Sterling Bank has announced the removal of Account Maintenance Fees (AMF) on all personal accounts, marking another bold step in its push for customer-focused banking in Nigeria.
The announcement, made on Independence Day, comes just months after the bank scrapped transfer fees on local online transactions in April. Together, the two decisions position Sterling as one of the most aggressive challengers of long-standing industry practices in the Nigerian banking sector.
In 2024 alone, Nigerian tier-1 banks earned more than ₦650 billion from account maintenance and e-banking charges, according to industry data. Sterling’s decision effectively strikes at a key revenue stream for banks, while offering its customers relief from charges that have long been a source of complaint.
“Every fee we remove is one less barrier between our customers and true financial freedom,” said Abubakar Suleiman, Managing Director of Sterling Bank. “This was the rationale behind eliminating transfer fees in April, and it is the same principle we uphold as we eliminate account maintenance fees.”
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Reinforcing this, Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, said:
“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.”
Industry analysts say the move could trigger fresh debate on banking charges in Nigeria, particularly as regulators continue to face pressure from consumer groups to reduce the cost of financial services.
Sterling Bank described the scrapping of AMF as a “declaration of financial independence” for its customers, in line with the symbolism of the October 1st holiday.
With the back-to-back removal of transfer fees and now account maintenance charges, Sterling is consolidating its reputation as one of the most disruptive players in Nigeria’s retail banking landscape.