By Modupe Gbadeyanka

A total of N15.7 billion was netted by the five biggest banks in Nigeria from maintaining the account of their customers in the first quarter of 2019, the research team of Business Post has confirmed.

The five bank are Zenith Bank, Access Bank, Guaranty Trust Bank (GTBank), United Bank for Africa (UBA) and First Bank, which our research team tagged ZAGUF.

Some days ago, the banks, alongside other publicly quoted companies, released their financial statements to the Nigerian Stock Exchange (NSE) for the period ended March 31, 2019.

An analysis of the financial positions of these ZAGUF banks showed that the amount generated from Account Maintenance Charges increased in the period under review when compared with the same period of last year.

In the first quarter of last year, the five big boys in the Nigerian banking industry generated the sum of N13.2 billion from Account Maintenance Charges, indicating that the amount increased by N2.5 billion or 18.94 percent in 12 months.

A further analysis of the results indicated that Zenith Bank made the highest amount from maintaining accounts of customers domiciled with them.

The lender netted N5.238 billion from current account maintenance charges against the N4.962 billion it generated in the first three months of 2018.

Following were First Bank, which earned N3.218 billion in Q1 2019 in contrast to N2.986 billion in Q1 2018, and GTBank, which raked N3.045 billion in the period under review versus N2.745 billion earned exactly 12 months ago.

Occupying the fourth position was Access Bank, which generated N2.212 billion from Account Maintenance Charges against N896 million in Q1 2018, while UBA raked N1.967 billion in Q1 2019 versus N1.598 billion in Q1 2018.

https://businesspost.ng/2019/04/29/5-banks-earn-n15-7bn-on-account-maintenance-charges-in-q1-2019/

Today is my Ftc day
These guys are just corporate thieves and nothing else!
The industry regulators are also happy about it too.
Too bad

.

M

ZAGUF!!!!!!!


Eyah, the guy below me, take heart en

ayanleye12:
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First to comment

Nigeria

15.7 billion Naira...!!

Are they buying engine oil from GAZZUZZ to service the engine of the debit card and the door of my account ni?

Abeg I still don't understand the wizardry behind this broad day rip-off called maintenance charge by banks.

.

What?

It has no any other name. It's called "daylight robbery".

.

The question is to what extent are the charges justified?

Wetin those banks dey take our N52 naira maintain sef.. I get the debit almost every time i use another bank atm for withdrawal

Na so them take dey thieve our money o

This is very outrageous.... You charge us for ATM cards and you still charge us to maintain the same ATM cards.

Who will save us from this?

Space booked

.

Can you imagine! What are the maintaining? With the online banking charges and the rest. How did Diamond bank fold with this sort of figures am seeing?

Bubu was right, majority of Nigerians & it's institutions are fantastically corrupt. lets just admit it


If you feel offended, you MUST BE PART OF THAT MAJORITY, SUBCONSCIOUSLY trying to defend urself. thief!!!

Zenith bank is a thief bank, they charge anyhow, how won't they earn more than others?

Them dey wash the accounts?
And I have accounts in three of those five banks. I feel cheated

These banks have milked us.

This is a rip-off! CBN should wade in ASAP.

Too bad...

Honestly, these banks are just exploiting us and nobody is saying anything.
Can you imagine? Billions of naira from customers' money.
They are part of the internet robbers that effc shld investigate and jail

That's how one Nigerian bank kept taking part of the money I do send to my cousin thinking he's doing fraud because he's receiving in dollar, sadly he's not sure about other methods of receiving money, before it'll disappear in thin air smh

CBN is a toothless dog that barks for nothing

And they just debited me now!
Can't wait to change alert type to email. I'm done!

I am quite aware they did not take NPF Microfinance Bank into cognizance while providing this data because those guyz ve earned much more than 10billion naira in their every week account maintenance fee.

Scam of the century

Number one na GTB. The bank sabi commot person money. Chai

Banks�