By Chinelo Obogo
Months after eliminating transfer fees on local online transactions in April, Sterling Bank has dismantled another long-standing industry practice by scrapping Account Maintenance Fees (AMF) across all personal accounts.
This decision was announced by the bank as Nigeria marks another Independence Day. The bank said it is a declaration of financial independence for millions of Nigerians and that by freeing customers from deductions that silently erode their balances, Sterling is empowering them to keep and grow their wealth, redefining true financial freedom.
The Managing Director of Sterling Bank,
Abubakar Suleiman explained why this decision was taken. He said: “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. We put transparency and customer value first, and in doing so, we are building a foundation that serves both our customers and Sterling’s future.”
The Growth Executive for Consumer and Business Banking at Sterling Bank, Obinna Ukachukwu, reinforced this position saying: “This initiative is about building lasting relationships that fuel sustainable growth.”
This decision cuts at the heart of a revenue model that has long cost Nigerian customers dearly. In 2024 alone, tier-1 banks raked in over ₦650 billion from account maintenance and e-banking charges.
Sterling said this move rewrites Nigeria’s banking rulebook while amplifying its bold stance which is that customers deserve freedom from too many deductions and the right to keep more of their hard-earned money, cementing its role as the nation’s leading force for transparent, fair, and customer-focused banking.
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