Sterling Bank has abolished 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 announcement, which follows the bank’s April 2025 decision to scrap transfer fees on local online transactions, was contained in a statement made available to PUNCH Online.
“Just months after abolishing transfer fees, 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.
Sterling noted that in 2024 alone, tier-1 banks generated over ₦650 billion from account maintenance and e-banking charges, a system long criticised by customers for eating into balances through steady deductions. The bank said its new policy “rewrites Nigeria’s banking rulebook” by ensuring customers keep more of their earnings.
Managing Director Abubakar Suleiman said the decision was aimed at easing the financial burden 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,” he said.
Sterling’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the move was designed to strengthen long-term customer trust.
“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 stated.
The lender framed the policy shift as a “declaration of financial independence” for Nigerians, aligning it with the symbolic significance of the nation’s 65th Independence anniversary.
