Sterling Bank has abolished Account Maintenance Fees (AMF) across all personal accounts, effective immediately, in a move seen as a declaration of financial independence for millions of Nigerians.
This decision allows customers to keep and grow their wealth without deductions that silently erode their balances. According to Abubakar Suleiman, Managing Director of Sterling Bank, “Every fee we remove is one less barrier between our customers and true financial freedom.”
The bank’s bold stance follows its previous decision to eliminate transfer fees on local online transactions in April 2025, demonstrating its commitment to fair banking practices. Nigerian banks raked in over ₦650 billion from account maintenance and e-banking charges in 2024, highlighting the significance of this move. Sterling Bank’s decision is expected to disrupt the banking industry and put pressure on other banks to follow suit.
Sterling Bank’s Managing Director emphasized that removing these fees is part of the bank’s customer-first approach. “We are putting an end to the practice of quietly extracting fees from Nigerians,” the bank declared in a social media post. Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, reinforced this position, stating, “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.”
The bank’s decision has received widespread praise, with many Nigerians seeing it as a step in the right direction toward making banking more transparent and customer-centric. As Nigeria marks its 65th Independence Day, Sterling Bank’s decision is celebrated as a declaration of financial independence for millions of Nigerians.
Sterling Bank’s 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. With two unprecedented moves in quick succession, the removal of transfer fees in April and now the elimination of account maintenance charges, Sterling Bank continues to challenge the status quo and champion a new era of fairness in Nigerian banking.
As the banking industry reacts to this development, many are expecting other banks to follow Sterling Bank’s lead. The bank’s commitment to transparency and customer value is evident in its actions, and its decision to scrap account maintenance fees is a significant step toward making banking more customer-centric.