Nigerian banks generated N209.18 billion from account maintenance charges in the first quarter of 2026, marking a 14.07 percent increase from N183.37 billion recorded in the same period of 2025. The data, derived from the unaudited financial statements of 11 listed banks on the Nigerian Exchange (NGX), highlights sustained growth in fee-based income across the banking sector.
Total Fee and Commission Income Rises
The banks' total fee and commission income rose to N984.47 billion in Q1 2026, up from N866.30 billion in Q1 2025, representing a year-on-year growth of 13.64 percent. Account maintenance charges, regulated by the Central Bank of Nigeria, apply exclusively to current accounts.
Individual Bank Performance
- Zenith Bank Plc: Recorded the highest account maintenance income of N25.07 billion, reinforcing its position as a key contributor to fee-based revenue.
- Access Holdings Plc: Reported total fee and commission income of N205.03 billion, with account maintenance fees contributing N16.68 billion.
- GTCO Plc: Account maintenance charges amounted to N15.12 billion, a 42.15 percent year-on-year increase, while total fee and commission income stood at N80.31 billion.
- First Holdco Plc: Fee and commission income reached N96.12 billion, with account maintenance charges growing 17.38 percent to N10.46 billion.
- UBA Plc: Total fee and commission income was N124.07 billion, supported by remittances and transaction-related charges. Account maintenance fees were N13.26 billion.
Other Banks
Ecobank Transnational Incorporated led in overall fee and commission income at N237.80 billion, driven by cash management and brokerage services. Fidelity Bank Plc saw a 2.52 percent decline in account maintenance income to N3.24 billion, while Sterling Financial Holdings recorded a 38.31 percent increase to N2.38 billion. Wema Bank Plc reported a 31.3 percent rise in account maintenance fees to N3 billion, despite a 30.57 percent drop in total fee income. Jaiz Bank Plc did not disclose account maintenance fees separately.
Regulatory and Consumer Concerns
The House of Representatives has initiated an investigation into bank charges, summoning the CBN and major banks over arbitrary deductions. The motion, sponsored by Tolani Shagaya from Kwara State, seeks to protect customers from excessive and unexplained fees.
