Nigerian banks earn N209.18bn from account maintenance fees in Q1 2026
via Punch Nigeria12 min read
Nigerian banks collectively earned N209.18bn from account maintenance charges in the first quarter of 2026, marking a 14.07 percent increase from N183.37bn in the same period of 2025. This analysis, based on the unaudited financial statements of 11 listed lenders, also shows that total fee and commission income rose by 13.64 percent year-on-year to N984.47bn in Q1 2026. These figures exclude FCMB Group and Unity Bank, which had not yet published their Q1 results. Account maintenance fees are regulated charges for current accounts, replacing the former Commission on Turnover, and are intended to help banks recover operational costs. Zenith Bank recorded the highest account maintenance income at N25.07bn, while Ecobank Transnational Incorporated led in total fee and commission income with N237.80bn. GTCO saw the fastest growth in account maintenance charges, increasing by 42.15 percent. However, not all banks experienced growth in this area, with Fidelity Bank and Stanbic IBTC reporting declines. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, attributed the increase in banking transactions and fee income to improving economic activity and growing confidence in the formal sector. This growth aligns with signs of strengthening economic activity, as Nigeria's private sector expanded to a nine-month high in May 2026, and ongoing financial sector reforms, including recapitalization, are strengthening the economy.
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This summary was AI-generated from a story originally published by Punch Nigeria.
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