Sterling Bank has scrapped account maintenance fees on all personal accounts, calling it a gift to Nigerians.
The bank said the move, announced on Independence Day, promotes financial freedom and customer trust.
Sterling Bank has stopped charging account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians on the country’s 65th Independence Day.
The bank made the announcement on Wednesday, just six months after it scrapped charges on local online transfers.
In a statement, the bank said the new policy removes another long-standing cost that has weighed heavily on customers. It noted that in 2024, leading banks in Nigeria made over ₦650 billion from account maintenance and electronic banking charges.
Sterling Bank’s Managing Director, Abubakar Suleiman, explained that the goal was to reduce the financial pressure on customers. “Every fee we remove is one less barrier between our customers and true financial freedom. That was the idea behind eliminating transfer charges in April, and it is the same principle guiding this decision,” he said.
The Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the bank is focused on building stronger relationships with its customers. He said, “This initiative is about creating long-term value. We are prioritizing transparency and customer trust while laying a foundation for Sterling’s future.”
The bank described the policy as a declaration of “financial independence” for Nigerians, aimed at allowing customers to retain more of their earnings.
In April 2025, Sterling became the first bank to remove fees on local online transfers, saying the step was meant to ease the cost of digital banking for individuals and small businesses.
