- A new investigation has revealed the staggering sums Nigerian banks are raking in from their customers through account maintenance and electronic transfer levies. Ten major Deposit Money Banks (DMBs) collectively pocketed a massive N1.24 trillion in just two years, 2023 and 2024, according to findings by THE WHISTLER.
The analysis highlights how these charges have become a significant revenue stream for the financial institutions. The banks in question are United Bank for Africa (UBA), Zenith Bank Plc, Guaranty Trust Holding Company (GTCO), First Bank of Nigeria Holding Plc, Fidelity Bank Plc, First City Monument Bank Plc (FCMB), Stanbic IBTC, Sterling Bank, Wema Bank Plc, and Unity Bank Plc.
Details uncovered by THE WHISTLER show that these ten banks levied a total of N760 billion on their customers in 2024 and N461.6 billion in 2023 for these service fees. In 2024 alone, a hefty N537 billion came from electronic transactions, while N224 billion was deducted for account maintenance. The previous year saw N312.94 billion charged for electronic transfers and N148.69 billion for account upkeep.
Account maintenance fees, applied to current account holders, are reportedly negotiable but capped by the Central Bank of Nigeria (CBN) at N1 per mille on customer-initiated debit transactions. Despite this, the ten banks collectively debited their customers a substantial N372.3 billion for account maintenance over the two-year period.
These consistent deductions have sparked considerable public concern over the past two years. Notably, on April 1, 2025, Sterling Bank publicly criticized these electronic charges as “exploitative” and urged other banks to cease the practice, stating, “Nigerians are no fools. Enough is enough. No more quiet suffering. We’re doing our part by cancelling transfer fees. Let the other banks copy.”
UBA and Zenith Lead in Customer Debits
United Bank for Africa (UBA) emerged as the top earner from these charges, raking in N236.3 billion in 2024 and N125.57 billion in 2023 solely from electronic payments, totaling a massive N361.9 billion. Account maintenance fees added another N50.7 billion (N30.5bn in 2024 and N20.2bn in 2023), bringing UBA’s total earnings from these charges to a staggering N412.6 billion over the two years.
Zenith Bank followed closely, debiting its customers a total of N251.99 billion during the same period. Electronic transfer fees amounted to N131.8 billion (N80bn in 2024 and N51.8bn in 2023), while account maintenance charges reached N120.1 billion (N72.9bn in 2024 and N47.2bn in 2023).
First Bank also significantly benefited, charging customers N143.1 billion for electronic transactions and N59.2 billion for account maintenance, totaling N202.4 billion over the two years. GTCO’s earnings from these charges reached N152.2 billion.
The investigation highlights the significant financial impact of these seemingly small individual charges when aggregated across millions of customer accounts, raising questions about the overall cost of banking for Nigerians.
The Trillion-Naira Take: How Banks Pocketed N1.24tn from Your Account & Transfers
