Nine leading Nigerian banks collectively raked in about ₦2.81 trillion from various fees and commissions in the third quarter of 2025, marking a 24.1 percent increase from the ₦2.27 trillion recorded in the same period last year. The surge in non-interest income came mainly from account maintenance charges, commissions on e-business transactions, and other service-related fees, according to an analysis of their unaudited financial results filed with the Nigerian Exchange Limited.
The banks that made the list include Access Holdings, First HoldCo, Zenith Bank, United Bank for Africa (UBA), Guaranty Trust Holding Company (GTCO), Stanbic IBTC Holdings, Sterling Financial Holding Company, Wema Bank, and Ecobank Transnational Incorporated. Among them, Access Holdings posted the highest percentage growth of 49.53 percent, followed by Sterling Financial Holding Company (44.75 percent) and Stanbic IBTC (41.78 percent). UBA, Zenith Bank, and Wema Bank trailed behind with single-digit or low double-digit growth.
Despite the impressive income figures, expenses on fees and commissions also rose sharply by 24.38 percent to ₦578.53 billion, reflecting increased operational costs, technology investments, and commissions paid for digital transactions. Stanbic IBTC reported the steepest rise in expenses at 84.06 percent, while Access Holdings followed closely at 73.8 percent. Zenith Bank stood out as the only institution to record a slight decline in expenses, indicating stronger cost management.
The rising income from customer charges has reignited concerns about excessive fees in Nigeria’s banking sector. Dr. Uju Ogubunka, President of the Bank Customers Association of Nigeria, criticized banks for going beyond approved charges, urging them to adhere strictly to the Central Bank’s guidelines. He emphasized that while fintech firms offer free transfers, traditional banks must at least respect existing charge limits rather than overburdening customers.
Amid growing public dissatisfaction, the House of Representatives has launched an investigation into what it described as “arbitrary and unexplained” deductions by deposit money banks. The motion, sponsored by Kwara lawmaker Tolani Shagaya, calls for stricter enforcement of CBN’s fee regulations and greater transparency in how banks apply service charges. The outcome of this probe could reshape the regulatory landscape of Nigeria’s banking sector in 2026.
source: Punch