Zenith Bank leads as Nigerian banks earn ₦209.18 billion from maintenance charges in Q1 2026

Banks in Nigeria have made a total sum of ₦209.18 billion from account maintenance charges in the first quarter of 2026, with Zenith Bank recording the highest income among banks with ₦25.07 billion.

The combined income represents a 14.07 per cent increase compared to the ₦183.37 billion recorded during the corresponding period of 2025.

An analysis of the unaudited financial statements of 11 listed lenders has shown that total fee and commission income rose significantly to ₦984.47 billion in Q1 2026 from ₦866.30 billion recorded in the same period of 2025, reflecting a year-on-year increase of 13.64 per cent.

The figures were compiled from the first-quarter financial results of 11 of the 13 banks listed on the Nigerian Exchange.

The analysis excluded FCMB Group and Unity Bank, which had yet to release their unaudited first-quarter financial statements at the time of the review.

According to the Central Bank of Nigeria’s Guide to Charges by Banks and Other Financial Institutions, account maintenance fees are regulated charges applicable only to current accounts.

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The fee replaced the former Commission on Turnover and is designed to enable banks to recover the cost of maintaining active transactional accounts.

Zenith Bank

Zenith Bank recorded the highest account maintenance income among banks that disclosed the figure separately, generating ₦25.07 billion during the quarter.

Ecobank

Ecobank Transnational Incorporated posted ₦118.06 billion under cash management and related fees, regarded as the closest disclosed equivalent to account maintenance charges.

Access Bank

Access Holdings earned ₦16.68 billion.

Guarantee Bank

Guaranty Trust Holding Company recorded ₦15.12 billion.

United Bank for Africa (UBA)

United Bank for Africa generated ₦13.26 billion from account maintenance charges.

In terms of total fee and commission income, Ecobank emerged as the industry leader with ₦237.80 billion, followed by Access Holdings with ₦205.03 billion. UBA recorded ₦124.07 billion, First Holdco posted ₦96.12 billion, while Zenith Bank generated ₦84.79 billion.

Among institutions that separately disclosed account maintenance income, GTCO recorded the strongest growth rate. Its earnings from the charge surged by 42.15 per cent from ₦10.63 billion in Q1 2025 to ₦15.12 billion in Q1 2026.

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Sterling Bank

Sterling Financial Holdings followed with a 38.31 per cent increase, rising to ₦2.38 billion.

Wema Bank

Wema Bank’s account maintenance earnings climbed by 31.30 per cent to ₦3 billion, while Zenith Bank recorded a 30.81 per cent increase to ₦25.07 billion.

UBA also posted a strong rise of 27.65 per cent, with account maintenance income reaching ₦13.26 billion.

For overall fee and commission income, Zenith Bank posted the strongest growth at 41.43 per cent.

Fidelity Bank

Fidelity Bank followed with a growth rate of 39.70 per cent, while Sterling Financial Holdings recorded a 33.25 per cent increase.

Stanbic IBTC Holdings

Stanbic IBTC Holdings grew by 30.37 per cent, while First Holdco posted a 23.67 per cent increase.

Not all lenders recorded growth in account maintenance income.

Fidelity Bank saw earnings from the segment decline by 2.52 per cent to ₦3.24 billion from ₦3.33 billion, while Stanbic IBTC’s account transaction fees, considered the closest equivalent to account maintenance charges, dropped by 4.98 per cent to ₦1.91 billion from ₦2.01 billion.

A closer examination of individual banks’ performance also revealed varying trends across other fee-generating business lines.

Access Holdings increased its fee and commission income by 17.5 per cent to ₦205.03 billion, driven largely by growth in credit-related fees, bills and letters of credit, as well as e-business income. Its account maintenance income rose modestly by 4.1 per cent to ₦16.68 billion.

Ecobank’s fee and commission income climbed by 7.72 per cent to ₦237.80 billion.

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The performance was supported by brokerage fees, portfolio management fees and cash management-related charges, which accounted for nearly half of the bank’s total fee income.

Fidelity Bank recorded a robust 39.7 per cent increase in fee and commission income to ₦33.28 billion, largely driven by ATM charges, Fidelity Connect commissions and letters of credit fees. Despite this strong performance, its account maintenance earnings declined.

First Holdco expanded fee and commission income by 23.67 per cent to ₦96.12 billion. The growth was supported by credit-related fees, brokerage income, custodian fees and financial advisory services.

Account maintenance charges increased by 17.38 per cent to ₦10.46 billion. GTCO recorded a 7.09 per cent increase in fee and commission income to ₦80.31 billion, supported by strong growth in e-business income, credit-related fees and asset management services. Account maintenance charges accounted for 18.82 per cent of the group’s total fee income.

Jaiz Bank

Jaiz Bank also posted positive growth, with fee and commission revenue rising by 10.29 per cent to ₦5.67 billion, although the bank did not separately disclose account maintenance charges.

Stanbic IBTC expanded fee and commission income by 30.37 per cent to ₦83.14 billion, driven by earnings from asset management, brokerage, custody and foreign currency service fees.

However, its account transaction fees declined by 4.98 per cent. Sterling Financial Holdings reported a 33.25 per cent increase in fee and commission income to ₦16.88 billion.

Account maintenance charges rose by 38.31 per cent to ₦2.38 billion, while other fees and commissions surged by an impressive 139.32 per cent.

UBA recorded a 3.04 per cent decline in total fee and commission income to ₦124.07 billion. The decrease was attributed to lower earnings from credit-related fees, remittance services and transactional commissions, despite gains from account maintenance charges and pension custody fees.

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Account maintenance income increased by 27.65 per cent. Wema Bank’s fee and commission income declined by 30.57 per cent to ₦17.39 billion, largely due to reductions in electronic product fees, financial guarantee income and foreign exchange transaction charges. Nonetheless, account maintenance earnings rose by 31.3 per cent.

Zenith Bank recorded one of the strongest performances in the industry, posting a 41.43 per cent increase in fee and commission income to ₦84.79 billion.

Account maintenance charges contributed 29.57 per cent of total fee income and rose by 30.81 per cent to ₦25.07 billion. The bank’s performance was further supported by growth in foreign withdrawal charges, electronic product fees and letters of credit commissions.

Commenting on the development, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, said the growth in banking transactions and fee income reflected improving economic activity and rising confidence in the formal sector.

According to Yusuf, stronger business activity naturally translates into greater demand for banking services. “If the momentum of economic activities is growing, it reflects in the performance of the banks, particularly when we look at activities within the formal sector of the economy. The demand for banking activities is a derived demand because the demand for banking activities is to support economic activities,” he said.

“So if you are seeing growth in the economy, if you are seeing an improvement in business confidence in the economy, if you are seeing profitability of businesses, there is a positive correlation between what the economy is saying and what business performance is saying. All of these things are reflected in the transactions in the banks, which ultimately also reflects in the profitability of the financial institutions.”

The CPPE chief further noted that there is a strong relationship between the pace of economic activity and banking profitability.

“It is a reflection of the momentum that we are seeing in terms of economic recovery, business confidence, investors’ confidence and macroeconomic stability supporting business growth,” he concluded.

The rise in banking fees comes amid growing signs of economic recovery. Nigeria’s private sector expanded to a nine-month high in May 2026, with the Stanbic IBTC Purchasing Managers’ Index rising to 54.1 points.

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The improvement was driven by stronger demand, increased output, new product launches and improved logistics across various sectors of the economy.

The banking industry has also continued to benefit from ongoing financial-sector reforms.

Earlier this year, the Central Bank of Nigeria stated that its reform initiatives, particularly the banking recapitalisation programme, were strengthening the foundations of the economy.

According to the apex bank, 33 banks had successfully raised additional capital as of March 2026, while 30 institutions had already met the new minimum capital requirements applicable to their licence categories.

The development underscores the growing resilience of Nigeria’s banking sector, with lenders continuing to leverage expanding economic activity, digital banking adoption and regulatory reforms to strengthen non-interest revenue streams and improve overall financial performance.

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