Sterling Bank has announced the removal of account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians as the country marked its 65th Independence Day on Wednesday.
The development comes barely six months after the bank scrapped transfer fees on all local online transactions in April 2025.
In a press statement, Sterling said the latest decision dismantles a long-standing industry practice, reinforcing its image as a customer-first financial institution.
“Just months after abolishing transfer fees on local online transactions, the bank has dismantled yet another long-standing industry practice, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking,” the statement read.
The bank stressed that the move was a direct response to customer concerns, noting that account maintenance charges while often small per transaction had accumulated into significant deductions over time. In 2024 alone, tier-1 banks reportedly earned over ₦650 billion from account maintenance and e-banking charges.
Sterling Bank’s Managing Director, Abubakar Suleiman, said the policy was designed to reduce financial pressure on Nigerians.
“Every fee we remove is one less barrier between our customers and true financial freedom. This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees,” Suleiman stated.
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, added that the initiative was about creating long-term value for customers.
“This initiative is about building lasting relationships that fuel sustainable growth. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future,” Ukachukwu said.
The bank framed the move as a “declaration of financial independence,” insisting it would allow customers to keep more of their earnings while fostering trust in the banking system.
Sterling had earlier abolished transfer fees on local online transactions in April 2025, a policy it said was meant to ease the cost of digital banking for individuals and small businesses.
