Sterling Bank has announced the removal of 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 announcement comes just six months after the bank scrapped transfer fees on local online transactions, further positioning itself as a pioneer of customer-friendly banking practices in Nigeria.
In a statement issued to Punch on Wednesday, the lender said the decision dismantles one of the longest-standing revenue models in the industry, which has cost customers billions of naira annually. “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.
In another post on X, the bank said “INDEPENDENCE MEANS GROWTH. INDEPENDENCE MEANS CHANGE. We are cancelling Account Maintenance Fees on Personal Accounts. Because Nigerians deserve more than survival, they deserve FREEDOM.”
Managing Director Abubakar Suleiman said the policy shift was aimed at reducing financial pressure on customers. “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,” he explained.
In April 2025, the bank became the first in Nigeria to abolish transfer fees on all local online transactions, a move aimed at easing the cost of digital banking for individuals and small businesses.
