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.
First Holdco grew fee and commission income by 23.67 per cent to N96.12bn, with strong contributions from credit-related fees, brokerage income, custodian fees and financial advisory services. Account maintenance charges rose by 17.38 per cent to N10.46bn.
GTCO increased fee and commission income by 7.09 per cent to N80.31bn, supported by strong growth in e-business income, credit-related fees and asset management fees. Account maintenance charges contributed 18.82 per cent of total fee income.
Jaiz Bank recorded a 10.29 per cent increase in fee and commission revenue to N5.67bn, although it did not separately disclose account maintenance charges.
Stanbic IBTC expanded fee and commission revenue by 30.37 per cent to N83.14bn, driven by asset management, brokerage, custody and foreign currency service fees. Its account transaction fees declined by 4.98 per cent.
Sterling Financial Holdings posted a 33.25 per cent increase in fee and commission income to N16.88bn. Account maintenance fees rose by 38.31 per cent to N2.38bn, while other fees and commissions surged by 139.32 per cent.
UBA’s fee and commission income declined by 3.04 per cent to N124.07bn as lower earnings from credit-related fees, remittance fees and transactional service commissions offset gains from account maintenance charges and pension custody fees. Account maintenance income rose by 27.65 per cent.
Wema Bank’s fee and commission income fell by 30.57 per cent to N17.39bn due mainly to declines in electronic product fees, financial guarantees and foreign exchange transaction charges. However, account maintenance income increased by 31.3 per cent.
Zenith Bank recorded a 41.43 per cent increase in fee and commission income to N84.79bn. Account maintenance charges, which represented 29.57 per cent of total fee income, rose by 30.81 per cent to N25.07bn. Strong growth in foreign withdrawal charges, electronic product fees and letters of credit commissions supported performance.
Commenting on the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the increase in banking transactions and fee income reflected improving economic activity and rising confidence in the formal sector.
Yusuf said, “If the momentum of economic activities is growing, it reflects in the performance of the banks, particularly when we look at activities within the formal sector of the economy. The demand for banking activities is a derived demand because the demand for banking activities is in order to support economic activities.
“So if you are seeing growth in the economy, if you are seeing an improvement in business confidence in the economy, if you are seeing profitability of businesses, there is a positive correlation between what the economy is saying and what business performance is saying. All of these things are reflected in the transactions in the banks, which ultimately also reflects in the profitability of the financial institutions.”
The CPPE chief observed that there is a strong correlation between the tempo of economic activities and banking transactions and profitability.
“It is a reflection of the momentum that we are seeing in terms of economic recovery, business confidence, investors’ confidence and macroeconomic stability supporting business growth,” he concluded.
The growth in banking fees coincides with signs of strengthening economic activity. Nigeria’s private sector expanded to a nine-month high in May 2026, with the Stanbic IBTC Purchasing Managers’ Index rising to 54.1 points, supported by stronger demand, increased output, new product launches and improved logistics.
The banking sector has also continued to benefit from ongoing reforms. Earlier this year, the Central Bank of Nigeria said its financial-sector reforms, including the recapitalisation programme, were strengthening the foundations of the economy.
According to the apex bank, 33 banks had raised additional capital as of March 2026, while 30 institutions had already met the new minimum capital requirements for their licence categories.
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