Sterling Bank has announced the removal of account maintenance fees on all personal accounts, describing the decision as a “gift” to Nigerians in celebration of the nation’s 65th Independence Day.
The announcement, which comes just six months after the bank scrapped transfer fees on local online transactions, was made in a statement released on Wednesday.
The lender said the move signals its continued commitment to transparent, fair, and customer-first banking.
“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,” Sterling said in its statement.
The bank stressed that the decision “cuts at the heart of a revenue model that has long cost Nigerian customers dearly.”
In 2024 alone, tier-1 banks reportedly earned more than ₦650 billion from account maintenance and e-banking charges.
A Declaration of Financial Independence
Sterling framed the move as a “declaration of financial independence” for Nigerians, enabling customers to keep more of their earnings and worry less about hidden deductions.
Its Managing Director, Abubakar Suleiman, explained the decision as part of the bank’s long-term mission 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 eliminate account maintenance fees,” Suleiman said.
The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, added that the initiative was designed to build stronger ties with customers.
“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,” Ukachukwu stated.
CEO’s Special Independence Message to Nigerians
In a personal Independence Day announcement to customers, Suleiman said:
“At Sterling Bank, progress means more than technology—it means making banking simpler, fairer, and more rewarding for you. While we continue to invest in the future, strengthening our core systems, expanding AI-driven services, and enhancing security, we believe true innovation should also reduce your cost of banking.
“That’s why we’re excited to share some good news: in addition to removing transfer charges, Sterling Bank will no longer charge account maintenance fees when you transact with OneBank.
“You don’t need to do anything; this benefit applies automatically to your account. It’s our way of saying thank you for your trust and loyalty.
“What’s next? Spread the word! Invite family, friends, and colleagues to join you at Sterling. The more people who bank with us, the more we can invest in building even better services for you.
“At Sterling, we reward your trust not with higher fees, but with greater value. Together, let’s build a future where banking truly works for everyone.”
