Sterling Bank Scraps Account Maintenance Fees: Independence Day Gift Frees Nigerians from Hidden Charges
By: Abudu Olalekan
It’s the little things. The silent deductions that appear on your bank statement. A few naira here, a few hundred there. They call it an account maintenance fee. For millions of Nigerians, it just feels like a slow drip of money from their accounts, for a service that’s supposed to be basic. It’s a real pain, and for years, it’s just been the cost of doing business with a bank.
But on Nigeria’s 65th Independence Day, Sterling Bank decided to give a different kind of gift. They basically nuked the fee. Completely. In a move that feels both surprising and long overdue, the bank announced it was scrapping account maintenance fees on all personal accounts. No more deductions just for having an account. It’s that simple.
This isn’t the first time they’ve done something like this. It feels like the bank is on a mission. Barely six months ago, back in April, they got rid of transfer fees on local online transactions. Now, they’ve dismantled yet another long-standing industry practice. It’s a bold move, and it’s directly challenging a revenue model that has made other banks a ton of money. We’re talking serious cash. In 2024 alone, the big tier-1 banks raked in over ₦650 billion from these kinds of charges. Sterling’s decision basically rewrites the rulebook.
The bank’s Managing Director, Abubakar Suleiman, didn’t frame it as a business loss. He saw it as setting people free. “Every fee we remove is one less barrier between our customers and true financial freedom,” he explained. It was the same thinking, he said, behind getting rid of the transfer fees. It’s a philosophy that puts the customer’s wallet first, a pretty radical idea in the banking world.
This isn’t just about a few naira. It’s about a statement. The bank called it a “declaration of financial independence” for Nigerians. And that’s a powerful phrase, especially on Independence Day. It’s about letting people keep more of their hard-earned money, money that can be used for rent, for school fees, for food. It’s a small change that can have a big impact on a family’s budget.
Obinna Ukachukwu, the bank’s Growth Executive, added that this is more than just a promotion. It’s about building something real. “This initiative is about building lasting relationships that fuel sustainable growth,” he said. The idea is that if you treat customers with transparency and respect, they’ll stick with you for the long haul. It’s a bet on people, not just on fees.
For years, customers have complained, and who could blame them? The deductions, though small, add up. They eat away at your balance over time, creating a sense of frustration and helplessness. You’re paying to keep your own money in a vault. Sterling’s move feels like a breath of fresh air in a stuffy room. It challenges other banks to ask themselves a simple question: are we here to serve our customers, or are we here to charge them for everything we can? While other banks remain quiet, Sterling is making a lot of noise. And for once, it’s noise that benefits the everyday person.
