Banks in Nigeria that are listed on the floor of the Nigerian Stock Exchange cumulatively made a total of N36.04 billion from maintaining customers’ accounts in the first quarter of 2022, according to data from their quarterly statements.
The leading banks are Zenith, Access, and GTB which grossed the highest income from current account maintenance in the first quarter of 2022.
Nairametrics report says that the amounts made came from maintenance charges in the first quarter of this year represent 17.5 per cent to stand at N30.67 billion in comparison to the same period the year before.
The Central Bank of Nigeria (CBN) said that the account maintenance fees are charged on current accounts due to customer-induced debit dealing to third parties and debit transfers and deposits to the owner’s account in another bank.
Banks’ incomes from account maintenance fees make up an important part of their non-interest earnings.
The CBN directives on bank charges said banks in Nigeria are allowed to charge their customers a negotiable N1 per mile, meaning banks can charge N1 per 100 debit transactions on current accounts.
Account maintenance charges come from Commission on Turnover (COT), being a charge imposed on customer withdrawals by their banks.
Banks with the highest earnings from account maintenance are:
UBA – N3.92 billion
First Bank – N4.14 billion
GT Bank – N5.17 billion
Access Bank – N6.04 billion
Zenith Bank – N9.27 billion
Unity Bank – N1.67 billion
FCMB – N1.53 billion
Fidelity Bank – N1.23 billion
Stanbic IBTC – N927 million
Sterling Bank – N911 million
Access Bank leads as 11 banks approve N21.1trn loans & advances to their customers in search of funding.