Sterling Bank has announced the removal of account maintenance fees on all personal accounts, calling it a “gift” to Nigerians as the country celebrates its 65th Independence Day.

This move comes just six months after the bank scrapped transfer fees on local online transactions. According to Sterling Bank’s Managing Director, Abubakar Suleiman, the decision aims to ease the financial burden on Nigerians.

“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,” he said.

The bank’s Growth Executive for Consumer and Business Banking, Obinna Ukachukwu, emphasized that the initiative is about building long-term relationships with customers.

“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 stated.

Sterling Bank’s decision is seen as a bold move, considering that tier-1 banks in Nigeria raked in over ₦650 billion from account maintenance and e-banking charges in 2024 alone.

By removing these fees, Sterling Bank is allowing its customers to keep more of their hard-earned money. The bank framed this decision as a “declaration of financial independence” for Nigerians.