Between January and June 2019, four leading banks generated N24.3bn from account maintenance charged on their customers’ accounts, investigation has shown. This is an increase of about 19.
18 per cent from N20.39bn generated in the corresponding period in 2018.
The earning of some banks in account maintenance charges may have been propelled by large customer base. The merger between Access Bank Plc and Diamond Bank Plc aided 96.15 per cent increase on account maintenance fees of Access Bank, moving from N3.14bn in the first six months of 2018 to N6.16bn in the first six months of 2019.
“The fees are earned and recognised by the bank over the validity year of the card. The bank charged the customers for this service on a monthly basis,” extract from the bank’s audited six months result for the period ended June 30 to the Nigerian Stock Exchange explained.
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