Sterling Bank has announced the removal of account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians on the occasion of the country’s 65th Independence Day.
The announcement, which coincided with Nigeria’s 65th Independence celebration, comes just six months after the bank eliminated transfer fees on local online transactions.
In a press statement made available to the PUNCH on Wednesday, Sterling Bank emphasised its commitment to customer-centric banking.
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The statement read, “Just months after abolishing transfer fees on local online transactions in April 2025, 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. This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.”
According to the statement, tier-1 banks collected over ₦650 billion in 2024 from account maintenance and e-banking charges alone. Sterling Bank’s move, the company said, “rewrites Nigeria’s banking rulebook while amplifying its bold stance: customers deserve freedom from excessive deductions and the right to retain more of their hard-earned money.”
Account maintenance fees have historically drawn criticism from customers, who argue that although individual deductions may be small, they accumulate over time and reduce account balances significantly.
Sterling Bank’s managing director, Abubakar Suleiman, explained that the decision aims to reduce the financial burden on Nigerians.
He stated, “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.”
Obinna Ukachukwu, Sterling Bank’s growth executive for consumer and business banking, highlighted that the initiative focuses on building long-term customer relationships.
Ukachukwu said, “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.”
The bank described the removal of account maintenance fees as a “declaration of financial independence” for Nigerians, stressing that it would enable customers to keep more of their earnings.
Earlier in April 2025, Sterling Bank had already eliminated transfer fees on all local online transactions, a policy designed to reduce the cost of digital banking for individuals and small businesses.
