Sterling Bank has scrapped account maintenance fees on all personal accounts, unveiling the policy on Wednesday as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The move, announced in a statement made available to Business Metrics, comes just six months after the bank eliminated transfer fees on local online transactions—a decision widely praised at the time for easing the cost of digital banking.
“Just months after abolishing transfer fees in April 2025, Sterling 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 noted that the decision strikes at the heart of a revenue model that has long burdened Nigerian customers. Industry data shows that in 2024 alone, tier-1 banks generated more than ₦650 billion from account maintenance and e-banking charges.
Easing the Burden
Account maintenance fees have faced criticism for years from bank customers, who complain that even small deductions add up over time and erode savings.
Sterling’s Managing Director, Abubakar Suleiman, said the bank’s goal was to ease financial pressures 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.
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the initiative reflects Sterling’s long-term vision.
“This 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,” he said.
A Declaration of Financial Independence
Sterling framed the latest decision as a “declaration of financial independence” for Nigerians, arguing that customers deserve freedom from excessive deductions and the ability to keep more of their hard-earned money.
By dismantling two of the most persistent charges in Nigerian banking—transfer fees and account maintenance fees—the lender has positioned itself as an industry outlier determined to set a new standard for fairness and customer value.
