Despite widespread concerns over the continuous charge of account maintenance fees from the bank accounts of customers, naijabusiness.com.ng can authoritatively report that ten (10) Nigerian banks raked in a total of N79.55 billion as account maintenance fees between January and June this year.
This is according to data obtained from the financial statements often listed Nigerian banks on the floor of the Nigerian Exchange Limited (NGX).
The banks concerned are; First Bank Holdings Limited, United Bank for Africa (UBA), Zenith, WEMA, Guaranty Trust Holdings Limited, Fidelity, Sterling, FCMB, Union and Access Bank.
The breakdown of the data revealed that Zenith Bank raked in the highest amount from account maintenance, after it posted the sum of N21.99 billion as fees generated from the activity. On the other hand, Wema Bank generated the least amount of N1.25 billion.
Access Bank made N14.54 billion from account maintenance fees, while First Bank raked in a total of N12.8 billion from the same activities. Guaranty Trust Holdings Limited (GT) followed closely with N10.57 billion. UBA was not also missing in the elite list, just like its market rivals, especially with the sum of N8.46 billion that it raked from similar activity. On the other hand, FCMB made N3.58 billion, while Fidelity Bank raked in N2.8 billion. Sterling and Union Bank completed the list with N1.93 billion and N1.63 billion respectively.
Recall that due to an increase in customers’ complaints and queries, the Central Bank of Nigeria (CBN) reviewed charges on account maintenance. The apex bank in ‘’The Guide to Charges by Banks, other Financial and Non-Bank Financial Institutions Current Account Maintenance Fee CAMF’’ exempted Savings Account Holders from account maintenance fees. In addition, it slashed card maintenance charges on Savings Account to N50 per quarter as opposed to the sum of N50 per month obtainable before.
Similarly, the apex monetary authority removed card maintenance fee on current account, arguing that the accounts already attract account maintenance fee.