Nigerian Banks Earn N209bn from Account Maintenance Fees in Q1 2026 Amid Rising Transaction Growth

Nigerian commercial banks recorded a significant rise in earnings from account maintenance charges, pulling in a combined N209.18bn in the first quarter of 2026. This represents a 14.07% increase compared to the N183.37bn posted in the same period of 2025, according to an analysis of financial statements from 11 listed banks.

Beyond account maintenance fees, the broader picture shows a stronger revenue performance across the banking sector. Total fee and commission income climbed to N984.47bn in Q1 2026, up from N866.30bn in Q1 2025, reflecting a 13.64% year-on-year growth. The data covers 11 of the 13 banks listed on the Nigerian Exchange, excluding FCMB Group and Unity Bank, which had not released their first-quarter results at the time of review.

Among individual lenders, Zenith Bank stood out with the highest account maintenance income at N25.07bn, while Ecobank Transnational Incorporated led overall fee earnings with N237.80bn in related charges, including cash management services. Other major players included Access Holdings (N205.03bn), UBA (N124.07bn), and GTCO (N96.12bn), highlighting the dominance of tier-one banks in fee-based income generation.

However, performance across the sector was mixed. Some banks recorded strong growth in account maintenance revenue—such as GTCO, Sterling Financial Holdings, Wema Bank, Zenith Bank, and UBA—while others saw declines. Fidelity Bank posted a slight drop of 2.52%, while Stanbic IBTC also recorded a marginal fall in its transaction-related fees.

In a broader economic context, analysts link the rise in banking fees to increased financial activity and improving business confidence in Nigeria’s economy. The Chief Executive Officer of the Centre for the Promotion of Private Enterprise, Dr Muda Yusuf, noted that rising transaction volumes reflect stronger economic engagement, improved investor sentiment, and ongoing recovery across key sectors. Recent data, including a nine-month high in Nigeria’s PMI index, further supports signs of expanding private-sector activity.

source: punch