Sterling Bank has announced the removal of Account Maintenance Fees (AMF) across all personal accounts, in what it describes as a bold step toward redefining customer-first banking in Nigeria.
The decision, unveiled as the nation celebrates Independence Day, comes just months after the bank scrapped transfer fees on local online transactions in April 2025. With this move, Sterling has dismantled yet another long-standing industry practice, positioning itself as a leading advocate for transparency and fairness in the Nigerian financial sector.
Account maintenance charges have long been a source of revenue for banks but also a pain point for customers. In 2024 alone, tier-one banks reportedly earned more than ₦650 billion from maintenance and e-banking charges. By eliminating these fees, Sterling is signaling a new era in which customers retain more of their hard-earned money.
Explaining the rationale behind the decision, Abubakar Suleiman, Managing Director of Sterling Bank, 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.”
Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling, emphasized that the bank’s focus is on building long-term trust.
“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,” he said.
For many Nigerians, the announcement is being framed as more than just a banking policy shift it is a symbolic “independence gift” from Sterling. The bank said the move reflects its commitment to freeing customers from hidden deductions that silently erode balances while empowering them to build wealth more effectively.
With two unprecedented actions in quick succession the removal of transfer fees in April and now the elimination of account maintenance charges Sterling Bank continues to challenge the status quo, signaling a new wave of customer-centric reforms in Nigeria’s banking industry.
