigerian Banks Make N209bn From Account Maintenance Fees In Three Months

Commercial banks listed on the Nigerian Exchange (NGX) hauled in a staggering N209.18 billion from account maintenance charges in the first quarter of 2026. This underscores the highly lucrative nature of electronic and corporate banking channels despite tightening regulatory oversight.

An analysis of the unaudited Q1 2026 financial statements of 11 listed commercial banks reveals a 14.07% increase from the N183.37 billion pulled in during the same period in 2025.

Heavyweights Lead the Charge

The multi-billion naira revenue stream, collected from customer-induced debits on current accounts, shows that tier-1 commercial giants continue to dictate the pace.

Among the institutions that explicitly separated their account maintenance lines:

Zenith Bank generated the highest standalone account maintenance income, standing strong at N25.07 billion a significant 30.81% jump year-on-year.

Access Holdings posted a modest 4.1% increase, securing N16.68 billion.

Guaranty Trust Holding Company (GTCO) emerged as the fastest-growing player in this segment, with its account maintenance revenue surging by 42.15% to hit N15.12 billion.

United Bank for Africa (UBA) posted N13.26 billion, a 27.65% increase from the previous year.

When factoring in broader reporting metrics, Ecobank Transnational Incorporated (ETI) captured a staggering N118.06 billion under its "cash management and related fees" line, which represents its closest disclosed equivalent to account maintenance.

Explaining the Surge: A Growing Economy

The massive leap in bank fee revenue comes amidst a tangible expansion in domestic business activities. Experts point out that the growth in banking fees directly reflects strengthening macroeconomic dynamics.

"The increase in banking transactions and fee income reflects improving economic activity and rising confidence in the formal financial sector," noted Dr. Muda Yusuf, Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE).

This assessment is backed by industry data. Nigeria’s private sector activities expanded to a nine-month high, with the Stanbic IBTC Purchasing Managers’ Index (PMI) soaring to 54.1 points. Increased transactional volume, new product launches, and enhanced logistics have naturally led to higher frequencies of corporate and personal current account debits, the primary engine fueling maintenance charges.

Total Non-Interest Income Approaches N1 Trillion

The N209.18 billion account maintenance revenue represents just one piece of a much larger, highly profitable pie. Total fee and commission income across the 11 reviewed banks rose to N984.47 billion in Q1 2026, creeping closer to the trillion-naira milestone and representing a 13.64% increase from the N866.30 billion recorded in Q1 2025.

In terms of total fee and commission income, Ecobank led the pack at N237.80 billion, followed closely by Access Holdings at N205.03 billion. UBA (N124.07 billion), First Holdco (N96.12 billion), and Zenith Bank (N84.79 billion) completed the top tier of earners.

A Changing Regulatory Horizon

While banks are currently smiling at the financial ledger, these figures may peak soon. The Central Bank of Nigeria (CBN) issued an exposure draft of its revised Guide to Charges by Banks and Other Financial Institutions. The regulatory update places the Current Account Maintenance Fee (CAMF) on a mandatory phase-out schedule. The fee is capped at a maximum of N0.5 per mille for 2026 and is legally slated for complete abolition by 2027.

Consequently, financial institutions are aggressively expanding alternative income lines including credit-related fees, asset management, brokerage, and electronic business commissions to cushion the impending loss of direct maintenance fees. For now, however, account charges remain a gold mine.