Sterling Bank has announced the removal of account maintenance fees on personal accounts, a development the lender says is aimed at easing financial pressure on Nigerians and advancing financial freedom. The announcement was contained in a statement issued on Wednesday.
Account maintenance fees, typically deducted every month from individual accounts, have long been seen as one of the most unpopular charges in the banking industry. Sterling said its latest decision aligns with ongoing reforms that target charges widely criticised by customers. The bank noted that tier-one institutions alone earned more than ₦650 billion from account maintenance and e-banking fees in 2024, highlighting how much Nigerian customers have been affected by such deductions.
In the statement, Sterling described the reform as a fundamental change in the country’s banking model. It explained that the initiative allows customers to keep more of their income while removing a revenue stream that has historically placed a burden on account holders.
Abubakar Suleiman, managing director of Sterling Bank, said the decision is consistent with the bank’s earlier step to cancel transfer fees in April. “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 said.
Also speaking on the initiative, Obinna Ukachukwu, executive for consumer and business banking at Sterling, said the bank is prioritising transparency and long-term customer relationships. “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,” he said.
The bank explained that the latest reform comes six months after it removed transfer charges on its digital platform, OneBank, in April 2025. Sterling stated that the combined measures have returned billions of naira to customers and reshaped the way it approaches service delivery. In a post on X, the bank said: “In just six months, we’ve scrapped two of banking’s most unpopular charges. Zero transfer fees in April. Zero Account Maintenance Fees today. This Independence Day, enjoy true financial freedom with OneBank.”
By eliminating two major categories of charges within the same year, Sterling has positioned itself as the first major Nigerian bank to break from long-established practices that generated substantial revenue for the sector. The lender described the reforms as part of a long-term commitment to prioritise customer interests and deliver value-driven banking.
