ABUJA, Nigeria (VOICE OF NAIJA)-Sterling Bank has announced that it will stop charging account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the country’s 65th Independence Day on Wednesday.
The announcement, which coincides with Nigeria’s 65th Independence anniversary, comes just six months after the bank scrapped transfer fees on local online transactions.
This was disclosed in a press statement released by the bank on Wednesday.
The statement read, “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.
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”This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.
”In 2024 alone, tier-1 banks raked in over N650 billion from account maintenance and e-banking charges. Sterling’s move rewrites Nigeria’s banking rulebook while amplifying its bold stance: customers deserve freedom from too many deductions and the right to keep more of their hard-earned money.”
Account maintenance fees have long been a major source of frustration for customers, who argue that although the deductions seem minimal individually, they significantly reduce their account balances over time.
Sterling Bank’s Managing Director, Abubakar Suleiman, explained that the initiative was designed to ease the financial burden on Nigerians.
”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 end account maintenance charges,” he said.
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, highlighted the long-term goal behind the move.
Ukachukwu was quoted as saying, “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.”
Sterling described the decision as a “declaration of financial independence” for Nigerians, noting that it would allow customers to keep more of their earnings.
Earlier in April 2025, the bank scrapped transfer fees on all local online transactions, a policy that took effect immediately and was aimed at reducing the cost of digital banking for individuals and small businesses.