Sterling Bank has announced the removal of account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians in celebration of the country’s 65th Independence Day on Wednesday.
This announcement comes just six months after the lender abolished transfer fees on local online transactions, underscoring Sterling Bank’s commitment to making banking more affordable and transparent.
In a press statement released to The Telegraph, the bank emphasized its role as a pioneer in customer-focused banking. “Just months after abolishing transfer fees on local online transactions in April 2025, Sterling Bank has dismantled yet another long-standing industry practice,” the statement read. “This bold move challenges a revenue model that has historically cost Nigerian customers dearly.”
According to the bank, tier-1 banks collectively earned over ₦650 billion in 2024 from account maintenance and e-banking charges. Sterling’s decision aims to rewrite Nigeria’s banking rulebook by empowering customers to keep more of their hard-earned money.
Account maintenance fees have long been criticized for gradually eroding customers’ balances, despite seeming small per deduction.
Sterling Bank’s Managing Director, Abubakar Suleiman, explained that the removal of fees is intended to ease 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.
Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, highlighted that the initiative is about building lasting customer relationships. “We prioritize transparency and customer value, laying a foundation for sustainable growth that benefits both our customers and Sterling Bank’s future,” he stated.
Sterling framed the decision as a “declaration of financial independence” for Nigerians, enabling customers to retain more of their income.
This follows the April 2025 policy to abolish transfer fees on all local online transactions, aimed at reducing digital banking costs for individuals and small businesses.
