KEY POINTS
- Sterling Bank eliminates account maintenance fees nationwide.
- Customers keep more money under financial freedom push.
- Nigeria’s banking sector faces pressure for transparency.
Sterling Bank is taking another swing at Nigeria’s entrenched banking practices by eliminating account maintenance fees on all personal accounts.
The decision, which came months after the bank got rid of transfer fees on local internet transactions, shows how it is becoming more of a competitor to long-standing business models.
Sterling is now the most vociferous supporter of open, customer-first banking in the country by getting rid of the fees.
Sterling Bank eliminates account maintenance fees
In 2024, Nigeria’s top banks earned more than ₦650 billion from maintenance and e-banking charges. Sterling’s latest move slices into that revenue stream, rewriting the banking playbook and giving customers a direct win in a sector long accused of excessive deductions.
Customers gain from financial freedom push
Chief Executive Abubakar Suleiman said the action reflects a deeper principle. “Every fee we remove is one less barrier between our customers and true financial freedom,” he said, pointing to April’s decision to cut transfer fees.
Redefining financial freedom in Nigeria
Growth Executive Obinna Ukachukwu added that the initiative strengthens trust and sustainability. Sterling Bank is tying its strategy to financial independence, using cost relief as a tool to cement customer loyalty and redefine fairness in Nigerian banking.
