Nigerian banks generated a combined N209.18 billion from account maintenance charges in the first quarter of 2026, representing a 14.07 per cent increase from the N183.37 billion recorded during the same period in 2025.
An analysis of the unaudited financial statements of 11 listed banks showed that total fee and commission income also rose by 13.64 per cent year-on-year, reaching N984.47 billion in Q1 2026, compared to N866.30 billion in the corresponding period of 2025.
Among the lenders, Zenith Bank recorded the highest account maintenance income at N25.07 billion, while Access Holdings earned N16.68 billion, GTCO generated N15.12 billion, and UBA posted N13.26 billion. Ecobank recorded N118.06 billion under cash management and related fees, its closest equivalent to account maintenance charges.
The review showed that GTCO recorded the fastest growth in account maintenance earnings, rising by 42.15 per cent, followed by Sterling Financial Holdings with 38.31 per cent and Wema Bank with 31.30 per cent. However, Fidelity Bank and Stanbic IBTC reported declines in account-related fee income during the period.
In terms of total fee and commission revenue, Ecobank led with N237.80 billion, followed by Access Holdings with N205.03 billion and UBA with N124.07 billion. Zenith Bank also recorded one of the strongest performances, posting a 41.43 per cent increase in fee and commission income.
Experts attribute the growth to rising economic activity, stronger business confidence and increased use of banking services across the formal sector. The banking industry has also benefited from ongoing financial sector reforms, including the Central Bank of Nigeria’s recapitalisation programme, which continues to strengthen the sector’s capacity and profitability.
