Sterling Bank has announced the removal of monthly maintenance fees on personal accounts.
Gatekeepers News reports that the bank said the move is aimed at reducing Nigerians’ financial burden and advancing financial freedom.
The bank disclosed the development in a statement on Wednesday, noting that account maintenance fees, which are usually deducted monthly, have long been frustrating for customers.
Sterling noted that the decision aligns with its broader campaign to phase out some of the most unpopular charges in the Nigerian banking sector.
According to figures from the industry, top-tier Nigerian banks collectively generated more than ₦650 billion in 2024 from account maintenance and electronic banking charges.
Sterling Bank described its decision as a fundamental shift that challenges this model, allowing customers to retain more of their earnings instead of losing them to deductions.
The bank emphasised that the cancellation of account maintenance fees builds on reforms it began earlier in April 2025, when it became the first major Nigerian bank to eliminate transfer fees on its digital banking platform, OneBank.
With both reforms combined, Sterling estimates that billions of naira have already been returned to the pockets of Nigerians within just six months.
Sterling further stated that the initiative reflects its long-term commitment to transparency, customer value, and sustainable growth.
The bank also framed the announcement as part of its Independence Day message to Nigerians, presenting it as a step toward genuine financial freedom.
The scrapping of maintenance charges now makes Sterling Bank the only major lender in Nigeria to eliminate two of the most unpopular fees in the banking industry—transfer charges and account maintenance fees—within the same year.
