By DAYO ADESULU
Lagos, Nigeria – October 1, 2025 – In a bold Independence Day move, Sterling Bank has scrapped Account Maintenance Fees (AMF) on all personal accounts, giving millions of Nigerians what it calls “true financial freedom.”
The decision comes just months after the bank eliminated transfer fees on local online transactions in April 2025, making Sterling the first Nigerian bank to dismantle two of the industry’s most entrenched revenue streams in less than a year.
Industry figures show that in 2024 alone, tier-1 banks generated over ₦650 billion from account maintenance and e-banking charges — a burden Sterling says customers should no longer bear.
> “Every fee we remove is one less barrier between our customers and true financial freedom,” said Abubakar Suleiman, Managing Director of Sterling Bank. “That was our rationale behind abolishing transfer fees in April, and it is the same principle driving this latest decision.”
Redefining Customer-First Banking
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling, described the move as part of a broader strategy to put transparency and value at the heart of banking.
> “This initiative is about building lasting relationships that fuel sustainable growth,” Ukachukwu explained. “We put customers first, ensuring they keep more of their hard-earned money while strengthening trust in the system.”
Financial Freedom as Independence Gift
Sterling Bank tied the announcement to Nigeria’s 65th Independence Day celebration, framing it as a symbolic “declaration of financial independence” for citizens. By scrapping account maintenance fees, the bank said it is empowering Nigerians to grow their wealth without silent deductions eating away at their balances.
With this second major reform in 2025, Sterling Bank continues to position itself as a disruptor in Nigerian banking, challenging industry norms and setting a new benchmark for fairness and customer-centered innovation.
