Sterling Bank has abolished account maintenance fees on personal accounts, framing the policy as a step toward financial independence for Nigerians.
Sterling Bank has scrapped account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians as the country celebrated its 65th Independence Day on Wednesday.
The bank announced the decision in a statement made available to PUNCH Online, noting that it follows its April 2025 policy that eliminated transfer fees on local online transactions. “Just months after abolishing transfer fees… 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.
Critics have long faulted account maintenance charges, which generated over ₦650 billion for tier-1 banks in 2024, saying they drained customer balances.
Sterling’s Managing Director, Abubakar Suleiman, said, “Every fee we remove is one less barrier between our customers and true financial freedom.” Growth Executive Obinna Ukachukwu added that the initiative was about “building lasting relationships that fuel sustainable growth.”
The bank framed the move as a “declaration of financial independence.”