Sterling Bank has once again disrupted Nigeria’s banking landscape by scrapping Account Maintenance Fees (AMF) across all personal accounts, in what industry watchers describe as a bold and unprecedented move.
The announcement comes just months after the bank eliminated transfer fees on local online transactions in April 2025, underscoring its reputation as the country’s leading advocate for transparent and customer-centric banking.
For years, account maintenance charges have been a major source of revenue for Nigerian banks. In 2024 alone, tier-1 lenders earned more than N650 billion from AMF and other electronic banking charges—a burden borne directly by customers.
By abolishing the fees, Sterling Bank is not only rewriting industry rules but also sending a clear message: Nigerians deserve financial freedom from multiple hidden charges.
Explaining the rationale behind the decision, 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 it is the same principle we uphold as we eliminate account maintenance fees.”
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Echoing his words, Obinna Ukachukwu, Growth Executive for Consumer and Business Banking at Sterling Bank, stressed the bank’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.”
The announcement, coming at a time when Nigeria celebrates another Independence Day, is being framed by the bank as a “financial independence declaration” for millions of Nigerians. By freeing customers from deductions that quietly erode their balances, Sterling is empowering them to retain more of their hard-earned money while growing their wealth.
With the dual reforms of abolishing transfer fees and now eliminating AMF, Sterling Bank is positioning itself as a champion of fairness and innovation in Nigerian banking, directly challenging long-standing practices that have weighed heavily on customers.
Industry analysts note that while the move could impact short-term revenue streams, it may also set Sterling apart in the long run by strengthening customer trust and loyalty in a highly competitive market.