Sterling Bank has announced that it will no longer charge account maintenance fees on personal accounts, calling the move a gift to Nigerians as the country marks Independence Day.
The decision follows the bank’s earlier step in April 2025, when it scrapped transfer fees on local online transactions.
Both changes challenge long-standing practices in the banking sector and aim to ease the financial burden on customers.
In 2024, Nigerian tier-1 banks earned more than ₦650 billion from account maintenance and e-banking charges.
Sterling Bank said its decision to remove AMF is part of a broader commitment to transparency and financial freedom.
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“Every fee we remove is one less barrier between our customers and true financial freedom,” said Abubakar Suleiman, Managing Director of Sterling Bank. “This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees.”
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, added: “This initiative is about building lasting relationships that fuel sustainable growth.
“We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future.”
By ending both transfer and account maintenance fees in the same year, Sterling Bank positions itself as a leader in customer-first banking, offering Nigerians more freedom to grow their wealth without hidden deductions.