Key Points
- Nigerian banks generated N209.18 billion from account maintenance charges in the first quarter of 2026.
- The figure represents a 14.07% increase from the N183.37 billion recorded in Q1 2025.
- Total fee and commission income rose to N984.47 billion, up 13.64% year-on-year.
- Zenith Bank led lenders in account maintenance earnings among banks that separately disclosed the income stream.
- Analysts attribute the growth to increased economic activity, rising business confidence and stronger banking transactions.
Main Story
Nigerian banks earned a combined N209.18 billion from account maintenance charges in the first three months of 2026, underscoring the growing contribution of non-interest income to the sector’s profitability.
An analysis of the unaudited financial statements of 11 listed lenders showed that account maintenance income rose by 14.07 per cent from N183.37 billion recorded during the corresponding period of 2025.
The review also revealed that total fee and commission income climbed to N984.47 billion in the first quarter of 2026, compared to N866.30 billion a year earlier, representing a 13.64 per cent increase.
The figures, compiled from the financial results of 11 of the 13 banks listed on the Nigerian Exchange, exclude FCMB Group and Unity Bank, which had yet to publish their first-quarter financial statements.
Zenith Bank emerged as the highest earner from account maintenance charges among lenders that disclosed the income line separately, generating N25.07 billion during the period. Access Holdings followed with N16.68 billion, while Guaranty Trust Holding Company recorded N15.12 billion and United Bank for Africa posted N13.26 billion.
Ecobank Transnational Incorporated reported N118.06 billion under cash management and related fees, which analysts consider the closest disclosed equivalent to account maintenance income.
In terms of total fee and commission income, Ecobank topped the rankings with N237.80 billion, followed by Access Holdings at N205.03 billion and UBA at N124.07 billion.
The Issues
The surge in account maintenance earnings highlights the increasing importance of fee-based revenue as banks navigate a dynamic operating environment marked by regulatory reforms, digital banking expansion and evolving customer behaviour.
Account maintenance charges, which apply exclusively to current accounts under the Central Bank of Nigeria’s guidelines, are designed to help banks recover the costs associated with managing active transactional accounts.
The data also reveals varying performance across lenders. While some institutions recorded robust growth in maintenance charges and other fees, others experienced declines in specific revenue streams despite overall improvements in fee income.
GTCO posted the fastest growth in account maintenance earnings among major lenders, recording a 42.15 per cent increase. Sterling Financial Holdings, Wema Bank, Zenith Bank and UBA also reported strong gains.
However, Fidelity Bank and Stanbic IBTC recorded declines in account maintenance-related income, highlighting the differing strategies and customer profiles across the industry.
The broader growth in banking fees comes amid signs of economic recovery, increased transaction volumes and stronger participation within the formal sector of the economy.
What’s Being Said
“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,” Yusuf said.
“The demand for banking activities is a derived demand because the demand for banking activities is in order to support economic activities,” Yusuf stated.
“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,” Yusuf explained.
“All of these things are reflected in the transactions in the banks, which ultimately also reflects in the profitability of the financial institutions,” Yusuf added.
“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,” Yusuf noted.
What’s Next
Analysts expect fee and commission income to remain a key earnings driver for banks as digital transactions continue to rise and economic activity gains momentum.
The sector is also expected to benefit from ongoing financial reforms, including the Central Bank of Nigeria’s recapitalisation programme, which regulators say is strengthening the resilience of the banking industry.
With more institutions meeting new capital requirements and transaction volumes increasing across the economy, banks may continue to record growth in both interest and non-interest income streams throughout the year.
Bottom Line
The N209.18 billion earned from account maintenance charges in just three months highlights the growing role of fee-based income in bank profitability, reflecting increased transaction activity, stronger business confidence and a gradually improving economic environment.
