Sterling Bank has announced the removal of account maintenance fees on all personal accounts, a decision unveiled on Nigeria’s Independence Day that is already being hailed as a landmark shift in the banking industry.
The bank, which had earlier scrapped transfer fees on local online transactions in April 2025, said the latest move was part of its mission to deliver transparent and customer-focused banking.
Industry data shows that in 2024, top Nigerian banks earned more than ₦650 billion from account maintenance and e-banking charges, a practice that many customers described as a silent drain on their balances.
Managing Director of Sterling Bank, Abubakar Suleiman, explained the rationale behind the decision: “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.”
Also speaking, Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, said the initiative was about building stronger relationships that deliver long-term value. “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.”
Analysts say the decision could force other banks to review their own charges, especially at a time when Nigerians are struggling with economic pressure and shrinking disposable income.
By tying the announcement to Independence Day, Sterling Bank framed the move as a “financial independence” gift to Nigerians, underscoring its vision of a fairer and more inclusive banking sector.
With the removal of both transfer fees and now account maintenance charges, Sterling Bank has positioned itself as a challenger brand rewriting the rules of Nigerian banking.
