According to a breakdown of the half-year unaudited financial accounts of six banks that have reported their results to the Nigerian Exchange Limited, they realized N14.2 billion, up from N9.8 billion from account maintenance fees.
The sum reflects a 44.9 per cent increase in that income line for the six banks during the assessment period when compared to comparable dates in 2020.
Account maintenance fees are monthly fees that account holders may be charged for simply having a checking account with a financial institution. These fees are not charged by every financial institution (though many do), and they may not apply to every type of account available.
According to the Central Bank of Nigeria’s (CBN) revised guidelines for Charges by Banks, Other Financial and Non-Bank Financial Institutions, Current Account Maintenance Fee (CAMF) is only applicable to current accounts for customer-induced debit transactions to third parties and debit transfers/lodges to the customer’s account in another bank.
It further stated that it is negotiable on a per mille basis beginning in January 2020.
First Bank alone earned more than half of the total amount, earning N7.9 billion as opposed to N5.6 billion in the same period in 2020, accounting for 55.6 per cent of the banks’ total earnings.
FCMB came in second with N2.2 billion, up from N1.6 billion in the same period in 2020. This sum equates to 15.5 per cent of overall earnings.
Sterling Bank came in second with N1.3 billion, up from N800 million in 2020, representing 9.2 per cent of the market.
Union Bank earned N1 billion, up from N736 million in 2020, representing 7% of the market.
Wema Bank and Unity Bank earned N943 million and N850 million, respectively. The figure represents a 6.6 per cent and a 6% increase from N488m and N597m in 2020, respectively.