Nigerian banks generated a combined N209.18bn from account maintenance charges in the first quarter of 2026, representing a 14.07 per cent increase from the N183.37bn recorded during the corresponding period of 2025, according to an analysis of the unaudited financial statements of 11 listed lenders.

The PUNCH reported that the review further revealed that total fee and commission income rose to N984.47bn in Q1 2026 from N866.30bn in Q1 2025, reflecting a year-on-year increase of 13.64 per cent.

The figures were compiled from the financial results of 11 out of the 13 banks listed on the Nigerian Exchange. The analysis excluded FCMB Group and Unity Bank, which had not yet released their unaudited first-quarter financial statements.

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. The fee replaced the former Commission on Turnover and enables banks to recover the costs associated with operating active transactional accounts.

An examination of the banks’ earnings showed that Zenith Bank recorded the highest account maintenance income at N25.07bn. Ecobank Transnational Incorporated followed with N118.06bn reported under cash management and related fees, regarded as its closest disclosed equivalent. Access Holdings earned N16.68bn, Guaranty Trust Holding Company generated N15.12bn, while United Bank for Africa posted N13.26bn.

In terms of overall fee and commission income, Ecobank emerged as the leader with N237.80bn. Access Holdings followed with N205.03bn, while UBA recorded N124.07bn. First Holdco posted N96.12bn and Zenith Bank earned N84.79bn.

Among lenders that separately disclosed account maintenance income, GTCO recorded the strongest growth. Its account maintenance charges increased by 42.15 per cent from N10.63bn in Q1 2025 to N15.12bn in Q1 2026.

Sterling Financial Holdings recorded a 38.31 per cent increase in account maintenance earnings to N2.38bn, while Wema Bank’s earnings from the same source rose by 31.30 per cent to N3bn. Zenith Bank posted a 30.81 per cent increase to N25.07bn, while UBA recorded a 27.65 per cent rise to N13.26bn.

Regarding total fee and commission income, Zenith Bank achieved the highest growth rate of 41.43 per cent. Fidelity Bank followed with 39.70 per cent growth, Sterling Financial Holdings recorded 33.25 per cent, Stanbic IBTC Holdings posted 30.37 per cent, while First Holdco achieved a 23.67 per cent increase.

Not all lenders recorded growth in account maintenance revenue during the period. Fidelity Bank’s earnings from the segment declined by 2.52 per cent to N3.24bn from N3.33bn, while Stanbic IBTC’s account transaction fees, regarded as its closest equivalent to account maintenance charges, fell by 4.98 per cent from N2.01bn to N1.91bn.

The analysis also revealed mixed performances across other fee-generating business segments.

Access Holdings grew its fee and commission income by 17.5 per cent to N205.03bn, driven by credit-related fees, bills and letters of credit, as well as e-business income. Its account maintenance income rose by 4.1 per cent to N16.68bn.

Ecobank increased fee and commission income by 7.72 per cent to N237.80bn, supported by brokerage fees, portfolio management fees and cash management-related charges, which accounted for nearly half of its total fee income.

Fidelity Bank posted a 39.7 per cent increase in fee and commission income to N33.28bn. The growth was largely driven by ATM charges, Fidelity Connect commissions and letters of credit fees, despite a decline in account maintenance charges.

First Holdco grew fee and commission income by 23.67 per cent to N96.12bn, supported by strong earnings from credit-related fees, brokerage income, custodian fees and financial advisory services. Its account maintenance charges rose by 17.38 per cent to N10.46bn.

GTCO recorded a 7.09 per cent increase in fee and commission income to N80.31bn, driven by strong growth in e-business income, credit-related fees and asset management fees. Account maintenance charges accounted for 18.82 per cent of its total fee income.

Jaiz Bank recorded a 10.29 per cent increase in fee and commission revenue to N5.67bn, although it did not separately disclose account maintenance charges.

Stanbic IBTC expanded fee and commission revenue by 30.37 per cent to N83.14bn, supported by asset management, brokerage, custody and foreign currency service fees. However, its account transaction fees declined by 4.98 per cent.

Sterling Financial Holdings posted a 33.25 per cent increase in fee and commission income to N16.88bn. Account maintenance fees rose by 38.31 per cent to N2.38bn, while other fees and commissions surged by 139.32 per cent.

UBA’s fee and commission income declined by 3.04 per cent to N124.07bn as lower earnings from credit-related fees, remittance fees and transactional service commissions offset gains from account maintenance charges and pension custody fees. Nevertheless, account maintenance income increased by 27.65 per cent.

Wema Bank recorded a 30.57 per cent decline in fee and commission income to N17.39bn, mainly due to lower earnings from electronic product fees, financial guarantees and foreign exchange transaction charges. Despite this, account maintenance income increased by 31.3 per cent.

Zenith Bank achieved a 41.43 per cent increase in fee and commission income to N84.79bn. Account maintenance charges, which accounted for 29.57 per cent of total fee income, rose by 30.81 per cent to N25.07bn. The bank’s performance was 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, attributed the increase in banking transactions and fee income to improving economic activity and growing confidence in the formal sector.

Yusuf 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. The demand for banking activities is a derived demand because the demand for banking activities is in order to support economic activities.

“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 noted that the pace of economic activity remains closely linked to banking transactions and 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 increase in banking fees coincided with signs of strengthening economic performance. 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, driven by stronger demand, increased output, new product launches and improved logistics.

The banking industry has also benefited from ongoing reforms introduced by the Central Bank of Nigeria. Earlier in the year, the apex bank stated that its financial sector reforms, including the recapitalisation programme, were strengthening the foundations of the economy.

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