Lagos, October 1, 2025 — On a day when Nigerians mark 65 years of political independence, Sterling Bank has lit a fire under the country’s banking industry by scrapping account maintenance fees across all personal accounts.
The announcement, made on Independence Day, is being hailed by financial analysts as a “watershed moment” for customers long burdened by hidden deductions that quietly eat away at their balances.
Breaking Industry Tradition
Sterling’s move comes barely six months after it stunned the sector by abolishing transfer charges on local online transactions in April 2025.
Together, the two decisions strike at the heart of Nigeria’s entrenched banking revenue model. In 2024 alone, tier-1 banks earned more than ₦650 billion from account maintenance and e-banking fees — money withdrawn from the accounts of ordinary Nigerians.
By tearing up this playbook, Sterling Bank is positioning itself as the country’s boldest champion of customer-first banking.
“One Less Barrier Between Customers and Freedom”
Speaking on the decision, Sterling Bank’s Managing Director, Abubakar Suleiman, said the policy was driven by principle rather than profit.
“Every fee we remove is one less barrier between our customers and true financial freedom,” Suleiman told reporters. “That was why we scrapped transfer fees in April. Today, we are taking another decisive step by eliminating account maintenance fees.”
For Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, the goal is long-term trust:
“This is about building lasting relationships that fuel sustainable growth. When customers win, Sterling wins too.”
A Declaration of Financial Independence
The symbolism of the timing has not gone unnoticed. As the country reflects on 65 years of nationhood, Sterling has framed its decision as a gift of “financial independence” to millions of Nigerians — a chance to save and grow wealth without deductions that quietly chip away at income.
Industry watchers believe the move will pressure other banks to review their fee structures in order to stay competitive. Whether rivals follow suit or resist, one fact is clear: Sterling has changed the conversation.
