By Obinna Uballa
Sterling Bank has scrapped account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians in celebration of the country’s 65th Independence Day.
The announcement, made in a statement on Wednesday, comes just six months after the lender eliminated transfer fees on local online transactions in April 2025.
“Just months after abolishing transfer fees on local online transactions, 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,” Sterling said.
The bank noted that account maintenance charges, which generated over N650 billion for tier-1 banks in 2024 alone, had long been a burden for customers.
Sterling’s Managing Director, Abubakar Suleiman, said the decision was aimed at reducing the financial strain 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,” Suleiman said.
The Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the move reflected the bank’s long-term vision.
“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 said.
The lender framed the reform as a “declaration of financial independence” that would allow customers to keep more of their earnings while reshaping the country’s banking culture.
