Nigerian banks generated a combined N209.18 billion from account maintenance charges in the first quarter of 2026, marking a 14.07 per cent increase from the N183.37 billion recorded during the same period in 2025.
According to an analysis by Punch Newspapers of the unaudited financial statements of 11 listed lenders, total fee and commission income also rose by 13.64 per cent year-on-year to N984.47 billion, compared with N866.30 billion in the first quarter of 2025.
The figures covered 11 of the 13 banks listed on the Nigerian Exchange, excluding FCMB Group and Unity Bank, which had not released their first-quarter financial results at the time of the report.
Account maintenance fees, regulated by the Central Bank of Nigeria, apply only to current accounts and were introduced to replace the former Commission on Turnover. The charges are designed to help banks recover the costs of maintaining active transactional accounts.
Among the lenders reviewed, Zenith Bank recorded the highest disclosed account maintenance income at N25.07 billion. Ecobank Transnational Incorporated followed with N118.06 billion reported under cash management and related fees, regarded as the closest equivalent category. Access Holdings earned N16.68 billion, while Guaranty Trust Holding Company and United Bank for Africa generated N15.12 billion and N13.26 billion respectively.
Ecobank led the sector in total fee and commission income with N237.80 billion, ahead of Access Holdings at N205.03 billion, UBA at N124.07 billion, First Holdco at N96.12 billion and Zenith Bank at N84.79 billion.
GTCO posted the fastest growth in account maintenance income among banks that disclosed the figure separately, rising by 42.15 per cent from N10.63 billion to N15.12 billion. Sterling Financial Holdings followed with a 38.31 per cent increase to N2.38 billion, while Wema Bank recorded a 31.30 per cent rise to N3 billion.
Zenith Bank’s account maintenance income climbed by 30.81 per cent, while UBA recorded growth of 27.65 per cent.
However, not all lenders saw gains. Fidelity Bank’s account maintenance earnings declined by 2.52 per cent to N3.24 billion, while Stanbic IBTC’s account transaction fees, considered its equivalent category, fell by 4.98 per cent.
The report also highlighted mixed performance across other fee-generating segments. Access Holdings’ fee and commission income grew by 17.5 per cent, driven by credit-related fees, letters of credit and e-business income. Fidelity Bank recorded a 39.7 per cent increase in fee income despite a drop in account maintenance charges.
Zenith Bank recorded the strongest overall growth in fee and commission income at 41.43 per cent, supported by higher foreign withdrawal charges, electronic product fees and letters of credit commissions.
Commenting on the trend, Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, said stronger banking transactions reflected improving economic activity and growing confidence in the formal sector.
He noted that demand for banking services is closely linked to business activity, adding that rising business confidence, profitability and economic recovery naturally translate into higher banking transactions and improved profitability for financial institutions.
The growth in banking fees comes amid signs of economic recovery. Nigeria’s private sector expanded to a nine-month high in May 2026, with the Stanbic IBTC Purchasing Managers’ Index reaching 54.1 points, supported by stronger demand, increased output and improved logistics.
The banking industry has also benefited from ongoing reforms. Earlier this year, the Central Bank of Nigeria said 33 banks had raised additional capital under its recapitalisation programme, while 30 institutions had already met the new minimum capital requirements for their licence categories.
