Sterling Bank has abolished account maintenance fees on all personal accounts, marking its second major customer-focused policy shift in six months. The announcement coincided with Nigeria’s 65th Independence Day celebrations on Wednesday.
In April, the bank had scrapped transfer fees on local online transactions, positioning itself as a challenger to long-standing practices in the financial sector. A statement released by Sterling described the new policy as a move to give Nigerians “financial independence” by cutting costs that have long burdened account holders.
The bank noted that in 2024, tier-1 banks earned over ₦650 billion from account maintenance and e-banking charges. Sterling’s decision, it said, challenges this model and offers customers the opportunity to retain more of their income.
Managing Director Abubakar Suleiman said the policy was consistent with the bank’s strategy of dismantling unnecessary charges. “Every fee we remove is one less barrier between our customers and true financial freedom,” Suleiman stated.
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, emphasized that the change was part of building deeper trust with customers. He noted that transparency and customer value were central to Sterling’s long-term growth plan.
The removal of account maintenance fees follows long-standing complaints from Nigerians, who have described the charges as small but persistent deductions that significantly affect balances over time.
Sterling framed the move as a declaration of financial independence, underscoring its intention to lead in customer-centered banking.
With this decision, Sterling continues its push to challenge conventional practices in the banking industry, aiming to set a standard for transparent and fairer banking in Nigeria.
