Independence Day: Sterling Bank scraps account maintenance fees for all customers

Sterling Bank has announced the removal of Account Maintenance Fees (AMF) across all personal accounts, a move it describes as a step toward true financial freedom for its customers.

The announcement comes just months after the bank scrapped transfer fees on local online transactions in April 2025.

With this latest decision, Sterling has dismantled another long-standing industry practice, further positioning itself as a leader in transparent and customer-focused banking in Nigeria.

Industry data shows that in 2024, tier-1 banks earned more than ₦650 billion from account maintenance and e-banking charges.

By eliminating AMF, Sterling Bank is challenging this revenue model and giving Nigerians the chance to retain more of their hard-earned money.

Abubakar Suleiman, Managing Director of Sterling Bank, explained the philosophy behind the move, saying:

“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.”

Supporting this position, Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, emphasized that the initiative reflects the bank’s dedication to customer value:

“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.”

As the nation marks another Independence Day, Sterling Bank has described this move as a declaration of financial independence for millions of Nigerians.

By removing deductions that silently eat into account balances, the bank says it is empowering customers to keep and grow their wealth while reshaping Nigeria’s banking sector.

With the elimination of both transfer fees and account maintenance charges within the same year, Sterling Bank has set itself apart as a traditional bank that prioritizes its customers, marking a new era in Nigerian banking.

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