![Chief Executive Officer of Sterling Bank, Mr Abubakar Suleiman. [PHOTO CREDIT: Sterling Bank Official Website]](https://crediblenewsng.com/wp-content/uploads/2025/04/images-24.jpeg)
Sterling Bank has announced the abolition of account maintenance fees on all personal accounts, a move it says reflects its commitment to fairness and customer-focused banking.
The announcement was made on Wednesday as Nigerians celebrated the country’s 65th Independence Day.
The decision marks the second major fee-cutting reform from the bank in less than six months. In April 2025, Sterling scrapped charges on local online transfers, a step that was widely applauded by individuals and small businesses struggling with the rising cost of digital transactions.
In a statement released to the press, Sterling described the latest measure as a “gift” to Nigerians, noting that the initiative was part of its campaign to give customers greater financial freedom.
The bank emphasized that removing account maintenance fees disrupts a long-standing revenue model in Nigeria’s financial sector, which has drawn criticism for years from customers.
“Just months after abolishing transfer fees, the bank has dismantled yet another long-standing industry practice,” the statement read. “This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.”
Industry reports show that Nigerian banks earned over ₦650 billion from account maintenance and e-banking charges in 2024 alone.
Though the deductions may appear small per transaction, many customers have long complained that they significantly reduce account balances over time.
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By eliminating such charges, Sterling Bank says it is rewriting the “rulebook of Nigerian banking” and aligning itself with global practices that emphasize transparency and customer value.
Sterling Bank’s Managing Director, Abubakar Suleiman, said the decision reflects the institution’s belief that every fee removed represents one less barrier to financial freedom.
“This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold now,” Suleiman noted.
Echoing this, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative was not only about customer satisfaction but also about long-term sustainability.
“We put transparency and customer value first,” Ukachukwu said. “In doing so, we are building a foundation that serves both our customers and Sterling’s future.”
The bank framed the announcement as a symbolic “declaration of financial independence,” highlighting its significance on Nigeria’s Independence Day.
By ensuring customers keep more of their earnings, Sterling aims to build trust and strengthen relationships in a competitive banking environment where customers are increasingly demanding cost-effective services.
With millions of Nigerians still outside the formal banking system, reducing costs could also help drive financial inclusion and expand access to digital financial services.
For Sterling Bank, the strategy underscores its brand as a disruptor willing to challenge entrenched industry practices. For customers, the move represents immediate relief from one of the most unpopular banking deductions, reinforcing hopes of a more consumer-friendly financial sector.
Punch
