Sterling Bank has announced that it will no longer charge account maintenance fees on all personal accounts, a decision the lender says is in celebration of Nigeria’s 65th Independence Day.
The development comes just six months after the bank scrapped transfer charges on local online transactions in April 2025.
In a statement on Tuesday, Sterling described the removal of maintenance fees as part of its ongoing efforts to make banking more transparent and customer-friendly.
“By taking out these charges, we are challenging a system that has for years placed unnecessary costs on Nigerians. In 2024 alone, banks in the country earned more than ₦650 billion from account maintenance and e-banking deductions. Our approach is simple: customers deserve to keep more of what they earn,” the bank said.
Managing Director, Abubakar Suleiman, explained that the decision was aimed at easing financial pressure on individuals.
“Every fee we take away is one less obstacle to financial freedom for our customers. That was the idea behind abolishing transfer charges earlier this year, and it remains our motivation for ending account maintenance fees today,” Suleiman noted.
Also speaking, Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative underscores Sterling’s long-term vision of customer satisfaction and trust.
“This is not just about cutting costs; it’s about building stronger relationships with our customers. By prioritising transparency, we are creating a future that benefits both our clients and the bank,” Ukachukwu said.
Sterling framed the move as a “declaration of financial independence” for Nigerians, stressing that the new policy would give account holders the freedom to save and spend without worrying about hidden deductions.
Earlier in April, the bank had made headlines when it eliminated transfer fees for local online transactions, a step it said was targeted at reducing the cost of digital banking for individuals and small businesses.
