‎Sterling Bank has removed account maintenance fees on all personal accounts as a “declaration of financial independence” for Nigerians.

‎Announcing the development on Wednesday, October 1st, in a statement, the institution said it is a “gift” to Nigerians as the country marked its 65th Independence Day on Wednesday.

‎The announcement comes barely six months after the lender scrapped transfer fees on local online transactions.

‎The statement read, “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.

‎”This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly.

‎”In 2024 alone, tier-1 banks raked in over ₦650 billion from account maintenance and e-banking charges. Sterling’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.”

‎Over the years, Bank users have complained bitterly about the account maintenance charges. According to the customers, although the charges are usually in small amounts, it shortens their money to a great deal.

‎In the statement on Wednesday, Sterling Bank’s Managing Director, Abubakar Suleiman, was quoted as saying that the latest decision was aimed at easing the financial burden on Nigerians.

‎He said; ”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.”

‎Also quoted, the bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, said the initiative was about building long-term relationships with customers.

‎He said “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.”

‎Recall that Sterling bank in April 2025, abolished transfer fees on all local online transactions stating that the policy was aimed at easing the cost of digital banking for individuals and small businesses.