Sterling Bank has abolished account maintenance fees on all personal accounts, calling the move a “gift” to Nigerians as the country marked its 65th Independence Day on Wednesday.
The announcement, which coincided with the independence celebrations, comes barely six months after the lender scrapped 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 in a statement.
The lender noted that account maintenance charges—criticised for eating into balances through small but steady deductions—generated over ₦650 billion for tier-1 banks in 2024 alone.
Sterling’s Managing Director, Abubakar Suleiman, said the latest decision was aimed at reducing 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,” Suleiman said.
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the initiative was about deepening 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 said.
Sterling framed the move as a “declaration of financial independence” that will enable Nigerians to retain more of their earnings and push the industry toward greater fairness.
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