Sterling Bank has once again raised the bar in Nigerian banking with a bold move that is already turning heads across the industry. Effective October 1, 2025, the bank will scrap account maintenance fees on all personal accounts, presenting the policy as a gift to Nigerians in celebration of Independence Day. This move marks a decisive step toward transparency, fairness, and customer-first banking in a sector long criticized for excessive charges.
For years, customers have grown frustrated with account maintenance fees. Though they seemed minor at first, these charges gradually eroded savings and cost Nigerians billions of naira each year in unnoticed expenses. Tier-1 banks alone collected nearly ₦650 billion in maintenance and e-banking fees in 2024.
By eliminating these fees, Sterling Bank is challenging a long-standing industry norm and positioning itself as an advocate for financial independence. Customers no longer need to worry about regular deductions eating into their balances, allowing them to keep more of their hard-earned money.
This is not Sterling’s first step in dismantling burdensome fee structures. In April 2025, the bank abolished local transfer charges on its OneBank platform, a move widely praised for its direct impact on customer experience. Together, these policy shifts—the removal of transfer fees and now account maintenance charges—signal a deliberate strategy to rewrite the rules of Nigerian banking.
Sterling Bank leadership has made clear why they are making these changes. Each fee removed represents “one less barrier between our customers and true financial freedom,” said Managing Director Abubakar Suleiman. He emphasized that this latest initiative builds on the same principle that guided the removal of transfer fees earlier in the year.
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, echoed this view, noting that the project aims to foster enduring relationships and trust. By prioritizing transparency and customer value, the bank is not only empowering individuals but also creating a framework for sustainable, long-term growth.
The decision could have far-reaching consequences. By eliminating account maintenance fees, Sterling Bank strengthens customer loyalty and distinguishes itself from rivals. It also pressures other banks to reassess fee structures that have long been accepted as the norm.
Competing banks risk losing clients who now demand fairer treatment. If others follow Sterling’s lead, the entire industry could shift toward a more customer-focused model, benefiting millions of Nigerians.
Sterling Bank now faces the challenge of replacing the steady non-interest revenue from account maintenance fees. The bank is betting that increased lending, larger deposit bases, and higher transaction volumes will offset the loss. With careful management, these gains could surpass the risks, enabling Sterling to balance profitability with growth.
As Nigeria celebrates another Independence Day, Sterling Bank’s move is being hailed as a declaration of financial independence for millions of citizens. With two groundbreaking policy changes in less than a year, the bank has demonstrated a clear commitment to fairness and customer empowerment. By scrapping account maintenance fees, Sterling Bank not only empowers individuals but also challenges the status quo, setting a new benchmark for transparency and trust in Nigerian banking.
