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:
GTBank
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