By Atoyebi Nike
Sterling Bank has announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence anniversary.
The announcement, made on Wednesday through a press statement, comes just six months after the bank abolished transfer fees on local online transactions in April 2025.
According to the statement, the move targets one of the most controversial practices in Nigeria’s banking industry, where account maintenance charges have long been criticised for eroding customers’ savings.
“In 2024 alone, tier-1 banks raked in over ₦650 billion from account maintenance and e-banking charges,” Sterling Bank said. “This decision rewrites Nigeria’s banking rulebook and underscores our stance that customers deserve to keep more of their hard-earned money.”
Managing Director, Abubakar Suleiman, said the initiative reflects the bank’s commitment to reducing financial barriers for Nigerians.
“Every fee we remove is one less barrier between our customers and true financial freedom. The principle that informed the elimination of transfer fees in April is the same guiding this new decision,” Suleiman explained.
Also speaking, Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, noted that the policy is about building long-term trust. “We put transparency and customer value first. By doing so, we’re laying a foundation that benefits both our customers and Sterling’s future,” he said.
The bank described the removal of account maintenance fees as a “declaration of financial independence,” stressing that it would allow customers to retain more of their earnings while strengthening financial inclusion.
