Nigerian banks generated a total of N209.18bn from account maintenance charges in the first quarter of 2026. This represents a 14.07% rise compared to N183.37bn recorded in Q1 2025. The figures were drawn from unaudited financial statements of 11 listed banks.
Overall fee and commission income also rose. It increased to N984.47bn in Q1 2026 from N866.30bn in the same period of 2025. This reflects a 13.64% year-on-year growth across the sector.
Strong Revenue Growth Across Major Banks
Zenith Bank recorded the highest account maintenance income at N25.07bn. Ecobank Transnational Incorporated followed with N118.06bn under cash management-related fees. This category serves as its closest equivalent disclosure.
Access Holdings reported N16.68bn, while GTCO posted N15.12bn. Similarly, UBA generated N13.26bn from account maintenance charges during the period.
In total fee and commission income, Ecobank led with N237.80bn. Access Holdings followed at N205.03bn. UBA, First Holdco and Zenith Bank also posted strong results at N124.07bn, N96.12bn and N84.79bn respectively.
Mixed Performance in Account Maintenance Earnings
GTCO recorded the fastest growth in account maintenance income. It rose by 42.15% from N10.63bn to N15.12bn. Sterling Financial Holdings also grew strongly, increasing by 38.31% to N2.38bn.
Wema Bank posted a 31.30% rise to N3bn. Zenith Bank also grew by 30.81%, while UBA increased by 27.65%.
However, some lenders recorded declines. Fidelity Bank dropped by 2.52% to N3.24bn. Stanbic IBTC also fell by 4.98% to N1.91bn in similar transaction fees.
Divergent Trends in Fee Income Lines
Access Holdings grew total fee and commission income by 17.5% to N205.03bn. Credit fees, e-business income and letters of credit drove the performance.
Ecobank rose by 7.72% to N237.80bn. Brokerage, portfolio management and cash services supported its earnings base.
Fidelity Bank increased fee income by 39.7% to N33.28bn. ATM charges and remittance fees contributed significantly.
First Holdco expanded by 23.67% to N96.12bn. GTCO also grew by 7.09% to N80.31bn, supported by digital and asset management income.
Zenith Bank posted the strongest overall growth at 41.43%. Strong electronic and trade-related fees supported its performance.
Economic Activity Supports Banking Earnings
The Chief Executive Officer of CPPE, Dr Muda Yusuf, linked the growth to rising economic activity. He said banking performance reflects improving business confidence and formal sector expansion.
He explained that stronger economic activity drives higher demand for banking services. This, in turn, supports profitability across financial institutions.
Sector Outlook Remains Positive
Nigeria’s private sector expanded to a nine-month high in May 2026. The Stanbic IBTC PMI rose to 54.1 points, supported by stronger demand and improved logistics.
Meanwhile, banking reforms also continued to support the sector. The Central Bank of Nigeria confirmed that 33 banks raised fresh capital as of March 2026. It also said 30 banks met new recapitalisation requirements.
Overall, analysts say fee income growth signals stronger financial sector activity. However, they caution that rising charges may continue to draw public attention.
