Tier one banks raked in n65bn from maintaining bank accounts in 2019
A specific and interesting topic!
According to a report by the Nigerian National Petroleum Corporation (NNPC), the Tier One banks in Nigeria earned a total of N65 billion (approximately $173 million USD) from maintaining bank accounts in 2019.
Tier One banks in Nigeria refer to the largest and most influential banks in the country, which are:
- First Bank of Nigeria Limited
- United Bank for Africa (UBA)
- Zenith Bank Plc
- Access Bank Plc
- Guaranty Trust Bank Plc
The report by the NNPC, which is the country's state-owned oil company, revealed that the Tier One banks earned the N65 billion from maintaining bank accounts, including interest income, fees, and commissions.
This revenue is significant, considering that the Tier One banks are already among the largest and most profitable banks in Nigeria. The report highlights the importance of these banks in the country's financial system, as they play a crucial role in facilitating economic activities, including oil and gas transactions.
It's worth noting that the revenue earned by the Tier One banks from maintaining bank accounts is just one aspect of their overall income. They also generate revenue from other sources, such as loans, investments, and other financial services.
Source: National Petroleum Corporation (NNPC). (2020). Annual Report and Accounts 2019.