Sterling Bank Eliminates Maintenance Fees on Personal Accounts

Sterling Bank Eliminates Maintenance Fees on Personal Accounts

 

Sterling Bank has announced the removal of maintenance fees on personal accounts, a move aimed at easing financial pressure on Nigerians and promoting financial freedom.

 

The decision, disclosed in a statement on Wednesday, comes six months after the bank scrapped transfer fees on its digital banking platform, OneBank. Account maintenance fees, usually deducted monthly, have long been a contentious charge in the banking sector.

 

“This decision cuts at the heart of a revenue model that has cost Nigerian customers dearly. In 2024 alone, tier-1 banks collected over ₦650 billion from account maintenance and e-banking charges,” the bank said.

 

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 the same principle drives the removal of account maintenance fees.”

 

Obinna Ukachukwu, Growth Executive for Consumer and Business Banking, added that the initiative is part of building lasting relationships with customers. “We prioritise transparency and customer value. By doing so, we are creating a foundation that serves both our clients and Sterling Bank’s future,” he said.

 

The bank noted that the combined effect of eliminating transfer and maintenance fees has returned billions of naira to Nigerians’ hands. “Zero transfer fees in April. Zero account maintenance fees today. This Independence Day, enjoy true financial freedom with OneBank,” the bank said in a post on X.

 

Sterling Bank was the first major Nigerian bank to remove charges for local online transactions, setting a precedent in the digital banking sector.