Sterling Bank has announced the cancellation of account maintenance fees for all personal accounts on Wednesday as Nigeria celebrated its 65th Independence Day.
The bank called this a “gift” to Nigerians.
Nigeria’s 65th Independence Day fell on the same day as the announcement, which was made just six months after the lender eliminated transfer fees for local online transactions.
The statement read, “Just months after abolishing transfer fees on local online transactions in April 2025, the bank has dismantled another long-standing industry practice, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking.
”This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.
”In 2024 alone, tier-1 banks raked over ₦650 billion from account maintenance and e-banking charges. Sterling’s move rewrites Nigeria’s banking rulebook while amplifying its bold stance: customers deserve freedom from too many deductions and the right to keep more of their hard-earned money.”
Criticism of banks’ maintenance fees
Bank customers have long criticised account maintenance fees, claiming that although the deductions are typically minimal per transaction, they gradually reduce balances.
Abubakar Suleiman, managing director of Sterling Bank, stated that the most recent action was to lessen Nigerians’ financial strain.
”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 said.
Goal of Sterling Bank’s scrapping of fees
Obinna Ukachukwu, the bank’s Growth Executive for Consumer and Business Banking, stated that the initiative aimed to establish enduring connections with clients.
Ukachukwu said, “This initiative is about building lasting relationships that fuel sustainable growth. We prioritise transparency and customer value, and in doing so, we are building a foundation that will serve both our customers and Sterling’s future.”
The bank emphasised that it would enable clients to retain a larger portion of their profits, framing the decision as a “declaration of financial independence” for Nigerians.
Sterling eliminated transfer fees for all local online transactions in April 2025.
At the time, the bank stated that the policy, which went into effect immediately, was to lower the cost of digital banking for small businesses and individuals.