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 marked its 65th Independence Day on Wednesday.
This announcement, which coincided with the national holiday, comes barely six months after the lender abolished transfer fees on local online transactions.
In a press statement made available on Wednesday, the company framed the decision as a “declaration of financial independence” for Nigerians.
Read Also: FIRS Reveals VAT-Free Items Under Tinubu’s Tax Reform
The statement read that after eliminating transfer fees 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.”
It noted that this decision “cuts at the heart of a revenue model that has long cost Nigerian customers dearly,” citing that “In 2024 alone, tier-1 banks raked in over ₦650 billion from account maintenance and e-banking charges.”
The bank stressed that its move “rewrites Nigeria’s banking rulebook while amplifying its bold stance: customers deserve freedom from too many deductions and the right to keep more of their hard-earned money.”
Account maintenance charges have long been criticized by bank customers for gradually eating into balances over time.
Sterling Bank’s Managing Director, Abubakar Suleiman, said the latest decision was aimed at easing the financial burden on Nigerians.
He was quoted as saying: “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.”
Similarly, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative is about “building long-term relationships that fuel sustainable growth.”
Ukachukwu was quoted as saying, “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.”
Join Informant Online WhatsApp Channel With Link Below: https://whatsapp.com/channel/0029VaihFajBadmT29ufud2
To Publish Articles, News, Place Advert, Contact Informant Online With Email Link Below: informantonline.com.ng@gmail.com
