In a groundbreaking move that underscores its commitment to customer-centric banking, Sterling Bank has once again disrupted Nigeria’s financial landscape by scrapping Account Maintenance Fees (AMF) across all personal accounts. This decision, announced in October 2025, follows closely on the heels of the bank’s earlier move in April 2025 to eliminate transfer fees on local online transactions. With these bold actions, Sterling Bank is dismantling long-standing industry practices, positioning itself as a trailblazer in transparent, fair, and customer-focused banking in Nigeria.
The elimination of account maintenance fees strikes at the core of a revenue model that has long burdened Nigerian banking customers. In 2024, tier-1 banks in Nigeria collectively generated over ₦650 billion from account maintenance and e-banking charges, a figure that highlights the significant financial toll these fees impose on customers. By abolishing these charges, Sterling Bank is not only rewriting the rules of banking in Nigeria but also sending a powerful message: customers deserve to keep more of their hard-earned money without the burden of excessive deductions.
Abubakar Suleiman, Managing Director of Sterling Bank, articulated the philosophy behind this transformative decision: “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.” Suleiman’s words reflect Sterling’s unwavering commitment to prioritizing customer welfare over traditional revenue streams, a stance that sets the bank apart in an industry often criticized for opaque fee structures.
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, echoed this sentiment, emphasizing the long-term vision behind the initiative: “This initiative is about building lasting relationships that fuel sustainable growth. 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.” Ukachukwu’s statement underscores the bank’s strategic focus on fostering trust and loyalty, which it believes will drive sustainable growth for both customers and the institution.
The timing of this announcement is particularly symbolic, coinciding with Nigeria’s Independence Day celebrations in October 2025. Sterling Bank has framed the elimination of account maintenance fees as a declaration of financial independence for millions of Nigerians. By removing charges that quietly erode account balances, the bank is empowering its customers to retain and grow their wealth, offering a tangible step toward true financial freedom. This move resonates deeply in a country where economic challenges often make saving and financial planning difficult for many.
Sterling Bank’s decision to eliminate both transfer fees and account maintenance charges in 2025 marks a significant departure from the status quo. These two unprecedented moves, executed in quick succession, demonstrate the bank’s willingness to challenge entrenched industry norms. Historically, account maintenance fees have been a standard practice across Nigerian banks, often justified as necessary for covering operational costs. However, these fees have long been a source of frustration for customers, who see their balances diminish with every transaction or statement cycle. Sterling’s bold actions signal a shift toward a more equitable banking model, one that prioritizes customer satisfaction over short-term profits.
The broader implications of Sterling’s decision are profound. By removing these fees, the bank is not only alleviating a financial burden but also setting a new standard for transparency and fairness in Nigeria’s banking sector. This move could pressure other banks to reconsider their own fee structures, potentially sparking a wave of customer-friendly reforms across the industry. As customers increasingly demand value and transparency, Sterling’s proactive approach positions it as a leader in redefining what banking can and should be.
Moreover, Sterling Bank’s initiatives align with broader trends in the global financial services industry, where fintech companies and challenger banks are disrupting traditional models by offering low- or no-fee services. In Nigeria, where digital banking adoption is surging, Sterling’s fee-elimination strategy could attract a new wave of customers, particularly younger, tech-savvy individuals who prioritize convenience and cost savings. By aligning its offerings with the needs and expectations of this demographic, Sterling is not only enhancing its competitive edge but also future-proofing its business model.
The decision to scrap account maintenance fees also reflects Sterling Bank’s broader mission to empower Nigerians financially. In a country where access to affordable financial services remains a challenge for many, Sterling’s actions provide meaningful relief. For small business owners, salaried workers, and everyday savers, the elimination of these fees translates into real savings, allowing them to allocate more of their income toward personal or business goals. This aligns with Sterling’s vision of fostering financial inclusion and supporting economic growth at the grassroots level.
Industry analysts have praised Sterling Bank’s bold moves, noting that they could reshape customer expectations and force competitors to adapt. “Sterling is setting a new benchmark for what it means to be a customer-first bank,” said a Lagos-based financial analyst. “By prioritizing transparency and affordability, they’re not just winning customers—they’re changing the conversation around banking in Nigeria.” This sentiment is echoed by customers, many of whom have taken to platforms like X to express their appreciation for Sterling’s customer-centric approach.
As Sterling Bank continues to innovate, its actions serve as a reminder that banking can be a force for good. By removing barriers to financial access and empowering customers to keep more of their money, Sterling is not only redefining its role in the industry but also contributing to a broader vision of financial empowerment in Nigeria. The elimination of account maintenance fees is more than a policy change—it’s a statement of intent, signaling Sterling’s commitment to building a banking system that works for everyone.
Looking ahead, Sterling Bank’s leadership has hinted at further initiatives aimed at enhancing customer value and driving financial inclusion. While specific details remain under wraps, the bank’s track record suggests that more bold, customer-focused innovations are on the horizon. For now, the elimination of account maintenance fees stands as a landmark achievement, one that reinforces Sterling’s position as a pioneer in Nigeria’s banking sector.
In conclusion, Sterling Bank’s decision to abolish account maintenance fees marks a pivotal moment in Nigerian banking. By prioritizing customer welfare and challenging industry norms, the bank is setting a new standard for what it means to be a financial institution in the 21st century. As Nigerians celebrate their nation’s independence, Sterling’s actions offer a different kind of freedom—one where customers are liberated from the burden of unnecessary fees and empowered to take control of their financial futures. With this move, Sterling Bank is not just rewriting the rules of banking; it is redefining the relationship between banks and their customers, paving the way for a more transparent, equitable, and inclusive financial ecosystem in Nigeria.