Sterling Bank Abolishes Account Maintenance Fees Amid Independence Day Celebrations
Nigeria: Sterling Bank has once again demonstrated its commitment to putting customers first by abolishing Account Maintenance Fees (AMF) across all personal accounts.
Just months after eliminating transfer fees on local online transactions in April 2025, the bank has taken another bold step by dismantling a long-standing industry practice. This move positions Sterling Bank as a pioneer for transparent, fair, and customer-focused banking in Nigeria.
The decision comes as a significant blow to a revenue model that has historically cost Nigerian customers dearly — with tier-1 banks earning over ₦650 billion in 2024 from account maintenance and e-banking charges alone. Sterling’s move challenges this outdated approach, reaffirming its stance that customers deserve to keep more of their hard-earned money and enjoy financial freedom.
Abubakar Suleiman, Managing Director of Sterling Bank, explained the motivation behind the bold initiative: “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.”
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, added: “This initiative is about building lasting relationships that promote sustainable growth. We prioritise transparency and customer value, creating a foundation that benefits both our clients and Sterling’s future.”
As Nigeria celebrates another Independence Day, Sterling Bank presents this decision as a declaration of financial independence for millions of Nigerians. By removing deductions that silently erode balances, Sterling empowers customers to retain and grow their wealth, redefining what it means to be truly financially free.
With two unprecedented moves in quick succession—the removal of transfer fees in April and now the abolition of account maintenance charges—Sterling Bank continues to challenge the status quo, championing a new era of fairness and customer-centricity in Nigerian banking..