5 Nigerian Banks Deduct N57bn From Customers’ Accounts as Maintenance Charge in 6 Months

Reports show that five Nigerian banks have made a total of N57 billion from account maintenance charged on their customers’ accounts from January to June 2022.

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

Banks whose financial reports were assessed are First Bank, United Bank for Africa, Guaranty Trust Holding Company, Access Bank, and Zenith Bank.

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Equally, among the ten commercial banks between January to June, 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.

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

The bank recorded an account maintenance fee of N19.8 billion for the period ending June 2022, an increase of 23.7 percent from N16 billion in June 2021.

Access Bank came in second with N12 billion in account maintenance fees, a 9% increase from N11 billion in the first half of last year.

Guaranty Trust Holding Company ranked third with account maintenance fees of N9.4 billion in the first half of 2022, a 20.5 per cent increase from N7.8 billion in the first half of 2021.

While First Bank ranked fourth with account maintenance fees of N9.1 billion in the first half of 2022 compared with N8 billion realised in the comparable period of 2021.

And, United Bank for Africa(UBA) recorded N6.6 billion as account maintenance fees between January and June 2022, up from N5.4 billion in the first half of last year.

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

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