Sterling Bank Scraps Account Maintenance Fees for Customers
The lender, which scrapped local transfer fees in April, says the change marks Independence Day and cuts hidden banking costs.
Sterling Bank has removed account maintenance fees on all personal accounts, marking Nigeria’s 65th Independence Day with what it calls a step toward financial relief for everyday citizens.
The announcement, made on Wednesday, follows the bank’s earlier policy shift in April when it eliminated transfer fees on local digital transactions. The bank says both decisions reflect its commitment to reducing hidden banking costs and supporting customer financial wellbeing.
Sterling’s Managing Director, Abubakar Suleiman, said the move is part of a broader push for transparency and fairness in banking. In 2024 alone, Nigerian banks reportedly earned over ₦650 billion from account and electronic transaction charges.
With this change, Sterling positions itself as a challenger to long-standing industry practices, promising customers more value and fewer deductions in their day-to-day banking experience.
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