By Peter Omopo | October 1, 2025
Sterling Bank Plc 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 anniversary.
The announcement, made on Wednesday in a statement made available to PUNCH Online, comes just six months after the bank eliminated transfer fees on local online transactions in April 2025.
“Just months after abolishing transfer fees on local online transactions in April, 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,” the statement read.
Account maintenance charges, which banks have long deducted monthly from customers’ accounts, have been a major source of revenue for the financial sector but a frequent source of frustration for customers. In 2024 alone, tier-1 banks reportedly generated more than ₦650 billion from account maintenance and e-banking charges.
Sterling’s Managing Director, Abubakar Suleiman, said the move was intended to reduce the financial burden on customers.
“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,” he stated.
Also speaking, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative was aimed at strengthening customer trust and long-term relationships.
“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,” he said.
The bank described the decision as a “declaration of financial independence” for Nigerians, emphasising that it would allow customers to keep more of their earnings.
With this latest move, Sterling Bank has positioned itself as a disruptor in Nigeria’s banking industry, challenging long-standing revenue models in favour of customer-friendly policies.
