BusinessNews Around Nigeria

Zenith Bank Top As 12 Nigerian Banks Take Over N109bn From Customers’ Accounts for Maintenance Charges in 2022

12 Nigerian banks have made a total of N109.31 billion from account maintenance charged on their customers’ accounts from January to September 2022.

The amount made is a 17 percent increase from N93.46 billion in the corresponding period of 2021.

The revenue was obtained in the banks’ financial statements submitted to the Nigerian Exchange.

A bank charges a maintenance fee, which could be deducted monthly or annually from a holder’s account.

The institutions whose financial reports were assessed are Zenith Bank, Access Holdings, GTCO, FBN Holdings, UBA, FCMB, Fidelity Bank, Stanbic IBTC, Sterling Bank, Union Bank, Wema Bank, and Unity Bank.

A breakdown shows that among the 12 commercial banks Zenith Bank recorded the highest debit for account maintenance from customers.

Access Bank came in second, followed by GTCO, First Bank and United Bank for Africa.

Breakdown of account maintenance income by bank in 2022

Zenith Bank

When compared to its tier-1 peers, Zenith Bank had the highest account maintenance fee.

The bank recorded account maintenance revenue increased to N28.14 billion in the nine months of 2022, 16.3 percent from N24.2 billion in the nine months of 2021.

Access Bank

Access Bank came in second with N18.7 billion in account maintenance fees, a 15.4 percent increase from N16.2 billion in the nine months of 2021.

Guaranty Trust Holding Corporation (GTco)

Guaranty Trust Holding Company ranked third with account maintenance fees of N15.9 billion, a 22 percent increase from N13.02 billion in September 2021.

First Bank

FBN Holdings’ account maintenance income amounted to N13.15 billion from N11.74 billion, indicating 12 percent increase year on year.


UBA’s account maintenance fee stood at N9.64 billion in the nine months of 2022, a 35.6 percent increase from N7.11 billion in the nine months of 2021.

The other banks in the top 10

FCMB- N4.96 billion
Fidelity Bank- N3.56 billion
Stanbic IBTC Holdings- N3.55 billion
Sterling Bank- N2.94 billion
Union Bank- N2.15 billion
Unity Bank- N1.13 billion
Wema Bank- N1.98 billion

Nigerians react as video shows man spraying bundles of new naira notes at party

Meanwhile, Nigerians have reacted to a video showing a bundle of new naira notes sprayed at a party.

The video is coming at a time many Nigerians remain unsure of their fate after the January 31, 2023 deadline.

The Central Bank of Nigeria has reaffirmed that the deadline for depositing old currency will not be extended.


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