How Banks made N260 million from commission charges in 9 months   

26 November 2018 : Business Insider Sub- Saharan Africa, analysed the interim consolidated financial statements ( for the period ended September 30, 2018) of a couple of Tier 1 and Tier 3 Banks in Nigeria. The analysis revealed that 6 banks made a whopping N260 million from fees and commissions in a mere 9 month period. This amount comprises of bank charges, account maintenance charges, fees on electronic products and others. The banks under spotlight were: Access Bank, Zenith Bank, Guaranty Trust Bank (GTB), United Bank for Africa (UBA), Wema Bank and Sterling Bank.

Further analysis revealed that UBA, Access Bank and Zenith Bank led with highest deductions for the period under review.

A detailed look at the figures can show us that, Zenith Bank made the highest : N69.9 million from the fees and commission for the period while UBA and Access Bank made N69.2 million and N43.5 million respectively.

GTBank followed close behind with N40.3 million, Sterling Bank with N10.7 million and Wema Bank with only single digit of N5.4 million.

A quick breakdown of how much the banks made from account maintenance and charges below:


Account Maintenance - N8.3 million

E-business income - N6.7 million

Account services, maintenance and ancillary bank charges - N3.7 million

Zenith Bank

Fees on electronic products - N17.6 million

Current account maintenance - N14.6 million


United Bank For Africa (UBA)

Account maintenance fees - N4.4 million

Electronic banking fee - N5.1 million

Access Bank

Account maintenance charge and handling commission – N4.5 million

Commission on e-business income (Electronic channels, ATM cards and other related services) - N5.5 million

Wema Bank

Retail banking charges - N3.2 million

Corporate banking commission - N1.2 million

Other charges (Not stated) - N1 million

Sterling Bank

Account Maintenance fee - N1.4 million

E-business commission and fees -  N3.4 million

Reporting for EasyKobo on Monday , 26 November 2018 in Lagos, Nigeria

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