Sterling Bank has scrapped account maintenance fees on all personal accounts, a decision it described as a “gift of financial independence” to Nigerians as the nation marked its 65th Independence anniversary.
The move, announced in a statement on Wednesday, follows the bank’s earlier decision in April 2025 to abolish transfer fees on local online transactions.
Sterling said the removal of account maintenance charges was designed to dismantle “a long-standing industry practice” that had drained customers’ balances for decades.
Industry data shows that in 2024 alone, Nigeria’s tier-1 banks collected over ₦650 billion from account maintenance and e-banking charges.
“Every fee we remove is one less barrier between our customers and true financial freedom,” said Managing Director Abubakar Suleiman. “The rationale is simple: Nigerians deserve to keep more of their hard-earned money.”
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, stressed that the policy was not just about cutting costs but also about deepening customer trust. “This initiative is about building lasting relationships that fuel sustainable growth. Transparency and customer value come first,” he said.
Account maintenance fees, though often small per transaction, have long been a sore point among Nigerian bank customers who argue that the deductions accumulate into significant sums.
Sterling framed the decision as a “declaration of financial independence”, symbolically timed with Nigeria’s 65th anniversary, and pledged to continue pushing for customer-friendly reforms that redefine banking in the country.
The bank’s double reform—abolishing both transfer charges and now maintenance fees—marks a sharp break from the sector’s reliance on recurring deductions and positions Sterling as one of the most aggressive challengers of Nigeria’s traditional banking model.
