Sterling Bank has officially scrapped account maintenance fees on all personal accounts, a gesture it describes as a “gift” to Nigerians in celebration of the nation’s 65th Independence Day. This bold decision was announced on October 1, 2025, following the bank’s earlier move in April to eliminate transfer fees for local online transactions.
In a statement released to PUNCH Online, the bank emphasized that this initiative is part of a larger effort to ease the financial burdens on Nigerians. The statement highlighted, “After abolishing transfer fees on local online transactions earlier this year, Sterling Bank has now removed another longstanding industry practice. This decision significantly reduces a revenue model that has often placed a strain on Nigerian customers.”
The bank pointed out that tier-1 banks earned over ₦650 billion in 2024 alone from account maintenance and e-banking charges, making the latest move a significant shift in Nigeria’s banking landscape. “Sterling’s actions rewrite the rulebook of banking in Nigeria, reinforcing our commitment to transparency, fairness, and customer-first values,” the statement continued.
Account maintenance fees have long been a source of dissatisfaction for Nigerian bank customers, who have often complained about how these small deductions can add up over time. Sterling’s removal of the fee is expected to provide relief to millions of account holders, enabling them to retain more of their hard-earned money.
Sterling Bank’s Managing Director, Abubakar Suleiman, underscored the importance of this initiative, stating, “Every fee we eliminate is one less barrier to financial freedom for our customers. This was our rationale behind removing transfer fees earlier this year, and it is the same principle we uphold now by eliminating account maintenance fees.”
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, further elaborated on the initiative’s long-term vision: “Our goal is to build lasting relationships that drive sustainable growth. Transparency and customer value are at the heart of this strategy, and it forms the foundation of both our customers’ success and Sterling Bank’s future.”
Sterling’s decision was framed as a “declaration of financial independence” for Nigerians, encouraging greater financial freedom by allowing customers to keep more of their income. This is a significant step towards empowering individuals and small businesses in a challenging economic environment.
This latest development follows Sterling’s earlier move in April 2025, when it eliminated transfer fees for all local online transactions. The bank had emphasized that this move aimed to reduce the cost of digital banking, particularly for individuals and small businesses.
Sterling Bank’s continuous focus on customer satisfaction is reflected in its ongoing efforts to remove fees that have long been a source of concern for Nigerians. By doing so, it positions itself as a leader in customer-focused banking within Nigeria’s competitive financial sector.
