Sterling Bank has announced the removal of account maintenance charges on all personal accounts, describing the move as a “financial gift” to Nigerians in celebration of the nation’s 65th Independence anniversary.
The development, disclosed in a statement on Wednesday, follows the bank’s earlier decision in April 2025 to abolish transfer fees on local online transactions, reinforcing its commitment to easing banking costs for customers.
“Just months after abolishing transfer fees on local online transactions in April 2025, the bank has dismantled yet another long-standing industry practice, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking,” the statement read.
The lender noted that in 2024 alone, tier-1 banks earned over ₦650 billion from account maintenance and e-banking charges — deductions that have long been criticised by customers as unnecessary and burdensome.
Sterling’s Managing Director, Abubakar Suleiman, said the initiative was about freeing customers from hidden charges that eat into their income.
“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,” Suleiman stated.
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Also speaking, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the move was part of Sterling’s long-term vision to prioritise transparency and customer trust.
“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,” Ukachukwu said.
Framing the policy as a “declaration of financial independence,” Sterling Bank said Nigerians can now keep more of their earnings without worrying about monthly deductions that diminish account balances over time.