- 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.

Photo credit: Pius Utomi Ekpei
Source: Getty Images
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 is yet to release its half year statement as at the time of writing.
A maintenance charge may be deducted either monthly or annually from an account holder’s balance by a bank.
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 Legit.ng 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 the corresponding period of 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.
Other banks account maintenance income 2023
- First Bank – N5.19 billion
- FCMB- N3.85 billion
- Stanbic IBTC – N2.643 billion
- Sterling Bank – N2.392 billion
- Fidelity Bank – N1.769 billion
- Wema Bank – N1.636 million
- Unity Bank – N745 million
Access Bank, GTCo, Zenith, and UBA pay shareholders highest dividends
Meanwhile, in another report, Legit.ng 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.
Source: Legit.ng