Sterling Bank has announced the removal of account maintenance fees on all personal accounts, a decision it described as a “gift” to Nigerians in commemoration of the country’s 65th Independence Day.
The move comes six months after the lender abolished transfer fees on local online transactions. In a statement on Wednesday, the bank said the policy underscores its commitment to transparency, fairness, and customer-focused banking.
“Every fee we remove is one less barrier between our customers and true financial freedom,” said Sterling Bank’s Managing Director, Abubakar Suleiman. “This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees.”
Account maintenance charges, though relatively small per transaction, have long been criticised by Nigerian customers for gradually eroding their balances. According to industry data, tier-1 banks earned more than ₦650 billion from account maintenance and e-banking charges in 2024 alone.
Sterling’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative was about building long-term relationships with customers. “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,” he said.
The bank framed the decision as a “declaration of financial independence” for Nigerians, emphasizing that it would allow customers to retain more of their earnings.
Sterling had previously announced in April 2025 that it was scrapping transfer fees for local online transactions, a policy aimed at reducing the cost of digital banking for individuals and small businesses.
