‘Account Maintenance Charge’: How Zenith, GTB, UBA ‘Earned’ N18.4b From Customers in 3 Months

Babajide Okeowo
Writer
naira devaluation

Ad

Surprise as Tinubu Overturns NTA shake-up, reinstates Abdullah Dembos, Ayo Adewuyi

By Obinna Uballa President Bola Tinubu has reversed recent leadership changes at the Nigerian Television Authority (NTA), ordering the reinstatement of Director-General Salihu Abdullahi Dembos and Executive Director of News Ayo Adewuyi, triggering surprises in the Broadcast industry. The Special Adviser to the President on Information and Strategy, Bayo Onanuga, confirmed the directive in a…

Chatham House Rebuts Tinubu, Says Corruption Still Crippling Nigeria’s Growth

By Obinna Uballa United Kingdom based policy institute, Chatham House, has countered President Bola Tinubu’s recent claim that his administration has eradicated corruption in Nigeria, asserting that the vice remains deeply entrenched and continues to undermine the country’s economic growth and governance structures. In a new report authored by Dr. Leena Hoffmann, Associate Fellow of…

Ranked: Top Sources of Billionaire Wealth by Industry

Key Takeaways Forbes found finance and investments leads the top sources of billionaire wealth (464 billionaires) in 2025. Technology is the second-most common sector for billionaires (401), adding 59 new names since 2024. The world’s ultra-rich aren’t evenly spread across either the globe or the economy. Instead, their fortunes tend to cluster in a handful of high-growth, high-margin industries. This…

Ad

Research by Nairametrics; an online medium has revealed that Nigeria’s tier-1 banks — comprising of First Bank Plc, UBA, Guaranty Trust Bank, Access Bank, and Zenith Bank (FUGAZ) generated a total of N18.4 billion from bank maintenance charges in Q1 2020.

This sum is 17.12% more than N15.6 billion that was generated by the five banks during the corresponding period in 2019.

Zenith Bank Plc topped the chart with N5.7 billion, followed by Access Bank Plc, N3.9 billion, and Guaranty Trust Bank Plc with N3.3 billion.

First Bank Plc and United Bank for Africa Plc come in fourth and fifth positions with N3.1 billion and N2.3 billion.

Recall that according to a directive by the Central Bank of Nigeria, CBN on bank charges, Nigerian banks are allowed to charge their customers a “negotiable” N1 per mille {per thousand}. What this means is that banks can charge N1 per N1000 debit transactions on current accounts. Banks’ account maintenance charges come in the form of COT (i.e., Commission on Turnover) which is a charge levied on customer withdrawals by their banks. In Nigeria, these charges are mainly applicable to current accounts.

“Current Account Maintenance Fee (CAMF): Applicable to current accounts ONLY in respect of customer-induced debit transactions to third parties and debit transfers/lodgments to the customer’s account in another bank. Note that CAMF is not applicable to Savings Accounts,” said part of the CBN directive issued and signed by Kevin N Amugo, Director, Financial Policy and Regulation Department of the apex bank.

Banks’ earnings from account maintenance charges, though low when compared to other revenue streams, still make up a significant portion of their non-interest income.

Recall that banks’ customers in Nigeria are subjected to arbitrary deductions which have left them aggrieved.

Ad

X whatsapp