10 Banks Rake In N266bn From Account Maintenance, e-Banking Fees

Ten Nigerian banks made N265.96bn from account maintenance and electronic banking fees in 2020.

This is as shown by analysing data from the annual reports of the 10 banks. The banks made N79.55bn from account maintenance fees and N186.41bn from electronic banking fees.

The banks under review are Access bank, First bank, Guaranty Trust Bank, Zenith Bank, Fidelity Bank, Sterling Bank, Wema Bank, Union Bank, United Bank for Africa, and First City Monument Bank.

Of the banks under review, Zenith Bank made the most from account maintenance with N21.99bn while Wema made the least with N1.25bn.

Access bank raked in the most from electronic banking with N52.20bn while Fidelity Bank made the least with N2.46bn.

In 2020, First Bank made N12.80bn from account maintenance, and N48.68bn from electronic banking fees. Access Bank made N14.54bn from account maintenance charge and handling commission and N52.20bn from channels and other e-business income.

According to Access Bank, channels and other e-business incomes include revenues from electronic channels, card products and related services.

GT Bank made N10.57bn from account maintenance charges and N9.28bn from e-business income.

Zenith Bank made N21.99bn from account maintenance fees and N25.56bn from fees on electronic products. FCMB made N3.58bn from account maintenance and N8.61bn from electronics fees and commissions.

Fidelity Bank made N2.8bn from accounts maintenance charges and N2.46bn from commission on e-banking activities.

Sterling Bank made N1.93bn from account maintenance fees and N4.98bn from e-business commission and fees. UBA made N8.46bn from account maintenance fees and N24.99bn from electronic banking income.

Wema bank made N1.25bn from account maintenance fees and N2.61bn from fees on electronic products.

Union Bank made N1.63bn from account maintenance fees and N7.04bn from e-business fees.

According to the Central Bank of Nigeria’s ‘The Guide to Charges by Banks, other Financial and Non-Bank Financial Institutions Current Account Maintenance Fee’ CAMF is applicable to current accounts only in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank.

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