Nigerian banks earn N88.9bn from account maintenance

In the 9-month period of 2021 (January – September), banks listed on the Nigerian Exchange raked in N88.9 billion in account maintenance fees. This is based on information gathered from the twelve listed banks’ quarterly financial statements.

In the time under review, Zenith Bank, Access Bank, and GTB topped the list of Nigerian banks with the most income from account maintenance. In comparison to the N63.7 billion generated in the same time of 2020, the amount generated from account maintenance costs in 2021 increased by 39.5 percent.

It also represents a 41.4 percent increase over the N62.9 billion earned in the first nine months of 2019. It’s worth recalling that, while the world was grappling with the Covid-19 outbreak and lockdown measures the previous year, banks were only able to achieve a small growth in account maintenance income.