In a bold Independence Day gesture, Sterling Bank has scrapped Account Maintenance Fees, AMF on all personal accounts, further cementing its reputation as one of Nigeria’s most customer-focused financial institutions.
The move, which comes barely six months after the bank eliminated transfer fees on local online transactions in April 2025, marks another significant step in Sterling’s push to dismantle industry practices that have long placed financial burdens on Nigerians.
For years, account maintenance charges have been a lucrative source of income for Nigerian banks, with tier-1 players alone raking in more than ₦650 billion in 2024 from maintenance and e-banking fees. By removing this charge, Sterling is rewriting the rules of modern banking in the country, offering customers a new model built on transparency, fairness, and financial empowerment.
Managing Director of Sterling Bank, Abubakar Suleiman, described the bank’s decision as part of its mission to create genuine financial freedom for its customers. “Every fee we remove is one less barrier between our customers and true financial freedom,” he said. “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, the bank’s Growth Executive for Consumer and Business Banking, echoed this sentiment, stressing that the policy aligns with Sterling’s long-term vision. “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.
As the country celebrates another Independence Day, Sterling Bank framed the decision as a declaration of financial independence for millions of Nigerians. By eliminating deductions that quietly erode balances, the bank says it is empowering its customers to retain and grow more of their wealth.
With the twin removal of transfer fees and now account maintenance fees within the same year, Sterling has set a precedent in Nigeria’s banking sector, challenging the status quo and ushering in what it describes as “a new era of fairness.”
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