Sterling Bank Marks Independence Day with Removal of Account Maintenance Fees

Sterling Bank has scrapped account maintenance fees on all personal accounts, describing the move as a “gift” to Nigerians in celebration of the nation’s 65th Independence anniversary.

The announcement, made through a press statement on Wednesday, follows the bank’s decision six months ago to abolish transfer fees on local online transactions.

“Just months after eliminating transfer fees in April 2025, we have taken another bold step to end a long-standing industry practice, reaffirming our commitment to transparent, fair, and customer-focused banking,” the bank stated.

According to Sterling, the decision directly challenges a system that has cost Nigerians heavily, noting that tier-1 banks generated over ₦650 billion from account maintenance and e-banking charges in 2024 alone.

Managing Director, Abubakar Suleiman, said the initiative aims to ease the financial strain on customers. “Every fee we remove eliminates a barrier between our customers and true financial freedom,” he said.

Also speaking, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, emphasized that the move reflects Sterling’s long-term vision. “This initiative is about building lasting relationships anchored on transparency and customer value,” he noted.

Sterling described the development as a “declaration of financial independence” for Nigerians, allowing them to retain more of their income while strengthening trust in digital banking.