Sterling Bank removes account maintenance fees on personal accounts, calling it a gift of financial independence as Nigeria marks 65 years of nationhood

Sterling Bank removes account maintenance fees in a bold move aimed at enhancing financial freedom for Nigerians, marking a significant shift in industry norms on the country’s 65th Independence Day.

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In a statement released on Wednesday, the bank said all personal account holders would no longer be charged for account maintenance — a decision it described as a “gift” to Nigerians and a major step toward financial independence.

This comes just six months after Sterling abolished transfer fees on local online transactions, and signals a growing commitment to fairer, more transparent banking practices.

“Just months after abolishing transfer fees in April 2025, the bank has dismantled yet another long-standing industry practice,” the statement read. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.”

In 2024 alone, tier-1 banks reportedly earned over ₦650 billion from account maintenance and e-banking charges, prompting public outcry over hidden deductions.

Sterling Bank’s latest policy challenges this model, with the bank asserting that “customers deserve the right to keep more of their hard-earned money.”

Managing Director Abubakar Suleiman said the change was driven by a desire to remove financial barriers for everyday Nigerians.

“Every fee we remove is one less barrier between our customers and true financial freedom,” Suleiman said. “It’s the same principle we upheld when we eliminated transfer fees — and it’s the same one guiding us now.”

Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, framed the initiative as part of a long-term vision rooted in customer trust and economic empowerment.

“This initiative is about building lasting relationships that fuel sustainable growth,” Ukachukwu explained. “We put transparency and customer value first. In doing so, we’re building a future that benefits both our customers and Sterling.”

Sterling Bank described the policy as a “declaration of financial independence” and urged other financial institutions to rethink profit models that come at the expense of everyday account holders.

Account maintenance fees have long been criticised by customers who argue that, while seemingly minor, such deductions add up over time and eat into savings.

By scrapping both maintenance and transfer fees within the same year, Sterling Bank continues to position itself as a disruptor in Nigeria’s retail banking sector — one aligned more with customer empowerment than profit maximisation.

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As Nigeria marked 65 years of independence, the bank’s message was clear: true nation-building must include financial inclusion, and every Naira counts.