Nigerian Banks Generate N72.7 Billion from Account Maintenance Charges in H1 2023.
In the first half of 2023, Nigerian banks raked in a total of N72.723 billion from account maintenance charges, according to financial reports. This revenue stream reflects fees charged to account holders for maintaining their bank accounts. The breakdown of earnings reveals the following ranking for the top 11 banks based on their account maintenance income:
1. Zenith Bank – N21.02 billion: Zenith Bank leads the pack in account maintenance earnings, surpassing its peers with a significant margin.
2. Access Holdings – N13.363 billion: Access Holdings secures the second position with robust earnings from account maintenance charges.
List of Nigerian Banks and SWIFT Codes
3. GTCO – N10.481 billion: Guaranty Trust Holding Company (GTCO) takes the third spot with substantial account maintenance revenue.
4. UBA – N9.64 billion: United Bank for Africa (UBA) claims the fourth position with strong earnings from account maintenance fees.
5. First Bank – N5.19 billion: First Bank rounds out the top five, continuing to show solid performance in account maintenance income.
6. FCMB – N3.85 billion: First City Monument Bank (FCMB) takes the sixth position, maintaining healthy account maintenance revenue.
7. Stanbic IBTC – N2.643 billion: Stanbic IBTC secures the seventh spot with a noteworthy contribution to account maintenance charges.
8. Sterling Bank – N2.392 billion: Sterling Bank takes the eighth position, demonstrating its solid performance in account maintenance earnings.
9. Fidelity Bank – N1.769 billion: Fidelity Bank ranks ninth, showcasing its consistency in generating revenue from account maintenance fees.
10. Wema Bank – N1.636 million: Wema Bank holds the tenth spot, contributing to the overall account maintenance earnings.
11. Unity Bank – N745 million: Unity Bank, while rounding up the list, still manages to make a considerable contribution to the total account maintenance charges generated by Nigerian banks.
These figures indicate the substantial income generated by Nigerian banks through account maintenance fees, underscoring the importance of this revenue stream in their overall financial performance. It also reflects the significant number of account holders across these banks who incur such charges as part of their banking services
