Banks harvest N75.5bn from maintenance charges in 6 months



Bank customers in Nigeria paid N75.5 billion as account maintenance charges between January and June of this year, which is an increase of 43 per cent over what was paid in the first half of last year, a study has revealed.

According to the report, the bank’s half year financial statements showed that account maintenance fees paid by bank customers rose sharply by 43 percent to N75.5 billion in the first half of 2021 from N52.94 billion in the same period of 2020.

Sterling Bank had the highest growth rate in account maintenance fee, up by 75 per cent to N1.4 billion in the first half of 2021 from N800 in the same period of 2020.

“This was followed by UBA with 50 per cent rise to N5.4 billion from N3.6 billion in the first half of 2020

“The bank with the least growth in account maintenance fee was FCMB recording N2.2 billion in first half of 2021, up 29 per cent from N1.7 billion in 2020.

For e-banking income, Zenith Bank was found to have recorded the highest growth rate with N17 billion, a 91 per cent rise from N8.9 billion in the first half of 2020. Union Bank recorded a 3.3 per cent decline to N3.54 billion from N3.66 billion in the first half of 2021.