Sterling Bank scraps account maintenance fees in customer-first move

Sterling Bank has once again redefined customer-first banking by scrapping Account Maintenance Fees (AMF) across all personal accounts.

This decision follows the bank’s earlier move in April 2025 to abolish transfer fees on local online transactions.

By eliminating yet another long-standing industry practice, Sterling Bank is challenging a revenue model that cost tier-1 banks over ₦650 billion in 2024 from account maintenance and e-banking charges.

Sterling Bank Managing Director, Abubakar Suleiman, explained the principle driving the action: “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.”

Growth Executive Obinna Ukachukwu reinforced this position, stating the initiative is about building lasting relationships founded on transparency and customer value.

The Bank presented the decision, announced on Independence Day, as a declaration of financial independence for millions of Nigerians, empowering customers to keep and grow their wealth.